Askari Metals (ASX:AS2) has expanded its flagship Uis Lithium Project in Namibia after acquiring Namibian-registered company Green Lithium in a binding share sale agreement.
Askari, which has a $13.55 million market capitalisation, says the acquisition includes exclusive prospecting licence (EPL) 7626, which lies along strike from the Uis Project and Andrada Mining’s (LSE:ATM) Uis Tin Mine.
This licence covers an area of 68.2km-square and increases Askari’s exposure across the ‘high-grade’ Uis pegmatite belt to 380km-square within a region known to contain ‘high-grade’ lithium, tantalum, tin, and rubidium mineralisation.
Initial fieldwork is expected to soon begin at EPL 7626, including detailed mapping and sampling ahead of planning for targeted drilling campaigns.
The company notes it will continue to assess the feasibility of other potential strategic acquisitions in the region.
Speaking on the completion of the acquisition, Askari Metals Executive Director Gino D’Anna says this new tenure is expected to become an ‘integral’ component of Uis.
“We are delighted to announce the completion of this strategic acquisition that expands our strategic exposure to the Uis-Cape Cross Pegmatite Belt in Namibia.
“Adding EPL 7626 to our portfolio, that we believe has significant exploration potential, will become an integral component to our flagship Uis Lithium Project“
Adding EPL 7626 to our portfolio, that we believe has significant exploration potential, will become an integral component to our flagship Uis Lithium Project. This is highlighted by the recent success we reported at EPL 7345 and EPL 8535, as well as its strategic location that neighbours both Andrada Mining’s Uis Tin Mine and Spodumene Hill Discovery.
This area is a hive of exploration activity with particular focus dedicated on unlocking the regions demonstrated lithium potential. The company is expecting additional assay results from our previously completed phases of RC drilling at EPL 7345 and EPL 8535 as well as rock sampling results from both licences.
The next three months at the Uis Lithium Project will be very active for Askari as we commence our targeted trenching and channel sampling campaign as well as our large-scale soil geochemical surveys. The outcome once the trenching campaigns have been completed is to provide us with clear drill targets at the Uis Lithium Project as we prepare to target onsite mobilisation later this year.
We look forward to updating our shareholders and investors throughout these advanced exploration programs.”
Askari Metals is a lithium, copper, gold, and silver explorer and developer focused on its portfolio of projects located across Western Australia, the Northern Territory, and New South Wales, as well as Namibia, Africa.
The company’s Uis project is located less than 5km from the township of Uis and less than 2.5km from the operating Uis Tin Mine.
Askari Metals had $3.453 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Askari Metals
