AS2 - Askari Metals | Aussie Stock Forums

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HIGHLIGHTS
– Agreement: Share Sale Agreement signed with Forrestania Resources Limited to sell 100% of the fully paid ordinary shares in First Western Gold Pty Ltd, a wholly owned subsidiary of Askari.
– Projects: First Western is the holder of 7 exploration licenses and 1 exploration license application in WA, including the Burracoppin Gold Project, which hosts a JORC (2012) MRE of 2.14Mt @ 1.2g/t Au for 82,700 ounces of gold at a cutoff grade of 0.55 g/t Au.
– Consideration: Total consideration of A$700,000, payable as A$250,000 in cash and A$450,000 in un-escrowed and tradable shares.
– Unequivocal Focus: Sale of the Australian asset portfolio positions Askari to focus on the exploration and development of its gold, copper and rare metal projects in Ethiopia and Namibia
– Uis Project: Drilling and trenching at the Uis Project has intersected rare metal pegmatites as well as high-grade tin, tantalum, rubidium and lithium across its ~400km2 landholding
– Nejo Gold and Copper Project: Nejo Project is a district-scale landholding (1,174km²) located in Central-Western Ethiopia providing exposure in one of the world’s most mineral-rich regions, the Arabian-Nubian Shield.
– Finalised regional exploration program at the Guji-Gudeya and Guliso Gold Trends, including:
o Design of soil and rock sampling and geological mapping ahead of maiden drilling campaign
o Initially targeting high-grade shallow gold mineralisation where previous surface trenching and drilling intersected high-grade gold mineralisation
– Airborne geophysical campaign to be completed to support an expanded exploration strategy including infill and extension trenching across the gold targets on the southern licence and field exploration campaigns at the high-grade copper targets at Katta in the north-west.
– Compelling Pathway to Potential Maiden Resource: large-scale landholding, multiple high-grade targets, and low geological risk support a fast-tracked strategy towards delineating a potential JORC-compliant resource.