The Charger Metals NL (ASX: CHR) share price is continuing its impressive run since last week. In just 6 trading days, the lithium-focused minerals company has gained an astonishing 142% for investors.
At the time of writing, Charger Metals shares are up 28.95% to 73.5 cents. When you compare that to the All Ordinaries Index (ASX: XAO), the All Ords is just flat at 7,857 points.
What’s driving the Charger Metals share price higher?
While no news came out of the company today, investors may be wondering what’s causing its shares to power ahead.
Before market open yesterday, Charger Metals released a statement to the ASX providing an update on its Bynoe Lithium Project.
The company advised that exploration activities have commenced, with field crews mobilised to expand mapping and geochemical sampling. So far, 14 pegmatite anomalies have been identified within a 5-kilometre-long zone from existing geochemistry results.
It’s worth noting that 50% of the tenement has not yet been geochemically sampled. At the end of August, a detailed aeromagnetic survey will be flown to provide more clarity on the spodumene deposits.
Charger Metals managing director, David Crook said:
Charger Metal’s programmes of mapping, geochemistry and aero-magnetics now underway at the Bynoe Lithium Project are designed to refine the 5-kilometre-long cluster of lithium targets to a point where a substantial drilling programme can be planned.
Quick take on Charger Metals
Founded in 2020, Charger Metals is an Australian-based minerals company that operates in Western Australia and the Northern Territory.
The company owns a 70% interest in the Bynoe Lithium Project, with the remaining 30% held by Lithium Australia NL (ASX: LIT). The site is located within the Bynoe Pegmatite Field forming part of the much larger Litchfield Pegmatite Belt in Northern Territory.
Charger Metals also has majority interests in the Coates Project and the Lake Johnston Lithium and Gold Project, both in Western Australia.
Since listing on the ASX boards on 9 July, the Charger share price has gained almost 270%. In the past month alone, the company’s shares are up 240%.