EPL 8535 covers an area of 194.59 km2 and is located directly along strike of the AfriTin B1/C1 Mining Licence as well as the Company’s Uis Lithium Project and the AfriTin Uis Mine which is currently in operation

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Example of fresh spodumene needles. (Credit: Askari Metals Limited)

Askari Metals Limited (ASX: AS2) (“Askari Metals” or “Company”), an Australian based exploration company with a portfolio of battery metals (Li +Cu) and precious metals (Au + Ag) projects across Namibia, Western Australia, Northern Territory and New South Wales, is pleased to announce that it has executed a Binding Heads of Agreement (HoA) with Earth Dimensions Consulting (Pty) Ltd, an entity registered in Namibia, Africa (Earth Dimensions) and the Shareholders of Earth Dimensions in relation to the acquisition of 80% of the issued capital of Earth Dimensions. Earth Dimensions is the 100% owner of Exclusive Prospecting Licence (EPL) 8535 which is located directly along strike of the AfriTin Mining plc B1/C1 Mining Licence as well as the Company’s Uis Lithium Project (EPL 7345) and the AfriTin Mining plc Uis Mine which is currently in operation.

The acquisition of EPL 8535 represents a significant expansion of the Uis Lithium Project currently owned by the Company, located in Namibia, Africa and covers an area of 194.59 km2. The Uis Lithium Project (EPL 7345 and EPL 8535) now covers an area of 308.12 km2 and is located less than 5km from the township of Uis and less than 2.5km from the operating Uis Mine owned and operated by AfriTin Mining plc (LSE. ATM), within the Erongo Region of west-central Namibia. Swakopmund, the capital city of the Erongo Region and Namibia’s fourth largest settlement, is located approximately 165km due south of the Uis Lithium Project while the Namibian capital city of Windhoek is located approximately 270km southeast of the Uis Lithium Project.

The Uis Lithium Project boasts more than 80 mapped pegmatites across the project area, with many of the pegmatites having been mined historically for tin and semi-precious stone. An abundance of altered spodumene is visible both within the workings and the mined rock around the workings. The map below provides an overview of the location of the Uis Lithium Project relative to the infrastructure servicing the region and the location of the operating Uis Mine owned and operated by AfriTin Mining plc (LSE. ATM).

Commenting on the significant expansion of the Uis Lithium Project, Executive Director, Mr Gino D’Anna, stated: “The significant expansion of the Uis Lithium Project underpins the transformational change that is underway for the Company as we expand our exposure to the battery metals sector. The initial acquisition of EPL 7345 sat directly in between the Uis Mine and the B1/C1 Mining Licence both owned by AfriTin Mining plc. The acquisition of EPL 8535 significantly complements this strategic position as we expand our holding at the Uis Lithium Project to more than 300 km2 in an area that can only be described as the best real-estate in Namibian Lithium. To acquire a second advanced exploration licence within 2.5km from an operating mine sharing the same geology and mineralised pegmatites is remarkable, and something that the Company is very proud of achieving. The Uis Lithium Project not only boasts exceptional lithium, tantalum, tin and rubidium mineralisation but is located less than 230km 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.

Source: Company Press Release