Askari Metals (ASX:AS2) has entered into a binding acquisition agreement with privately held Mining Equities to acquire 100% of the Talga East Lithium Project (E45/5982) in the Pilbara region of Western Australia.
The Talga East Lithium Project is considered ‘highly prospective’ for lithium-tin-tantalum (Li + Sn + Ta) mineralisation.
Askari notes that an initial reconnaissance visit will be conducted as soon as possible, after which more detailed exploration activities can be designed.
The company’s share price was up 11.864% to $0.330 as of 9am AWST on the back of the announcement.
The Australia-based exploration company, which has a portfolio of battery metals (Li +Cu) and precious metals (Au + Ag) projects across Western Australia, Northern Territory, and New South Wales, notes Talga East represents a natural addition to the significant district-scale opportunity of its Yarrie project and the recently acquired Myrnas Hill project.
The Talga East project sits exclusively within the company’s interpretation of the “Goldilocks Zone” for lithium exploration
The Talga East project is situated due south of Askari’s existing Yarrie Lithium Project in the Eastern Pilbara Region of WA. It sits exclusively within the company’s interpretation of the “Goldilocks Zone” for lithium exploration.
Askari reports that the Talga East Lithium Project is situated in the east Pilbara Granite Greenstone Terrane. The predominant rock type in the tenement area is Archean Granite with varying amounts of late-stage pegmatite fractionates.
In the Pilbara region, late-stage granites may be highly fractionated and act as the source for intrusion of rare metal pegmatites into the surrounding stratigraphy. These pegmatites may include spodumene bearing systems, as well as tin and tantalum mineralisation.
Askari adds that these are the targeted minerals as well as the potential for gold.
There are no active or historic lithium mines within the tenement area, however there are extensive tin-tantalum-lithium workings located south of the Talga East Lithium Project on the eastern bank, the company said.
Meanwhile, the company also announces the results of further data interpretation of the identified Rare Earth Element (REE) potential on its Red Peak Project which has revealed Total Rare Earth Oxide (TREO) values of up to 720.54 ppm TREO.
The results stem from samples collected by the company which were initially not targeting REE potential of the project and were taken from outcropping pegmatites located across the project area.
The company is very enthusiastic about the REE potential of the Red Peak Project, located 15km east of the Mt Clere REE project (Krakatoa Resources Ltd. – ASX: KTA) in the Gascoyne region of Western Australia, with further exploration programs to investigate the REE potential at Red Peak focused on the monazite sands and the iconic clay hosted regolith.
Finally, Askari is also announces that it has completed the inaugural drilling campaign on the Horry Copper and Gold Project located near Halls Creek in the Kimberley Region of Western Australia.
The drilling program consisted of 2,096m of drilling and 29 RC holes.
Askari Metals was incorporated for the primary purpose of acquiring, exploring, and developing a portfolio of high-grade battery (Li + Cu) and precious (Au + Ag) metal projects across Western Australia, Northern Territory and New South Wales.
The company has assembled a portfolio of lithium, copper, gold and copper-gold exploration/mineral resource development projects in those regions.
Write to Adam Orlando at Mining.com.au
Images: Askari Metals Ltd & iStock