Askari Metals (ASX:AS2) has completed the acquisition of an initial 90% interest in EPL 7345, which forms part of the Uis Lithium Project in Namibia from Kokerboom Mineral Processing Pty Ltd.
The company has also separately executed a binding agreement to acquire the remaining 10% interest in 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 a total of 2,792,553 ordinary shares in the capital of Askari.
The company has incorporated a local Namibian subsidiary (wholly owned) which owns the initial 90% interest in Kokerboom Mineral Processing Pty Ltd.
Askari is currently carrying out the second phase of RC drilling within the permit area, targeting untested pegmatites mapped and identified by geologists in the field and reported to have visible lithium mineralisation at the surface.
The company is also in the midst of a detailed mapping and sampling program in the permit, which has identified a number of new pegmatite drilling targets, which will be tested in the next phase of RC drilling.
