Chariot Soars 45% on Lithium Strategy, Golden Mile and Variscan Gain

Highlights 

• Chariot Corporation rises 45% after shifting focus to a pilot lithium mine in Wyoming.
• Golden Mile Resources reports strong copper and polymetallic mineralisation results.
• Variscan Mines gains over 40% on funding support for zinc exploration in Spain.

Several small-cap resource companies made significant gains in Thursday’s trading session, with investors responding positively to strategic updates and exploration results. 

Chariot Corporation (ASX:CC9) led the charge, jumping over 45% after announcing a shift in its strategy for the Black Mountain hard rock lithium project in Wyoming, USA. The company is now focused on developing a pilot mine to produce spodumene concentrate. The modular design of the project is expected to reduce upfront costs and allow rapid scalability, offering potential short-term cash flow. A 4,300-meter Phase 2 drilling program is set to define a small-scale lithium resource to support this plan, further solidifying the foundation for future development. Shares in Chariot rose to 17.5 cents, with a market cap of $13.4 million. 

Golden Mile Resources (ASX:G88) saw its shares climb after reporting promising results from preliminary field mapping at the Ford prospect within the Pearl project. The results revealed an 8-meter-wide fault zone at the surface, hosting visible copper and polymetallic mineralisation. Notable findings include copper values up to 13.4%, lead at 1.29%, and zinc at 7.22%. These results come shortly after the company announced rock chip assays showing high silver, copper, and zinc grades at the Odyssey prospect. Managing Director Damon Dormer expressed confidence in advancing Ford as a key drill target, along with the Odyssey prospect. 

Variscan Mines (ASX:VAR) also experienced a surge, with shares rising over 40% as the company received underwriting support from major shareholder Zinc GroupCo for a $2 million entitlement offer. These funds will be used to accelerate exploration and development at the high-grade zinc Novales-Udias project in Spain. Key deliverables include drilling results, an updated resource estimate, and a mine restart study. CEO Stewart Dickson highlighted the value these milestones would bring to the project as it moves forward. 

Other notable movers include Firebird Metals (ASX:FRB), which announced progress on its battery-grade manganese sulphate plant in China, and Lithium Universe (ASX:LU7), which is advancing plans for its Bécancour lithium refinery in Canada. Firebird has completed 80% of the requirements for its building and construction permit, with geotechnical drilling results expected in October. Meanwhile, Lithium Universe shares rose by 16.6%, driven by updates on its feasibility study and offtake discussions with potential partners. 

The small-cap resource sector saw a mix of strategic advancements and exploration successes, driving investor interest and strong gains in Thursday’s trading. 

Chariot Corporation Soars 45% on Lithium Mine Strategy, Golden Mile and Variscan Shine with Exploration Results