Pegmatite rock chip sample at Askari Metals’ Barrow Creek lithium project in the Northern Territory. Credit: File

Askari acquires additional prospective NT lithium ground

Wednesday, 9 March, 2022 - 15:30

Australian based battery metals and gold explorer Askari Metals has got its hands on another prospective lithium exploration license within the Arunta Pegmatite Province of the Northern territory for an initial six year period with extension options available. The company took control of the exploration license covering its Barrow Creek lithium project following the issuance of 269,542 shares at $0.371 for a total consideration of $100,000 paid to Consolidate Lithium Trading.

The binding agreement with Consolidate Lithium Trading provides Askari with a 12 month period to undertake exploration activities on the granted tenure. Askari has the right to extend the option period for two further consecutive periods of 12 months each via the payment of $50,000 and $80,000 cash respectively.

Granting of the exploration license follows a spate of recent successes by Askari over the Barrow Creek lithium project. An initial phase of rock chip sampling identified a fertile Lithium-Caesium-Tantalum, or “LCT” type pegmatite with grades ranging up to 817 parts per million lithium from surface.

Identification of the open-ended fertile pegmatite zone at Barrow Creek spanning 950 metres by 500m underpinned the design basis for a follow up exploration campaign.

The second stage consisted of testing high-priority targets identified in the first round with 119 rock samples and 350 soil samples collected over an area measuring 3.8 kilometres by 4.8km. Assay results from the exploration are expected back from the lab in April.

Pending positive results from the latest rock chip and soil sampling campaign, Askari plans to design and undertake a maiden drill program at Barrow Creek to test the lithium potential of the recently discovered pegmatites.

Having obtained the granting of the exploration license, Askari will be in a position to quickly undertake drilling activities across the tenure to test the bedrock lithium potential.

Due to the high number of potential targets across Barrow Creek, several highly prospective areas remain untested outside the recent work area. Askari plans to systematically explore the remaining zones with a third campaign set to kick off in April.

Importantly, Barrow Creek has year-round access via the Stuart Highway that the company says will support low-cost exploration.

Barrow Creek covers 278 square kilometres and is located in the Arunta pegmatite region that has previously been recognised for large pegmatite swarms with potential for hard-rock spodumene-bearing lithium mineralisation. According to Askari, other lithium miners in the area have described the Arunta Pegmatite Province as one of the largest pegmatite provinces in the central Northern Territory.

The Barrow Creek lithium project is one of three recent Australian lithium acquisitions by Askari that have positioned the company as a major landholder of lithium exploration tenements. The other two ventures recently picked up consist of the Yarrie lithium project in the Eastern Pilbara and the Red Peak lithium project in Meekatharra adding to Askari’s growing battery metals portfolio.

The global appetite for commodities in the EV space, particularly lithium, has been insatiable steadily driving prices skyward. The unfolding strategy of focused acquisition on display at Askari seems well designed to cash in on the trend.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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