Askari Metals formally logs 1.2km of lithium, gold targets at recently acquired Myrnas

Wed 28 Sep 22, 11:33am (AEDT)
Spinifex bushes stand in the foreground of a large hill in the NT outback covered with scrub
Source: Unsplash

Key Points

  • Askari Metal’s latest geotech survey on its Myrnas Hill acreage, WA, has confirmed 1.2km worth of targets to hit with drills
  • Fieldwork comes next, chasing up on-the-ground evidence related to the underground targets
  • Highly prospective for lithium, the Myrnas acreage also provides evidence of potential gold mineralisation

Askari Metals (ASX:AS2) has wrapped up a geotechnical survey onsite its WA lithium project, Myrnas Hill, walking away with a 1.2km strike length target to explore prospective for both lithium and gold. 

The company will now proceed to fieldwork on-site, having its geotechs conduct surface sampling and field mapping atop the target’s length to better ascertain chemical composition of the area and, no doubt, check for outcrops. 

Its Myrnas Hill project is only 45km away from Global Lithium’s (ASX:GL1) Archer lithium deposit, and borders lithium projects owned by Kalamazoo (ASX:KZR). Some 70km away, spodumene heavyweight Pilbara Minerals (ASX:PLS) has its own assets, as well as Mineral Resources’ (ASX:MRL) Wodgina play. 

Those observations put together, Askari posits that it sits in a “Goldilocks” zone for lithium. 

Maintaining battery metals focus 

“We continue to strengthen our dominant footprint in the eastern Pilbara, home to some of the highest grade hard-rock lithium deposits in the world,” Askari’s exploration chief Johan Lambrechts said. 

“We recently completed a data compilation, review and evaluation of the exploration potential of the project and now confirm geological prospectivity.” 

“The targets generated from the survey are highly encouraging…the tenure also boasts gold intercepts from historical drilling, which will need further follow up…we are excited to deliver upon our exploration programs for lithium and copper as we maintain a battery metals focus.”

While lithium is the most well known battery metal, many have been quick to overlook the role of copper

EV batteries require not only lithium and graphite, but also copper, nickel, and even silver. 

Demand for silver is expected to climb over the existing 55Moz each year already in demand for EV supply chains, and the far greater amounts of nickel and copper needed per battery are expected to keep climbing also. 

Myrnas a recent addition 

Askari acquired the Myrnas play only last month in August, and work has been busy ever since. 

Askari bought the asset from Raiden Resources (ASX:RDN), which sent the microcap’s share price up 17% to 1c. Askari picked up the play for only $0.2m.

It joins Barrow Creek in the NT as the company’s second pure play lithium project. 

A look at Askari's three month chart
A look at Askari's three month chart
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Askari was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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