ACQUISITION OF INITIAL 90 % INTEREST IN EPL 7345 UIS LITHIUM PROJECT
PHASE 2 AUGER RESULTS VECTOR INTO NEW RC TARGETS AT NAPIÉ
• PROJECTS AND EXPLORATION a total of 2 792 553 ordinary shares in the capital of Askari . Of this , a total of 1 396 277 shares will be subject to 6 months voluntary escrow from the date of issue with a total of 698 138 shares subject to 3 months voluntary escrow from the date of issue while the remaining shares will be freely tradeable .
An Appendix 2A and a cleansing statement have been lodged independently .
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ACQUISITION OF INITIAL 90 % INTEREST IN EPL 7345 UIS LITHIUM PROJECT
Completion of the acquisition of the remaining 10 % interest in Kokerboom Mineral Processing Pty Ltd is progressing well and is expected to be completed soon .
Additional highlights :
• Phase I RC exploration drilling at EPL 8535 due to be completed shortly
• Askari continues to technically assess and evaluate other complementary projects surrounding the Uis Lithium Project for acquisition
Location : Namibia Phase : Exploration Resource : Lithium
Askari Metals Limited
Drilling at Uis project ( February 2023 ).
On 11 April this year , Askari Metals Limited announced the completion of the acquisition of the initial 90 % interest in EPL 7345 covering an area of approximately 114km 2 , forming part of the Uis Lithium Project , located in Namibia .
Pursuant to the terms of the binding agreement between the company and the shareholders of Kokerboom Mineral Processing Pty Ltd , the company has incorporated a local Namibian subsidiary ( wholly owned ) which owns the initial 90 % interest in Kokerboom Mineral Processing Pty Ltd .
Highlights :
• Phase II exploration RC drilling is ongoing
• Project wide detailed mapping and sampling program continues with a number of new pegmatite drilling targets identified to be drill tested during phase III RC exploration drilling
• The company is due to provide shareholders with an update on its exploration activities
As announced to shareholders on 4 April 2023 , the company has also separately executed a binding agreement to acquire the remaining 10 % interest in Kokerboom Mineral Processing Pty Ltd .
EPL 7345 is wholly owned by Kokerboom Mineral Processing Pty Ltd .
In connection with the acquisition of the initial 90 % interest in EPL 7345 and Kokerboom Mineral Processing Pty Ltd , the company has issued the shareholders of Kokerboom Mineral Processing Pty Ltd
PHASE 2 AUGER RESULTS VECTOR INTO NEW RC TARGETS AT NAPIÉ
Location : Côte d ’ Ivoire . Phase : Exploration Resource : Gold
On 20 March , Mako Gold Limited advised that the phase 2 auger drill program was complete , and all assays have been received for the 25 000m auger drilling program on the Company ’ s 90 % owned flagship Napié Project in Côte d ’ Ivoire .
Mako ’ s MD , Peter Ledwidge commented : “ We are extremely pleased that phase 2 of the auger program has confirmed and enhanced the anomalies identified in phase 1 . The complete auger program has provided 15 significant drill targets along the 30km Napié shear . The auger has narrowed down the wide soil anomalies and pin-pointed precise targets for resource expansion at Napié which is likely to reduce the discovery cost per ounce . In phase 2 we focused on the extensive multi-kilometre mineralised trends identified at Tchaga North and Gogbala in phase 1 , to generate a multitude of high priority drill targets . We plan on following up phase 1 auger results elsewhere on the permit in the future . Napié is showing strong potential to host multiple deposits within the permit .”
Highlights :
• Results from phase 2 of the 25 000m auger drill program received
• Phase 2 infill program designed to vector on the multikilometre-long gold anomalies identified in phase 1 for enhanced RC drill targeting
12 • African Mining • July 2023 www . africanmining . co . za