Askari Metals Limited says it has successfully completed the acquisition of Green Lithium Pty Ltd (Green Lithium) marking a significant move to bolster its presence in the highly prospective Uis-Cape Cross Pegmatite Belt in Namibia.
The acquisition of the Namibian registered company includes the Exclusive Prospecting Licence (EPL) 7626, covering approximately 68km2 of prime mineral-rich territory.
Executive Director of Askari Metals Limited, Gino D’Anna said the acquisition strategically positions Askari alongside its flagship Uis lithium project, directly adjacent to the Uis Tin Mine operated by Andrada Mining Limited.
The Uis-Cape Cross Pegmatite Belt is renowned for its mineralisation potential, particularly in lithium, tin, and tantalum.
“Adding EPL 7626 to our portfolio, which we believe has significant exploration potential, will become an integral component of our flagship Uis Lithium Project,” D’Anna said.
The transaction involved the issuance of 500,000 ordinary shares in Askari to the Green Lithium shareholders.
“These shares will be subject to escrow restrictions for varying periods to ensure stability, with 70% escrowed for 12 months, 15% for six months, and another 15% for three months from the date of issue,” he added.
D’Anna highlighted that Askari remains committed to its strategic growth and continues to evaluate other complementary acquisitions to enhance its presence in the Cape Cross – Uis pegmatite belt, known for its untapped potential.
“This area is a hive of exploration activity with particular focus dedicated to unlocking the region’s demonstrated lithium potential.
The Company is expecting additional assay results from our previously completed phases of RC drilling at EPL 7345 and EPL 8535, as well as rock sampling results from both licences. These assay results are expected to be made available soon and will be released to our shareholders once received, analysed, and interpreted,” D’Anna noted.
In the coming months, Askari plans to engage in an active exploration programme at the Uis Lithium Project.
This includes targeted trenching, channel sampling campaigns, and large-scale soil geochemical surveys with the ultimate goal of identifying clear drill targets, with onsite mobilisation planned for later in the year.
This strategic move follows Askari Metals’ recent announcement of a substantial lithium-mineralised pegmatite discovery at its flagship Uis Lithium Project in Namibia.
Notably, the expansion in Namibia through the acquisition of EPL 7626 that covers 380 square kilometres fortifies Askari’s position in an area known for high-grade lithium, tantalum, tin, and rubidium mineralisation, further enhancing the potential of the Uis Lithium Project, according to D’Anna.
D’Anna highlighted the discovery at the Uis Lithium Project, describing it as a highly prospective ‘corridor of interest’ spanning 15 kilometres in length and 5 kilometres in width, covering sites EPL 7345 and EPL 8535.
Askari Metals is an Australian battery and precious metals exploration and development company focused on its portfolio of projects across Australia and Namibia in Africa.
The company holds the Yarrie Lithium, Hillside Lithium, Myrnas Hill Lithium, Horry Copper, Callawa Copper, Burracoppin Gold, Mt Maguire Gold and Base Metal, and Red Peak Rare Earth Element (REE) projects in Western Australia.
The company also holds the Barrow Creek Lithium Project in the Northern Territory, the Springdale Copper-Gold Project in New South Wales, and the Uis Lithium Project in Namibia.
