Australian copper-gold explorer Askari Metals (ASX:AS2) has acquired the remaining 10% interest in EPL 7345 within the Uis Lithium Project in Namibia.
The company acquired the remaining interest in Kokerboom Mineral Processing, which owns EPL 7345, through a binding agreement with seller Jenny Elaine van der Walt.
Under this agreement, Askari issued 279,255 shares to van der Walt, with 139,628 shares being subject to a 6-month voluntary escrow from the date of issue. A further 69,814 shares will be subject to a voluntary 3-month escrow period from the issue date, and the remaining shares will be freely tradeable.
Now that EPL 7345 has been secured, Askari is planning a follow-up diamond drilling campaign to test the pegmatites in the area. This follows an exploration reverse circulation (RC) program that is nearing completion and has recorded ‘significant’ pegmatites and ‘abundant’ amounts of spodumene and polylithionite in RC drill chips.
However, this RC program was not able to penetrate through the entirety of the pegmatite due to water ingress preventing the continuation of drilling.
Initially, the diamond drilling program will focus on a lithium-bearing mineralised pegmatite about 112m large that was intersected in the southwest of EPL 7345 during RC drilling.
Additional diamond drilling will be informed by assay results from about 3,600m of RC drill samples from phase one drilling at EPL 8535, the phase two RC drilling program, and the project-wide detailed mapping and sampling program.
This detailed mapping and sampling campaign has been completed on EPL 7345 and is continuing on EPL 8535, with several new pegmatite drilling targets identified for subsequent drilling programs.
With drilling continuing to ramp up, Askari reports planning and logistics are underway to set up core cutting facilities, as well as core storage close to Uis.
Commenting on the acquisition, Askari Metals Executive Director Gino D’Anna says: “Acquiring the remaining 10% interest in EPL 7345 provides the company maximum flexibility in the future development of the Uis Lithium Project.
“Our phase two RC drilling program has demonstrated the significant exploration potential of this project”
Our phase two RC drilling program has demonstrated the significant exploration potential of this project, and we are eager to mobilise a diamond drill rig site to test the depth and strike potential of the significant lithium-bearing mineralised pegmatite that we recently discovered.”
Askari also reports it is continuing to review and evaluate strategic acquisitions within the Uis Pegmatite Belt along strike from the Uis Lithium Project and the Uis Tin Mine, owned by Andrada Mining (LON:ASE). The company notes it has completed due diligence investigations on several projects and is currently in discussions with multiple parties.
Askari Metals is an Australian copper-gold explorer focused on its portfolio of lithium, copper, and gold assets across Australia and Namibia.
Along with the Uis Lithium Project in Namibia, the company also holds the Hillside, Yarrie, Myrnas Hill, Mt Maguire, Horry, Burracoppin, and Callawa projects in Western Australia, as well as the Springdale project in New South Wales and the Barrow Creek project in the Northern Territory.
Write to Harry Mulholland at Mining.com.au
Images: Askari Metals Ltd