Askari Metals Reports 64,600oz Gold Resource and New Uranium Project Acquisition

Australian Exploration Momentum

Askari Metals Limited (ASX: AS2) has delivered a robust quarterly update highlighting promising exploration results and strategic developments across its Australian and Tanzanian assets. The company’s technical review of the Mt Maguire Gold Project in Western Australia has uncovered significant existing gold mineralisation, including high-grade intercepts such as 2m at 12.14g/t Au, alongside broader zones like 20m at 0.85g/t Au. Notably, these mineralised zones remain largely untested at depth and along strike, presenting clear upside potential.

Complementing Mt Maguire, the Horry Copper-Gold Project in the Kimberley region has yielded encouraging Phase I drilling results, with high-grade copper intercepts up to 3.6% Cu and gold intercepts reaching 5.5g/t Au. The identification of multiple mineralised lodes at Horry Horse and Mt Dockrell prospects sets the stage for a planned Phase II drilling campaign, which investors will watch closely.

Resource Growth at Burracoppin

At the Burracoppin Gold Project, Askari is progressing an updated JORC (2012) Mineral Resource Estimate (MRE), now reported at 1.32 million tonnes grading 1.52g/t Au for 64,600 ounces of contained gold. This update incorporates data from several prospects and reflects the company’s strategic focus on enhancing resource confidence amid a favourable gold price environment. The project’s proximity to Ramelius Resources’ Edna May Gold Mine adds regional context to its potential.

Expanding Uranium Footprint in Tanzania

In a notable diversification move, Askari secured 100% ownership of the Eyasi Uranium Project in northern Tanzania through direct licence application. This acquisition complements the recently acquired Matemanga Uranium Project, positioning Askari within a burgeoning uranium province in a pro-mining jurisdiction. Reprocessed airborne geophysical data revealed significant radiometric anomalies over a 30km strike, indicating promising uranium mineralisation potential. The company plans initial reconnaissance sampling to delineate targets within these paleochannel systems.

Corporate and Financial Developments

Askari’s corporate structure has evolved with the appointment of Leonard Math as Non-Executive Director and Stuart Usher as Company Secretary and CFO, alongside the departure of key executives. The company successfully raised $1.507 million through a share placement, earmarked for advancing its Tanzanian uranium strategy, ongoing exploration at the Uis lithium project in Namibia, and general working capital including debt repayment. Despite a modest cash balance of approximately $319,000 at quarter-end, Askari remains confident in its funding prospects bolstered by recent strategic investments.

Operationally, the company has rationalised its Australian tenement portfolio, surrendering several exploration licences to focus resources on high-potential assets. Exploration expenditure during the quarter was $251,000, reflecting a disciplined approach to capital allocation amid ongoing project evaluations.

Looking Ahead

Askari Metals is poised to advance its exploration programs, particularly the upcoming Phase II drilling at Horry and further resource definition at Burracoppin. The uranium acquisitions in Tanzania mark a strategic pivot into a commodity with growing global demand, potentially reshaping the company’s asset mix and investor appeal. Market participants will be keenly observing how these developments translate into tangible resource growth and operational milestones in the coming quarters.