Charger Metals (ASX:CHR) Surges 50% on High-Grade Gold Discovery at Mt Gordon

Golden Christmas for Charger Metals

Charger Metals (ASX:CHR) shares surged 50% following the announcement of a high grade gold discovery at the XMAS prospect, located on the company’s 100% owned Mt Gordon tenement within the Lake Johnston lithium and gold project. Drilling returned several encouraging intercepts, including 12 metres at 6.55 grams per tonne of gold from 132 metres, which also contained a higher grade interval of 4 metres at 16.92 grams per tonne. A second mineralised zone was intersected with 8 metres at 1.57 grams per tonne of gold from 148 metres.

For an early stage exploration program, grades of this quality are considered very strong, particularly given the thickness of the intercepts and the fact that mineralisation occurs at meaningful depth rather than near surface. These results suggest a potentially robust gold system and support further drilling to assess the scale and continuity of the discovery.

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Gold Fever Returns

In today’s update, Charger Metals highlighted that the XMAS area remains highly underexplored, with no historical RC or diamond drilling conducted within 1,600 metres of the discovery hole. This lack of prior drilling increases the potential upside for further discoveries, although it also means outcomes remain uncertain at this early stage.

While the initial results are encouraging, the key factor yet to be proven is continuity. Investors will be looking for evidence that the mineralisation extends consistently along strike and at depth, forming a coherent lode or vein system rather than a single isolated gold intercept.

Confirming this through follow up drilling will be critical in assessing the true scale and economic potential of the discovery.

the Lake Johnston Lithium Project

With a market capitalisation of just A$6 million, many investors may be unfamiliar with Charger Metals, despite the company holding three early stage exploration projects.

Its flagship asset is the Lake Johnston Lithium Project, located approximately 450 kilometres east of Perth in Western Australia, within the central Yilgarn Lithium Province. This region hosts the majority of Australia’s known lithium mineral resources and is considered highly prospective for new discoveries.

Charger owns 100 percent of the project following the acquisition of Lithium Australia’s minority interest. Beyond geology, the project benefits from strong infrastructure, including direct access to the Kalgoorlie to Esperance road and rail corridor, providing efficient links to the ports of Esperance and Fremantle.

This combination of location, ownership, and infrastructure positions the project well for ongoing exploration success, while acknowledging that it remains early stage in nature.

What the prospects look like for the project from here

Near-term catalysts that could drive the next re rating for Charger Metals include:

Pending assay results: Results are still outstanding for 1,980 metres of RC drilling. These results are important as they will help determine whether the initial discovery is part of a broader mineralised system or a more isolated intercept.

Expanded soil sampling: The company is undertaking comprehensive soil sampling across a previously unassayed gold target area. This work is aimed at refining drill targets and improving confidence ahead of future drilling.

Upcoming drill program in January 2026: Charger has stated it plans to commence its next drilling campaign next month and is permitted to drill more than 40 holes. This program will be critical in testing continuity and scale, which are key factors investors will be watching closely.