Askari Metals (ASX:AS2) is continuing to review and evaluate additional potential strategic acquisitions within the “emerging tier one uranium province” of Tanzania, after acquiring the Eyasi Uranium Project.
The company is currently in discussions with several third parties regarding another possible deal.
Due diligence investigations have been completed on several target projects, including those previously explored and drilled.
Meanwhile, the company’s newly acquired Eyasi Project, which lies in the northern part of Tanzania, was identified through an extensive in-house review of available geological and airborne geophysical data, and was “immediately recognised as a highly prospective target for potential surface uranium deposits“.
Askari acquired the project through direct licence applications via its Tanzanian subsidiary Infinum Uranium Co.
The project, covering 292km2, is characterised by a complex geological setting comprising mainly of the Precambrian ‘Eastern Granulite Complex’ metamorphic terrane.
Managing Director Gino D’Anna says the Eyasi Project acquisition represents a significant exploration opportunity for Askari and is a strong addition to its existing Tanzanian uranium portfolio.
“Askari continues to build a strong footprint in the in-demand uranium sector in the pro-mining investment jurisdiction of Tanzania,” says D’Anna.
“Our strategy of direct staking, in collaboration with our Tanzanian partners, of high priority targets identified through a detailed in-house technical review of all country wide data is paying dividends as we continue to build a highly prospective uranium portfolio in Tanzania.”
Askari Metals intends to fast-track a series of low-cost exploration programs at Eyasi in order to generate drilling targets. These programs include a high-resolution remote sensing study using satellite imagery for the area, ground-based radiometric surveys, and field reconnaissance work.
The will also undertake an initial reconnaissance sampling campaign of the paleochannel systems within the project to define the mineralisation along the “highly prospective” strike, as well as define the next exploration steps.
Tanzania’s mining industry accounts for a substantial share of the country’s export revenues. Its government, led by President Samia Suluhu, has highlighted its commitment to develop the country’s mining sector, with the aim of contributing 10% of Tanzania’s gross domestic product by 2025 — resulting in a 6.7% increase in 2020.
Key minerals found in Tanzania include coal, copper, diamonds, gold, nickel, silver, uranium, alongside Tanzanite gemstone which Askari says can only be found in Tanzania.
Askari Metals is a mineral explorer focused on discovering and developing its Uis Lithium Project in Namibia located along the Cape-Cross — Uis Pegmatite Belt of Central Western Namibia.
Write to Aaliyah Rogan at Mining.com.au
Images: Askari Metals
