ASX-listed junior explorer Askari Metals is enjoying early success at its newly acquired Barrow Creek Lithium Project, or “BCL” in the renowned Arunta Pegmatite Province of the Northern Territory. Spontaneous sampling whilst the company was performing due diligence in its acquisition of the project revealed rocks running at an encouraging 817 parts per million lithium oxide.
Emboldened by the confirmation of fertile Lithium-Caesium-Tantalum, or “LCT” pegmatites the diversified explorer is keen to accelerate its exploration program at BCL.
VP Exploration and Geology, Mr. Johan Lambrechts said:
“This critical milestone has been achieved and gives us a high chance of discovering economic grade lithium mineralisation.”
“The Company will accelerate its exploration efforts at Barrow Creek, and the next phase will commence shortly. It will consist of detailed surface mapping and sampling while the Company eagerly prepares for the potential inaugural RC drilling campaign on the Barrow Creek Lithium Project.”
According to the company the upcoming program will explore in a more geologically informed and systematic way with over 400 samples to be collected from several different targets outlined by the hyperspectral imagery.
Results have so far shown a high correlation between mapped granites, anomalous lithium values and hyperspectral areas of interest. Notably, a new mineralised zone of 950m by 500m in dimension has been identified and mineralisation remains open in all directions. The company says significant exploration potential remains outside the zone and areas highlighted by the hyperspectral survey remain untested.
Further infill surface sampling and mapping will help guide the company in designing a potential RC drill program to test its targets in the second quarter of 2022.
Askari is not the only one competing in the highly prospective Arunta Pegmatite Province. Its ground is tightly sandwiched between the ASX-listed giant Core Lithium and Lithium Plus, a company with ties to the even larger Chinese battery king CATL.
The current price of battery grade lithium carbonate has nearly hit $84,000 a tonne. The eyewatering figure coming after a 12-month period of growth of a mind-blowing 483%.
In addition to its latest serendipitous success on the BCL Project, Askari is bringing down the hammer on its other lithium ventures whilst the price of the metal is glowing red hot.
In two weeks’ time Askari will be lacing up its boots for a reconnaissance field program at Yarrie project in the Pilbara region of WA along with a hyperspectral survey. Another such survey is planned for the Red Peak project north of Meekatharra WA with assay results expected.
There are few markets generating as much heat and excitement at present as the global lithium sector. Given the contents of its portfolio, Askari could find it playing in a very exciting sand pit if the ball carrying the assay results bounces its way.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
