Askari fires up drill rigs at Namibian lithium project

Askari Metals has kicked off a fresh RC drilling program at its Uis lithium project in Namibia. More than 40 drill holes as part of 3,000m campaign aim to confirm high grade rock chip samples and new targets.

The reconnaissance exploration program aims to discover if the impressive spodumene surface samples are just the tip of the iceberg for the company.

The company says the project area is highly prospective for lithium-rich spodumene pegmatites. Even though the company only started this week, already six holes have been completed. Phase one of the drill program aims to drill at least 40 holes with more than 3,000m of drilling.

The explorer has a sizeable stake in the historically lithium rich Namibian grounds with two tenements covering a total 308 squarekilometres.

Askari’s first phase of drilling will see the company test several high-grade lithium targets, created from both the due diligence sampling completed last year and complemented with on the ground observations. One new target boasts pegmatites more than 50m wide.

Uis is also just a hop, skip and a jump from a nearby operational mine, AfriTin Mining which is listed on the London Stock Exchange. Just 2.5km as the crow flies, AfriTin has a current mineral resource of 71.54 million tonnes at 0.63 per cent lithium oxide, 0.134 per cent tin and 85ppm tantalum.

Rock chip samples taken as part of Askari’s due diligence program last year showed visible lithium mineralisation at surface.

Askari Metals Vice President of Exploration and Geology, Johan Lambrechts said: “We are confident in the mineralised pegmatites we have seen on surface to date and with our mapping team continuing in the field, there are numerous additional targets being identified highlighting the significant exploration upside.”

Should yesterday’s rock chip samples morph into an ore deposit, the Uis lithium project can capitalise on existing infrastructure. The deep-water port at Walvis Bay is just 230km along a sealed road, giving Askari easy access to international markets.

In the early days of Askari’s due diligence, the samples surprised the market with high quality spodumene results showing up to 3.1 per cent lithium.

Uis isn’t a one trick pony, with other important minerals peppered through the ground. Some of the best results include 3.2 per cent tin, 658 parts per million tantalum and up to 4,214 ppm rubidium in parts.

Pegmatites are hosted by mafic schists and metasediments and occur as post depositional intrusions. Meaning lithium, a mobile element, is rarely found at the surface in its original state and not normally found in an outcrop.

In addition, the market will be attracted to the promising grade. Typically, 1 per cent of lithium is considered to be mid to high-grade. Anything above 3 per cent lithium tends to draw people’s attention.

Given Uis’ samples were found both at the surface and are of a high grade it will boost speculation of what lies below.

Lithium is one of the most sought-after metals in the modern world.

Spodumene, found in pegmatites, is considered one of the most important sources of lithium. For years spodumene was the primary source of lithium, however the industry has shifted to extracting lithium from brine deposits in some areas as it offered lower operating costs to set up and process.

However, the exploding demand for lithium means spodumene deposits has not lost their lustre. Spodumene offers a high lithium content and comes with a shorter time from discovery to production compared to brine deposits.

The urgent need to find more lithium is a global problem, with Benchmark Mineral Intelligence noting that we need 40 new lithium mines by 2030.

Askari will be looking to benefit from the strong global outlook for one of key battery metals in 2023. Given the high-grade surface samples already known, the market will be keen to discover what’s beneath its rocks.

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