The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Askari Metals (AS2) has acquired the Northern Territory Barrow Creek Lithium project after completing a $2.6 million capital raise
  • The company bought the tenement through a binding term agreement with private company Consolidate Lithium Trading
  • According to an announcement released to the ASX today, the project area is considered “highly prospective for hard rock lithium-tin-tantalum mineralisation”
  • Askari Executive Director Gino D’Anna says the company is well-funded to move its projects forward “aggressively”
  • Askari shares closed lower by 7.79 per cent at 36 cents a share

Askari Metals (AS2) has acquired the Northern Territory Barrow Creek Lithium project after completing a $2.6 million capital raise.

The company bought the tenement through a binding term agreement with private company Consolidate Lithium Trading.

According to an announcement released to the ASX today, the project area is considered “highly prospective for hard rock lithium-tin-tantalum mineralisation”.

The site sits adjacent to tenements held by Core Lithium and Lithium Plus, a wholly-owned subsidiary of Chinese electric vehicle and battery producer CATL.

The oldest exploration at the site includes small scale mining during the 1930s to 1950s, with later work including exploration for other minerals but not lithium.

According to Askari, government-mandated exploration was conducted in 2002 around the border of Barrow Creek.

Looking ahead, the company said it was expecting assays from samples taken during due diligence work at the new site.

“Field reconnaissance recently undertaken by the company has resulted in the collection of several samples, with assay results expected in the next two to three weeks,” Executive Director Gino D’Anna said.

“Of immediate priority, the company is planning to complete a hyperspectral remote sensing survey designed to identify high priority exploration targets across the tenement area.”

Mr D’Anna also commented on the company’s oversubscribed placement, saying the company was “well-funded to move its projects forward aggressively”.

Askari shares closed lower by 7.79 per cent at 36 cents per share. The company has a $10.6 million market cap.

as2 by the numbers
More From The Market Online

Elixir Energy enters strategic Taroom Trough farmout with Beach Energy

Elixir Energy has entered into strategic farm-out agreements with Beach Energy across parts of its Taroom…

X2M Connect signs binding agreement to deliver AI-enabled data centre site in Qld

X2M Connect has signed an agreement with a Queensland developer for a 10MW AI-enabled data centre…

Acusensus awarded $210M territory-wide contract with the ACT government

Acusensus has signed an agreement with the ACT for the provision of specific traffic enforcement services…
HotCopper Daily Market Trends Graphic

Friday’s HotCopper trends: Zip Co, Hamelin Gold, X2M Connect and other daily topics

With more than 600k average monthly users on the HotCopper forums, each and every discussion can…