- Askari Metals (AS2) is set to acquire the Hillside lithium project through a binding share sale agreement with Greenstone Lithium
- Found within WA’s eastern Pilbara region, the Hillside project sits along strike and adjacent to two lithium projects which are being actively explored for lithium pegmatites
- It also lies within the broader Tambourah area, which is considered a “hive of activity” and has recently shown lithium mineralisation and high-grade results by other listed companies
- Askari has initiated initial field work, such as mapping and sampling, before it undertakes shallow drilling
- Company shares are up 8.43 per cent to trade at 45 cents at 3:14 pm AEDT
Askari Metals (AS2) is set to acquire the Hillside lithium project in Western Australia’s eastern Pilbara region.
The company entered a binding share sale agreement to acquire 100 per cent of Greenstone Lithium, enabling it to acquire the Hillside project which comprises one granted tenement and one tenement application.
The consideration includes an upfront $100,000 cash payment and $150,000 worth of AS2 shares at an issue price equal to the 10-day volume-weighted average price.
Upon being granted the tenement application, the company will pay an additional $100,000 in cash and $300,000 worth of shares. The consideration also includes future milestone payments.
Hillside is located in the Tambourah lithium district along strike and adjacent to the Trigg Hill and East Curlew lithium projects which are being actively explored by ASX-listed Eastern Resources (EFE).
So far, EFE has seen swarms of lithium-caesium-tantalum (LCT)-type pegmatites that can reportedly be followed along strike into Hillside.
The greater Tambourah area, which Hillside is in close proximity to, is being actively explored by four ASX-listed companies all presenting evidence of lithium mineralisation within large swarms.
“This area is seeing a lot of dedicated lithium exploration and is a hive of activity. We are pleased that we can now be a part of that as well,” Executive Director Gino D’Anna said.
“We believe that the exploration potential of this project is significant and this is highlighted by the recent exploration success at the Tambourah lithium project owned by Riversgold and the Tambourah North lithium project owned by Trek Metals.”
While Askari Metals has already mapped LCT-type pegmatite swarms across the project during due diligence work, it plans to conduct further mapping, as well as collect rock samples of the outcrops and build a surface mineralisation model.
Additional exploration will depend on results of initial field work but is expected to include initial shallow aircore and reverse circulation drilling.
Company shares were up 8.43 per cent to trade at 45 cents at 3:14 pm AEDT.