Lithium

Askari Metals jumps 10% on Lithium exploration news

Thu 05 May 22, 11:02am (AEST)
Outback Australia - Pilbara, Australia - March 18, 2011 Geologists sampling rocks in iron ore exploration in the Outback
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Key Points

  • Askari Metals has finished its WA Pilbara Yarrie Project exploration campaign targeting lithium deposits
  • Company collected over 300 types of samples, identifying several priority areas for aggressive follow-up
  • Askari’s Pilbara acreage borders well-known lithium plays and is situated within a ‘hotspot’ for lithium in the eastern Pilbara

Askari Metals (ASX:AS2) shares were up 10% today in early market trades to 62.5cps as the company wraps up its lithium exploration campaign at its 100% owned Yarrie Lithium Project located in the eastern Pilbara, WA. 

Askari has identified several target areas for priority as the campaign uncovered multiple pegmatites on-site with sample results pending. 

The exploration campaign also mapped the Yarrie project acreage to inform future exploration plans alongside the collection of 129 rock samples and over 230 stream sediment samples collected from all nine tenements comprising the 1,711sq.km project. 

A map detailing the boundaries of Askari's Lithium Project and nearby operators
A map detailing the boundaries of Askari's Lithium Project and nearby operators

Desirable geology underpins Askari's Yarrie

The Yarrie Project, Askari believes, hosts within its boundaries favourable geological structures analogous to other projects with known lithium deposits and mineralisation identified elsewhere in the eastern Pilbara region, where the Yarrie project is located. 

The company believes it is poised to exploit multiple structures which may have acted as conduits for lithium-bearing mineralisation, including a major northeast-southwest trending fault with an apparent sinistral offset of up to 8km. 

Askari Metals is also to prioritise its further analysis of two dolerite dykes on-site, part of the Black Range Dolerite Suite. The company’s acreage borders that of the Marble Bar Lithium Project, owned by Kalamazoo Resources (ASX:ZKR), and is located less than 30km north of the Archer Lithium Project owned by Global Lithium Resources (ASX:GL1)

The latter project boasts a resource of 10.5Mt @ 1% lithium (Li2O). 

'Aggressive' field programs on the cards

Askari's next move will be to start honing in on its identified priority targets as the company notes it is formulating an aggressive field program to boost the economic credentials of the project. 

The company will use the field programs that follow its now-concluded Yarrie exploration campaign to begin formulating a solid understanding of prospectivity onsite the project acreage and inform the direction of future exploration activities.

Askari's chart performance across the last six months
Askari's chart performance across the last six months

 

Askari Metals was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

Written By

Jonathon Davidson

Journalist

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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