Askari Metals (ASX:AS2) reports that it has entered into a binding acquisition agreement with Raiden Resources (ASX:RDN) to acquire 100% of the Myrnas Hill Lithium Project in Western Australia.
The Myrnas Project is considered ‘highly prospective’ for lithium-tin-tantalum mineralisation and is situated exclusively within the LCT Pegmatite “Goldilocks Zone”, about 50km from the world-class Pilgangoora Lithium Mine (ASX:PLS).
The project also hosts strongly analogous target host rocks that share a similar geological setting to that of the nearby world-class Pilgangoora and Wodinga Lithium Mines.
Speaking on the acquisition, Askari Executive Director Gino D’Anna said: “The acquisition of the Myrnas Hill Lithium Project bolsters the company’s presence in the Pilbara region of Western Australia. Sitting exclusively within the LCT Pegmatite “Goldilocks Zone”, the Myrnas Hill project is considered highly prospective for lithium pegmatite mineralisation.
“The acquisition of the Myrnas Hill Lithium Project bolsters the Company’s presence in the Pilbara region”
Exploration success by others around the Myrnas Hill project has demonstrated the fertility of this project area and we are very excited by the opportunity to commence exploration immediately.
Myrnas Hill is highly complementary to our district-scale Yarrie Lithium Project, and we see this as a terrific opportunity to expand our footprint in areas that have a high chance of exploration success.
The Pilbara region of Western Australia hosts the some of the world’s largest and highest grade hard-rock lithium projects and has developed a reputation for being the leading jurisdiction for hard-rock lithium exploration, development and production.
Myrnas Hill is also located less than 30km north-west of the Global Lithium Resources’ Archer Lithium deposit and within 50km of the giant Pilgangoora and Wodgina Lithium mines.”
The company also notes that the Myrnas Hill Lithium Project is located adjacent to Kalamazoo (ASX:KZR) and SQM’s joint venture (JV) DOM’s Hill Lithium Project, where recent exploration success by KZR has identified broad, highly anomalous soil sample and ‘high-grade’ rock chip samples.
In addition, Global Lithium Resources’ (ASX:GL1) Archer Lithium Deposit, which makes up part of its Marble Bar Lithium Project, is also located only 30km north-west of the Myrnas Hill Lithium Project and contains a 10.5Mt @ 1.0% Li2O, reinforcing the fertility of the surrounding area.
The Myrnas Hill Lithium Project covers a total land area of 50km-square.
With the acquisition of the Myrnas Hill Lithium Project now underway, Askari announces that initial exploration of the project will include a comprehensive data review and Sentinel Satellite Imagery before moving forward with a planned soil sampling and rock sampling program.
Images: Askari Metals Ltd
