ZhongNuo has begun a 15-day geological mapping program at Chariot Resources' Iganna lithium project in Nigeria, marking a key step under their binding term sheet. This work precedes a potential drilling campaign contingent on project selection.
- ZhongNuo funds and operates Iganna geological mapping
- Mapping covers entire 23.8 km² Iganna licence area
- Follow-up mapping planned at Fonlo and priority targets
- Project selection will guide a minimum 1,500m diamond drilling
- Assay results to be reported under JORC and ASX rules
ZhongNuo Commences Field Mapping at Iganna
Hong Kong ZhongNuo Energy Limited has kicked off a geological mapping program at the Iganna lithium project in Oyo State, Nigeria, under the binding term sheet agreed with Chariot Resources Limited (ASX:CC9) and partners in August 2026. The fieldwork, expected to span around 15 days, will systematically trace and sample pegmatite veins across the entire 23.8 square kilometre licence area EL 35516.
Chariot’s announcement clarifies that ZhongNuo is funding and managing the program at its own expense, with field teams accompanied by representatives from C&C Minerals Limited. The mapping aims to delineate surface mineralisation anomalies and collect assay samples that will later be reported in compliance with the JORC Code and ASX Listing Rules.
Extended Mapping and Project Selection Process
Following the initial Iganna program, ZhongNuo plans to conduct a similar 15-day mapping exercise at the Fonlo project area, another cluster within Chariot’s Nigerian lithium portfolio. Concurrently, priority targets within Iganna will continue to be mapped, reflecting a methodical approach to evaluating multiple prospects before narrowing down to a single project for advancement.
This phased exploration strategy directly supports the terms laid out in the August 18, 2026, binding agreement, which contemplates ZhongNuo selecting one project from Fonlo, Iganna, or Saki for a minimum 1,500-metre diamond core drilling program. The drilling campaign will be fully funded by ZhongNuo upon execution of a definitive agreement, marking a significant capital commitment contingent on the mapping outcomes.
Implications for Chariot’s Nigerian Lithium Ambitions
Chariot’s Nigerian portfolio, spanning about 257 square kilometres across Oyo and Kwara states, represents a strategic focus for the company alongside its U.S. lithium projects. The ongoing mapping and anticipated drilling programs are critical to validating lithium mineralisation and advancing towards resource definition in a region with artisanal mining history.
While assay results are pending, this mapping phase is a tangible milestone in Chariot’s efforts to unlock value from its Nigerian assets. The partnership with ZhongNuo and C&D (Hainan) Co., Ltd, which includes offtake arrangements linked to Shanghai Metals Market pricing, positions Chariot to leverage both technical and commercial expertise as exploration progresses.
Bottom Line?
The commencement of mapping by ZhongNuo signals a pivotal step in Chariot's Nigerian lithium exploration, but the project's advancement hinges on assay results and ZhongNuo’s eventual project selection.
Questions in the middle?
- Which Nigerian project will ZhongNuo ultimately select for drilling after mapping completion?
- How will assay results from Iganna influence the timing and scale of the planned diamond drilling?
- What are the potential market impacts if the drilling confirms commercially viable lithium mineralisation?