Askari Metals has acquired ASX-listed Raiden Resources’ Myrnas Hill lithium project in WA’s highly prospective Pilbara region for a total of $200,000 in cash and shares, adding another lithium site to its portfolio. The company says its newly acquired project covers about 50 square kilometres and exhibits a geological setting strongly analogous to the nearby world-class Pilgangoora and Wodgina lithium mines.
The purchase is the second land grab in the Pilbara for Askari this year as the company positions itself to become an emerging lithium explorer with high-quality assets.
The region has become an intense hotbed of lithium exploration and discovery over recent years, making up a significant portion of Australia’s total lithium resources.
Geoscience Australia says about 95 per cent of Australia’s lithium resources are found within just five deposits and all are in WA — two of them are the Pilgangoora and Wodgina mines found in the Pilbara.
Myrnas Hill is about as prime as lithium real estate gets, being just 50km from Pilgangoora and 60km from Wodgina and also adjacent to ASX-listed Kalamazoo Resources’ joint venture with world-leading lithium miner and producer Sociedad Química y Minera de Chile SA.
Adding further charm, just 30km to the south-east is ASX-listed Global Lithium Resources’ Archer deposit containing 10.5 million tonnes at 1 per cent lithium oxide.
In addition, the project is interpreted to exclusively lie within a “Goldilocks zone” for lithium-caesium-tantalum pegmatites that envelopes the Pilbara’s major lithium deposits.
Askari Metals Executive Director, Gino D’Anna said: “Exploration success by others around the Myrnas Hill project has demonstrated the fertility of this project area.”
“Myrnas Hill is highly complementary to our district-scale Yarrie Lithium Project and we see this as a terrific opportunity to expand our footprint in areas that have a high chance of exploration success.”
Initial exploration will include a comprehensive data review and a satellite imagery program ahead of soil sampling and rock sampling to define outcropping pegmatites that remain untested for lithium with the drill bit.
Askari says given the geological units packaged within the tenement it has the potential to target tin, tantalum and even gold in addition to lithium.
Whilst there are no active or historical lithium mines within the tenement area there are extensive tin, tantalum and lithium workings south of the project on the eastern bank of Beabea Creek.
Given the lack of lithium-focused exploration Askari considers its new project early stage, however it believes progress can be accelerated quite rapidly with its approach.
Whilst Askari thinks it may be quick off the mark it needs to be fast enough to catch the incoming lithium supply deficit tipped by renowned economic forecaster Fitch Solutions.
The research company expects the lithium market’s supply deficit to widen from 259,000 tonnes this year to 329,000 tonnes in 2023. However, it also suggests pricing pressures will ease from record highs as lithium-hungry consumers secure offtakes with price caps, global growth slows and fears of future under-supply dissipate slightly.
It expects prices to tumble in 2025 as large volumes of production come online only to recover as the supply deficit swells again.
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