Gunsynd PLC Operational Update - Charger Metals NL (5914F)

TIDMGUN

RNS Number : 5914F

Gunsynd PLC

08 November 2022

Gunsynd plc

("Gunsynd" or the "Company")

Operational update - Charger Metals NL

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce a positive operational update from investee company Charger Metals NL ("Charger") (ASX: CHR), an ASX listed Australian lithium and base metals exploration company.

The Board of Gunsynd has welcomed the update that Charger has received the required Mine Management Plan (MMP) & Aboriginal Areas Protection Authority (AAPA) certificate approvals to enable Charger to make final drill preparations at its Bynoe Project in Northern Territory, Australia. The provision of vehicle access tracks to drill sites is the immediate priority and discussions have advanced with drilling contractors around rig start dates. Charger aims to drill as many holes at the Bynoe Lithium Project this quarter as weather permits.

The Bynoe Lithium project is one of the principal assets in Charger's portfolio of exploration assets and was one of the main reasons for Gunsynd's investment decision when it made its first investment in November 2020.

The Bynoe Project is located approximately 35 km southwest of Darwin, Northern Territory, with excellent access via sealed roads and with nearby infrastructure. It is enclosed by Core Lithium Limited's Finniss Lithium Project, which has a mineral resource of 18.9Mt at 1.32% Li2O. Core Lithium, which has an approximate A$2.6 billion market capitalisation, commenced construction and mining activities at its Finniss Lithium Project and has announced the sale of direct shipping spodumene ore will commence during the December 2022 quarter. Core Lithium is constructing its lithium processing plant just 7km north of Charger's Bynoe Lithium Project.

Gunsynd announced on 20 September 2022 that it had participated in the Charger capital raise of AUD$5.5 million (consisting of 11 million shares at AUD 50 cents per share) which was supported by existing and new investors.

For more information regarding this operational update shareholders can access the Charger Metals website https://chargermetals.com.au/asx-announcements/

Peter Ruse, Gunsynd PLC Director, commented: "Gunsynd is pleased to inform shareholders of this operational update from Charger Metals. The Bynoe project has the potential to unlock enormous value via the maiden drill programme that has been until now held up via regulatory heritage approval process. Charger has two large priority targets in Megabucks and 7-up zones that will be explored via this drilling campaign over the current quarter."

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

 
Gunsynd plc 
 Hamish Harris/ Peter Ruse       [phone] 
Cairn Financial Advisers LLP 
 James Caithie / Liam Murray     [phone] 
Peterhouse Capital Limited 
 Lucy Williams                   [phone] 
 

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November 08, 2022 02:00 ET (07:00 GMT)