Uis Lithium Project : Askari Metals completes acquisition of remaining stake in EPL 7345
Askari Metals Limited has successfully finalized the acquisition of the remaining 10% interest in EPL 7345, which forms a crucial part of the Uis Lithium Project in Namibia.
This acquisition marks an important milestone for the company’s expansion in the lithium sector.
The agreement, binding Askari Metals and Jenny Elaine van der Walt, ensures Askari Metals complete ownership of Kokerboom Mineral Processing Pty Ltd, which holds the entirety of EPL 7345. As part of the deal, Jenny Elaine van der Walt has been granted a total of 279,255 ordinary shares in Askari Metals.
Notably, 139,628 shares will be subject to a voluntary escrow period of six months, while 69,814 shares will undergo a voluntary escrow period of three months. The remaining shares will be freely tradeable.
Askari Metals is actively advancing its exploration activities across the Uis Lithium Project, encompassing EPL 7345 and EPL 8535. The ongoing Phase II exploration, primarily focusing on RC drilling at EPL 7345, is approaching completion.
Notable findings include significant pegmatite discoveries along with substantial amounts of spodumene and polylithionite. However, due to water ingress obstructing drilling, a follow-up diamond drilling campaign is being planned to further explore these promising pegmatite deposits.
The initial diamond drilling efforts will concentrate on examining the lithium-bearing mineralized pegmatite, which spans approximately 112 meters and was encountered during the Phase II RC drilling in the southeast region of EPL 7345. The objective is to explore the depth extensions beneath the water aquifer, reaching fresh unoxidized rock.
Future diamond drilling initiatives will be guided by assay results from both the Phase I RC drilling program conducted at EPL 8535 and the Phase II RC drilling program at EPL 7345. Additionally, detailed mapping and sampling endeavors undertaken by Askari Metals will contribute to identifying several new pegmatite drilling targets.
To facilitate the increased drilling activities, Askari Metals is making arrangements for core cutting facilities and core storage in close proximity to the Uis Lithium Project. These preparations will streamline operations and support the ongoing exploration efforts in the region.
Gino D’Anna — Askari Metals Executive Director said: “Acquiring the remaining 10% interest in EPL 7345 provides the Company maximum flexibility in the future development of the Uis Lithium Project.
“Our Phase II RC drilling program has demonstrated the significant exploration potential of this project and we are eager to mobilise a diamond drill rig to site to test the depth and strike potential of the significant lithium-bearing mineralised pegmatite that we recently discovered.”