Askari Metals (ASX:AS2) acquires Barrow Creek Lithium project after raising $2.6m

• 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.