- Askari Metals (AS2) acquires remaining 10 per cent interest in EPL 7345, bringing it closer to complete ownership of the Uis lithium project in Namibia
- Askari acquired the tenement from Jenny Elaine van der Walt, via 279,255 ordinary shares in Askari Metals issued as part of the agreement
- AS2 previously secured a 90 per cent interest in EPL 7345 and holds an 80 per cent interest in the second tenement, EPL 8535
- The company’s exploration activities, including phase two drilling, have already revealed significant lithium-bearing mineralised pegmatites at EPL 7345
- AS2 shares were up 3.51 per cent at market close, trading at 29.5 cents
Exploration company, Askari Metals (AS2) is a step closer to owning the Uis lithium project in Namibia, after acquiring the remaining 10 per cent interest in EPL 7345 — one of two tenements that make up the project.
Askari acquired EPL 7345 by purchasing Kokerboom Mineral Processing, which wholly-owns the tenement, from Jenny Elaine van der Walt.
To secure the purchase, Askari handed over a total of 279,255 ordinary shares.
This acquisition follows Askari Metals’ previous acquisition of a 90 per cent interest in EPL 7345, announced on April 11, 2023.
Askari also holds an 80 per cent interest in the second tenement that makes up the Uis, EPL 8535, and is moving towards acquiring the remainder of this tenement as well.
“Acquiring the remaining 10 per cent interest in EPL 7345 provides the company maximum flexibility in the future development of the Uis lithium project,” Askari Executive Director Gino D’Anna said.
Askari Metals is currently exploring across the Uis project, including the near completion of a phase two exploration reverse circulation (RC) drilling program at EPL 7345.
The company has reported this drilling has already revealed “significant” lithium-bearing mineralised pegmatites, with abundant spodumene and polylithionite encountered in the drill chips.
To further assess the potential of these pegmatites, Askari plans to conduct a diamond drilling campaign.
Askari said it will continue to look for new drill targets through mapping and sampling across both tenements.
AS2 shares were up 3.51 per cent at market close, trading at 29.5 cents.