Askari Metals (ASX:AS2) is gearing up to tackle a phase two exploration campaign at its Yarrie Lithium Project in Western Australia.
The $13.48 million market capitalisation company says it will focus on 5 ‘high-priority’ targets uncovered by its phase one campaign in this upcoming bout of exploration work.
Exploration activities will include auger soil sampling and aircore (AC) drilling, with grids already designed.
Askari notes that results from this campaign will be used to refine future exploration programs as it seeks to progress Yarrie towards reverse circulation (RC) drilling.
Activities at Yarrie are planned to begin as soon as practicable following the grant of 3 exploration licences (E45/6117, E45/6118, and E45/6119).
Askari is expecting these 3 exploration licences to be granted shortly following the end of a Native Title Advertising period.
Further, heritage agreements, pastoralists deeds, and access deeds have been signed for all 9 exploration licences at the Yarrie project.
Askari Metals Executive Director Gino D’Anna says once the licences have been granted, the company will be able to mobilise exploration teams to the field to follow up on the ‘high-priority’ targets uncovered from previous campaigns.
“The company has been working to receive full grants for all 9 exploration licences and has executed the necessary agreements and deeds across the project area so exploration can begin as soon as practicable.
Based on a combination of favourable geological structures, host lithologies, and anomalism identified from the phase one field campaign, the company has been able to generate more than 11 lithium and LCT-type pathfinder mineralisation target areas on the Yarrie project.
“the company has been able to generate more than 11 lithium and LCT-type pathfinder mineralisation target areas on the Yarrie project”
In the short term, our exploration activities at the Uis Lithium Project in Namibia remain our main focus, with exploration activities at Yarrie to commence as soon as practicable.”
Following today’s (13 November) announcement, Askari Metals’ share price is up 8.57% at $0.19 as of 1:30pm AEDT.
The Yarrie project spans a 1,711km-square area in the Pilbara region of Western Australia.
Askari Metals is a battery and precious metals explorer focused on acquiring, developing, and discovering assets across Namibia and Australia.
As of 30 September 2023, the company had $1.293 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Askari Metals