Rio Tinto and Charger Metals sign Farm-in Agreement for lithium project

Charger has also announced it has simultaneously entered into a binding agreement with Lithium Australia Limited to purchase their minority interest in the Lake Johnston Lithium Project, moving the company to a 100% beneficial ownership, subject to shareholder approval, other third-party approvals, and the RTX Agreement.

Charger’s Managing Director, Aidan Platel, commented:

“The Rio Tinto Exploration farm-in agreement is an excellent result for Charger and its shareholders and reaffirms our belief that the Lake Johnston Project has potential to host a large-scale lithium deposit. The planned significant investment by RTX will allow thorough systematic exploration over all of the project tenure, with initial exploration focused on fast-tracking the Medcalf Spodumene Prospect as well as progressing the Mt Day and Mt Gordon lithium prospects.”

Charger’s Chairman, Adrian Griffin, added: “The Rio Tinto Exploration farm-in agreement will see them potentially spending up to US$42.5 million to earn up to a 75% interest in the Lake Johnston Project. The largely unexplored Lake Johnston Greenstone belt now hosts multiple spodumene discoveries and with the recent focus and increasing exploration activity could evolve into a prominent lithium province.”

Read the article online at: https://www.globalminingreview.com/mining/22112023/rio-tinto-and-charger-metals-sign-farm-in-agreement-for-lithium-project/