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.
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.
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.”
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