Askari Metals Ltd earlier this week confirmed it has entered a binding agreement to divest its Burracoppin Gold Project in Western Australia to Forrestania Resources Ltd for A$700,000. Executive director Gino D’Anna said the divestment removes local exposure and allows both financial and human resources to be redeployed in Africa.
Highlights
- Askari Metals has agreed to sell its Burracoppin Gold Project in WA to Forrestania Resources for A$700,000.
- The sale aligns with Askari’s strategy to focus on its African gold, copper and rare metals assets.
- The company is progressing its Nejo Gold and Copper Project in Ethiopia, with maiden drilling expected to begin in November.
- The Nejo drill program will consist of 3,000–5,000 metres of diamond core drilling.
- At the Uis Rare Metals Project in Namibia, trenching has identified high-grade tin, tantalum, rubidium, and lithium.
- Askari is planning to recommence drilling at Uis and is in discussions with potential development partners.
- The company aims to define itself as a focused African explorer with an expanding footprint across East and West Africa.
Sharpened focus
Askari's sale enables it to sharpen its focus on its African exploration portfolio, which includes the Nejo Gold and Copper Project in Ethiopia and the Uis Rare Metals Project in Namibia.
The company told investors that the transaction was strategically timed to coincide with strong gold prices and will allow it to advance its African assets without dilutive capital raisings.
Maiden drill coming soon
At Nejo, the company is finalising plans for initial fieldwork ahead of a maiden drilling campaign. Askari said the program is expected to begin in November and will include between 3,000 and 5,000 metres of diamond core drilling.
The company highlighted that drilling will aim to build on historical intercepts and test broader mineralised zones.
Uis Rare Metals Project
In Namibia, the Uis Rare Metals Project covers a 400-square-kilometre landholding near Andrada Mining Ltd’s operating Uis mine. Askari reported that trenching and drilling had intersected rare-metal pegmatites containing high-grade tin, tantalum, rubidium, and lithium.
It added that the company is in active discussions with potential partners to support the future development of the Uis asset.
Askari Metals said its goal remains to establish a strong presence across Africa as a focused gold, copper and critical minerals explorer.