Lithium explorer launches phase 2 of Namibian drilling program

Battery metals explorer Askari Metals (ASX: AS2) has kicked off phase two reverse circulation (RC) drilling on its Exclusive Prospecting Licence 7345, part of the Uis Lithium Project in the Erongo region of central-west Namibia.

RC drilling produces what are known as C-grade dill holes, a less comprehensive process used to help identify preliminary material.

The first four drill holes for this second phase are currently completed, with more to be added as the mapping program continues.

While Askari eagerly awaits the results from the phase one drilling completed in December, the company is progressing the second phase and expects to drill more than 4,000 metres of holes in total.

What’s been found so far?

The EPL is being geologically mapped and sampled by South African consultancy Earthlab Tech, with around 25% of the project area completed so far. Already, several occurrences of spodumene and other lithium-bearing minerals have been identified and many other targets are expected to be unearthed before the program is complete.

With promising scale and volume, the pegmatite deposits range in size from a few meters to more than 20 meters in width.

Pegmatite is a volcanic rock (igneous) with large interlocking crystals. In the context of lithium, these are often also known as hard-rock lithium deposits and can also contain extractable amounts of other elements including tin, tantalum and niobium.

Historically, many of the pegmatites have been mined for tin and semi-precious stones. But altered spodumene and lepidolite (lithium-related?) are also visible in many of the sites and the mined rock surrounding the workings.

What’s next?

A diamond drill rig, which will be the third on-site, is being positioned and will begin drilling as soon as possible.

This rig will produce core samples from some of the most promising finds identified using the broader reverse circulation drilling process. It will also be the main component of the “planned resource drill-out” once the potential resource target area has been identified.

 When EPL 7345 has been fully mapped, drill crews will begin mapping EPL 8535.

Share price strengthens

Askari’s share price more than doubled between mid-December and 17 January, when its stock traded at 70 cents a share. It has since pulled back to 57 cents, but still trades almost 80% above where it closed at the end of 2022.

Askari 6-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.