Australian-based exploration company Askari Metals has signed a binding heads of agreement with LexRox Exploration Services to acquire a 90% interest in the advanced Uis lithium-tantalum-tin project in west-central Namibia.
As part of the agreement, Askari will pay $100,000 in cash within five business days and issue $1.05 million worth of shares within seven days of settlement. The transaction is subject to shareholder approval with a general meeting planned for late December/early January.
Uis, which is located 2.5 kilometers from AfriTin Mining’s UIS mine, boasts more than 80 mapped pegmatites across a project area of 113.53 km2. It bears an abundance of visible spodumene mineralization with previous rock chip assays delivering high-grade results of up to 3.1% lithium oxide, 3.2% tin and 452 parts per million of tantalum.
“The acquisition of the Uis lithium-tantalum-tin project signifies a transformational period for the company as we expand our exposure to the battery metals sector,” said Gino D’Anna, executive director.
“This project not only boasts exceptional lithium mineralization but is located less than 230 km from the deep water port of Walvis Bay. Infrastructure in this region is readily accessible with a well maintained network of roads direct to site as well as access to power and water.”
Askari said that a field sampling campaign is already underway as part of the due diligence investigations of the company with more than 150 samples collected to date.
Source: Askari Metals