Australian mining company Askari Metals signed a binding heads of agreement (HoA) to acquire an 80% stake in Earth Dimensions Consulting, which owns 100% of an exclusive prospecting licence (EPL) 8535 in Namibia.
Covering 194.5km², the prospecting licence is located directly along the strike of the AfriTin B1/C1 mining licence and Askari’s Uis lithium project.
The acquisition is expected to increase Askari Metals’ footprint of the Uis project to an area of 308.12km² in a prime pegmatite mineral field comprising high-grade lithium, tantalum, tin and rubidium mineralisation.
As a part of the initial field evaluation programme conducted in October, Askari Metals collected high-grade pegmatite samples from the surface of the new tenement.
In a press statement, Askari Metals said: “The rock samples collected during the initial high-level technical review have demonstrated the mineralised fertility of the LCT-type pegmatites across EPL 8535 and furthermore provided the company with significant confidence of the exploration upside that remains untested at EPL 8535.”
Upon receiving results from the due diligence mapping and sampling campaign, the company is planning to conduct an initial RC drilling campaign of up to 3,500m at EPL 8535 in January 2023.
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The drilling campaign to test the mineralisation of the pegmatites beneath the surface.
Uis Lithium Project executive director Gino D’Anna said: “The acquisition of EPL 8535 significantly complements this strategic position as we expand our holding at the Uis Lithium Project to more than 300km² in an area that can only be described as the best real estate in Namibian Lithium.
“To acquire a second advanced exploration licence within 2.5km from an operating mine sharing the same geology and mineralised pegmatites is remarkable, and something that the company is very proud of achieving.”