Strongest signs yet at ASX-listed explorer’s Namibian lithium project

Australian-based lithium, copper and gold explorer Askari Metals’ (AS2) latest drilling update has further bolstered management’s confidence in its flagship Uis Lithium Project in Namibia.

Reverse circulation (RC) drilling in Exploration Prospecting License 7345 has encountered broad sections of pegmatites that contain lithium.

Analysis from the two main tenements - Exploration Prospecting License (EPL) 7345 and EPL8535 – in many cases also showed high fractionation, which suggests a reasonable likelihood that deposits of lithium and other minerals extend outside the sample zone.

Several specific locations across both license areas have been identified as significant drill targets, with planning underway for Phase 2 drilling at EPL8535.

“The first phase of drilling was an introduction to the unexplored world of the pegmatites in our project area, allowing us to gather benchmark data that will inform our next drilling and exploration campaigns,” said Johan Lambrechts, Askari’s VP of exploration and geology.

He indicated his team is “eagerly awaiting” assay results from follow-on phases and is anticipating the identification of future drill targets to be tested later in the year.

"The lithium tenor of the results also aligns well with what is known in the region and we are confident of building on the exploration results achieved to date as we continue with our aggressive exploration and development campaign at the Uis Lithium Project,” added Lambrechts.

Drilling progress update

Phase 1 RC drilling:

• EPL7345 had 59 holes drilled, with a total depth of 3017 metres

• EPL8535 had 59 holes drilled, with a total depth of 3,523 metres.

As outlined in the latest update: “A second phase of RC drilling on EPL 7345 is nearing completion with 55 drill holes completed to date, for a total of 3,367 metres drilled.”

Assays from the initial drilling phase revealed the average lithium grade of 510 parts per million is 17 times greater than the regional background value determined through control sampling by the company. This suggests there are areas within the drilling site that exhibit exceptionally high concentrations of lithium.

“Caesium boasts similar positive characteristics, where the average result in the dataset is 24 times greater than the regional background based on control sampling completed by the company, with a maximum of more than 250 times the regional background,” management said.

Much of the ongoing work at EPL8535 mirrors what has been completed so far at EPL7345. The results obtained from this mapping and sampling, along with the initial drill results, will provide valuable insights and knowledge that will guide the planning and execution of future drilling campaigns.

First wide drill intercept stirs excitement

Askari management has also reported “very exciting” results from Phase 2 drilling at EPL7345, within the southeastern portion of the license area. This activity has encountered a lithium-bearing pegmatite – the first wide drill intercept of this type within the area. Current data suggests the width of this intersected pegmatite is 112 meters, a significant size for a lithium-bearing pegmatite.

Drilling activities have revealed the presence of several occurrences of polylithionite - a dark-coloured mica rock that contains high concentrations of lithium – and spodumene in the area. These occurrences likely indicate the presence of lithium-rich minerals.

Management also said: “As with the deep drilling on EPL 8535, water has prevented the holes from drilling all the way through the pegmatite, but this intersection is considered very significant and further work in the area is planned for future drilling phases.”

What’s next?

Detailed laboratory results confirming whether or not lithium is present at EPL7345 or EPL8535 should be available within the next eight to 10 weeks. Additionally:

• The mapping of EPL 8535, which spans 210 sq com, continues and is expected to be finalised within the next two to three months.

• The next phase of RC drilling is being planned for EPL 8535 based on targets identified by the ongoing mapping program.

• Mapping on EPL 7345 will be based on the results of the second phase of drilling, which is currently being completed.

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.