Askari Metals Eyes Lithium and Uranium Growth in Africa

Askari Metals Ltd (ASX: AS2) has secured $1.6 million in funding at $0.065 per share, with a 1-for-2 free attaching option, and participation from Managing Director Gino D’Anna.

These funds will fuel exploration across Askari’s high-potential lithium and uranium projects in Africa.

Fast-Tracking Lithium Exploration in Namibia

A significant portion of the funding will be directed towards accelerating exploration efforts at the Uis Lithium Project in Namibia.

Askari aims to deliver a maiden resource estimate at Uis during 2024. Initial sampling identified promising lithium grades of up to 3.3%, highlighting the project’s potential in this under-explored lithium region.

Strategically situated within Namibia’s Central Western CapeCross-Uis Pegmatite Belt, the project is just 2.5 kilometres from Andrada Mining Ltd’s (LSE: ATM) operating Uis Tin-Tantalum-Lithium Mine.

This neighboring mine not only surpasses its nameplate capacity for tin but also holds significant by-product potential for lithium and tantalum, boasting a gross resource of 81 million tonnes at 0.73% lithium.

Expanding Uranium Footprint in Tanzania

Beyond lithium, Askari is strategically expanding its presence in the uranium sector. The company recently acquired the Matemanga Uranium Project in Southern Tanzania, situated less than 70 kilometres from the world-class Nyota Uranium Mine.

This high-grade mine, containing 124.6 million pounds of uranium, was acquired by Uranium One / ARMZ for a staggering $1.16 billion in 2011.

Matemanga’s proximity to Lotus Resources Ltd’s (ASX: LOT) Kayelekera project (containing 46.4 million pounds of uranium) further underscores the region’s potential.

Recognizing this opportunity, Askari is actively progressing due diligence to acquire additional uranium projects within this emerging tier-1 province, which boasts a history of high-grade uranium resources despite limited modern exploration.

Streamlining Australian Portfolio

In addition to its African focus, Askari is exploring a spin-out or divestment strategy for its Australian exploration portfolio, which includes promising projects for gold, copper, REE, and lithium.

By strategically allocating funds and streamlining its portfolio, Askari Metals is well-positioned to capitalize on the growing demand for lithium and uranium, while unlocking the potential of its diverse African assets.

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