If diversification is a free lunch, then Askari Metals is eating like a king

A wise man once said “don’t put all your eggs in one basket” – And that’s been Askari Metals’ (ASX: AS2) approach as it seeks to unlock new frontiers for battery metal exploration in Australia and Africa. 

In addition to its flagship Uis Lithium Project in Namibia, the company has assembled a portfolio of lithium, rare earths, copper and gold projects in the Northern Territory, Western Australia and New South Wales.

“The Company remains very active across its portfolio of Australian-based lithium, REE and gold projects, which we continue to develop in tandem with the ongoing drilling and exploration at our flagship Uis Lithium Project in Namibia,” said Executive Director Gino D’Anna.

The latest from Askari

Askari recapped recent exploration programs across its Australian portfolio on Thursday, this includes:

Hillside Lithium Project (WA): Reconnaissance activities were completed in early June and identified “several potentially spodumene-bearing lithium pegmatites.” The company said it will send the samples it collected to the lab as soon as possible, which will help determine the next steps for this project.

Red Peak Rare Earths Project (WA): The tenement is located approximately 15 km east of Krakatoa’s Mt Clere Rare Earths Project in the Gascoyne region of WA. An auger sampling campaign that seeks to collect 800 samples is ‘near completion’, with assays to follow. 

Mt Maguire Gold Project (WA): Askari completed its first soil sampling program for the project. The results of rock chip and soil samples will be used to determine the way forward. The company is also considering a magnetic survey over the main target at Maguire. 

Myrnas Hill Gold and Lithium (WA): The tenement is located within 70 km of projects including Pilbara Minerals’ Pilgangoora and Mineral Resources’ Wodgina. Approximately 280 soil samples have been collected to test the lithium potential of the project.

Callawa Copper and Nickel Project (WA): The Project is located in the north-eastern margin of the Pilbara Craton, which has a reputation of being the ‘elephant country’ having produced the Telfer gold mine and Rio Tinto’s  500 million tonne Winu copper discovery. Askari has returned high-grade copper samples with grades ranging between 1.85% to 6.78%. The company has plans to carry out a soil auger campaign, consisting of 800 samples to test the large tenement area. 

Askari 12-month price chart (Source: Market Index)

DISCLAIMER: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Askari Metals 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.