Askari’s share price jumps as it picks up 3rd untouched lithium play in WA ‘Goldilocks Zone’
Elsewhere, at the Horry gold project, drilling has just wound up, and assays are inbound
Source: Unsplash
Mentioned
KEY POINTS
- Company adds the Talga East acreage to its existing lithium portfolio, a target subject to no previous drilling
- Complements the Yarrie and Myrnas Hill lithium projects
- Askari Metals’ focus has pivoted gradually over 2022 towards battery and critical materials; gold exploration continues in background
Askari Metals’ (ASX:AS2) lithium portfolio has expanded to pick up a third land parcel called Talga East, sending the company’s share price up over 15% In the first hour of trade.
Talga East, which Askari’s geotech team is confident contains lithium mineralisation, is located within the same geological province that its two other lithium plays are; Myrnas Hill and the Yarrie project respectively.
That province Askari refers to as a ‘Goldilocks Zone,’ implying the appropriate configuration of settings to encourage wide-scale lithium mineralisation.
The company’s geotech team may be onto something: late last month, it confirmed 1.2km of strike prospective for lithium at Myrnas Hill.
Busy neighbourhood
Like Myrnas Hill. Talga East is in proximity to Global Lithium’s (ASX:GL1) Archer lithium deposit. Myrnas 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.
The Yarrie Project, meanwhile, has been on the company’s radar since March. Early-stage exploration activities identified several geological structures indicative of further lithium mineralisation.
The company now moves to early stage exploration at the Talga East project. Geotechs will review all existing data covering the area, before putting their boots on in the field and conducting a rock sampling program.
For the geology nerds playing at home, Talga East overlies the Pilbara granite-greenstone terrane on ancient rocks thought to have fractioned, allowing for the accumulation of commercial minerals over time.
Sweet spodumene
The target: pegmatite outcrops. The discovery of any will be a boon for Askari, given that it then intends to commence drilling, where none has been carried out before.
Askari notes pegmatites, if present, may contain spodumene, as well as having the potential to also host gold.
“Askari identified Talga East as a value-add to the district-scale opportunity of the Yarrie and Myrnas Hill projects…major priorities of exploration for the company,” Askari exploration chief John Lambrechts said.
“Talga East lies in a favourable geological setting for lithium exploration.”
Askari's three month charts
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.
