Australian mining company Askari Metals has announced the 100% acquisition of Namibian mining corporation AstralL Dynamix Mining Investment, enabling the foreign-based firm to expand its presence across Namibia’s promising mineral market.
The acquisition enables Askari Metals to take over the Exclusive Prospecting Licensing (EPL) 7626, located in close proximity to EPL 7345 and EPL 8535, where Askari Metals is currently operating the Uis Lithium project.
The prospect is also located alongside tin producer Andrada Mining’s Uis Tin Mine, which holds a mineral resource of 81 million tons (mt) at 0.73% of Lithium oxide (Li₂O) and 0.15% of tin.
“This strategic expansion highlights the company’s focus to continue expanding our exposure to the battery metals sector,” stated Gino D’Anna, Executive Director of Askari Metals, adding that, “EPL 7626 complements our position in the Uis pegmatite belt and expands our holdings to more than 380 km² in a region that can only be described as the best real estate in Namibian lithium.”
The acquisition comprises an upfront payment of A$275,000 in conjunction with a share issue of A$100,000. Following the completion of a drilling program encompassing 2,000 meters reverse-circulation as well as the delivery of at least 10% lithium per meter in no less than ten drill holes, a further A$300,000 worth of shares will be paid.
If the company manages to develop a 2012 Joint Ore Reserve Committee-compliant resource of more than 5 mt at 1% Li₂O, an additional A$400,000 worth of shares will be paid.
With the acquisition, Askari Metals will conduct a project-wide detailed mapping and sampling program which will kickstart after the completion of mapping at EPL 8535 and will be followed by further mapping at EPL 7345.
