Lithium

Lithium juniors: Exploration updates from high-flying Askari, Essential Metals and Global Lithium

Thu 26 May 22, 11:47am (AEST)
A drill rig in the Australian outback
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Key Points

  • Askari hits a potentially significant lithium formation
  • Essential Metals sets expectations for the next 3-6 months
  • Global Lithium commences drilling at the Manna Lithium Project in WA

Three high-profile ASX lithium juniors provide updates about exploration results and what to expect moving forward. 

Askari Metals: Hits fertile pegmatite zones

A Phase II detailed rock sampling campaign at the Barrow Creek Lithium Project in the NT has validated a potentially significant mineralised lithium-cesium-tantalum (LCT) formation.

The Phase II program was focused on areas that had already been identified as having lithium potential and increasing the sample density in that area and surrounding areas.

The results will support the design of a follow-up exploration campaign, including inaugural RC drilling of potential pegmatites beneath shallow cover.

Askari Metals (ASX: AS2) management are expecting a strong flow of results from complete exploration activities from various projects.

Barrow Creek still has one batch of results pending, which should further support future drilling activities.

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Askari share price chart

Essential Metals: Resource expansion underway

The Pioneer Dome Lithium Project has done most of the heavy lifting for Essential Metals (ASX: ESS) and its massive 180% year-to-date re-rate.

Today’s update provides investors with better visibility about the company’s near-term exploration timeline, including: 

  • 9,000m resource extension drilling program commenced in mid-May

    • Diamond rig expected to arrive on site in June

  • Assays from March quarter drill program are delayed

    • Now expected by mid-June

  • Metallurgical test work to commence after assay results

    • Expected to take up to 12 weeks

Management views the extension drill program and upcoming metallurgical test work to have the potential to “rapidly transform Essential from lithium explorer to developer.”

If Essential can align the pieces correctly, the company expects to commence a scoping study in the December quarter

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Essential Metals share price chart

Global Lithium: Kicks of drilling at Manna

Initial RC drilling has commenced at the Manna Lithium Project in WA. Global Lithium (ASX: GL1) expects a diamond drilling rig to join the program in June, to target lithium-cesium-tantalum (LCT) bearing pegmatites at depth. 

Management said the results of the Manna drilling program will be incorporated into an updated Mineral Resources, expected later this year

Elsewhere, the company’s Marble Bar Lithium Project is also progressing drilling activities, with 53% of its 60,000m program completed to date. 

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Global Lithium share price chart

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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