Following a strategic review of existing pegmatite fields in Western Australia, ASX-listed junior explorer, Askari Metals has swooped on two underexplored exploration projects, Red Peak and Mt Deverell, both prospective for lithium-hosted pegmatites to the north of Meekatharra. No less than 11 significant pegmatite fields have already been mapped at Red Peak, with strike lengths of some stretching for more than three kilometres.
The two exploration licence applications are in addition to Askari’s portfolio of copper and gold projects in Western Australia and New South Wales and add exposure to the thriving lithium exploration scene.
Battery metals – particularly lithium – have been running hot on the market recently and news of Askari’s acquisition saw its share price vault more than 40 per cent higher to an intraday high of $0.27 from a previous closing price of $0.19.
Red Peak takes in a hefty 350 square kilometres and features extensive historical mapping conducted by the Western Australian Geological Survey. The 11 pegmatite fields identified through the mapping, including those that boast a 3km plus strike, measure between 150 metres and 250m in width.
Notably, Askari believes the project to also host potential for uranium and rare earth mineralisation as evidenced by known uranium occurrences on faults immediately east of the tenure and rare earth showings to the west.
Askari’s initial review of Red Peak suggests that the mapped pegmatites coincide with magnetic highs detected through historical aeromagnetic data. The company believes the property could host more pegmatites in areas where similar magnetic anomalies have been outlined.
According to the company, the aeromagnetic data also suggests Red Peak shows potential for nickel and copper mineralisation.
At the nearby 220 square kilometre Mt Deverell, historical soil sampling has identified anomalous lithium occurrences. Askari says the project is also prospective for Mississippi Valley style zinc and lead mineralisation akin to the Abra deposit nearby.
ASX-listed, Galena Mining has defined an impressive 34.5 million tonne resource grading 7.2 per cent lead and 16 grams per tonne silver at Abra. A feasibility study over the project has projected a 16 year mine life where a high-grade concentrate containing some 95,000 tonnes of lead and 805,000 ounces of silver could be produced each year.
Askari believes Mt Deverall is also prospective for gold mineralisation as evidenced by the Mt Egerton gold mining centre located immediately to the west.
Askari Metals Executive Director, Gino D’Anna said: "The Red Peak project hosts significant lithium pegmatites on surface which have been mapped over extensive strike lengths, none of which have been the focus of lithium exploration. The feature sets Red Peak apart from many other project as scale is not an issue. The Mt Deverell project has already demonstrated anomalous lithium in soil sampling and also offers the exciting opportunity to explore for a polymetallic deposit similar to that identified at the nearby Abra deposit, sharing many geological similarities.
We look forward to getting on the ground as soon as possible and sampling the already identified hot-spots.”
Askari is now eyeing off a field reconnaissance program to pin-point pegmatite outcrops at the tenure and to better define a surface mineralisation model for lithium-bearing pegmatites.
A soil geochemical sampling campaign across high-priority targets could follow, with a maiden drilling program also potentially on the agenda.
Askari is a relative newcomer to the ASX after only listing on the bourse in July this year with more than $5 million in the kitty. The cashed-up explorer can now add lithium potential to its exciting portfolio of base and precious metal exploration projects in Australia.
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