Askari is considering further acquisitions after the Eyasi Uranium deal

Askari Metals (ASX:AS2) continues to review and evaluate additional potential strategic acquisitions within the framework “emerging tier one uranium province” Tanzania after taking over the Eyasi Uranium project.

The company says it is currently in talks with several third parties regarding another possible transaction.

Due diligence has been completed on several target projects, including previously explored and drilled projects.

Meanwhile, the company’s newly acquired Eyasi project, located in northern Tanzania, was identified through an extensive internal review of available aerial geological and geophysical data and “immediately recognized as a highly prospective target for potential surface uranium deposits“.

Askari acquired the project through direct licensing applications through its Tanzanian subsidiary Infinum Uranium Co.

Project covering 292 km²is characterized by a complex geological system, consisting mainly of the Precambrian metamorphic terrane “Eastern granulite complex”.

Managing director Gino D’Anna says the acquisition of the Eyasi project represents a significant exploration opportunity for Askari and is a strong addition to its existing uranium portfolio in Tanzania.

“Askari continues to build a strong presence in Tanzania’s sought-after uranium sector, in a jurisdiction that promotes mining investment,” says D’Anna.

“Our strategy of directly targeting, in collaboration with our Tanzanian partners, high priority targets identified through a thorough internal technical review of all country-wide data is paying off as we continue to build a highly prospective uranium portfolio in Tanzania.”

Askari Metals intends to accelerate a series of low-cost exploration programs at Eyasi to generate drilling targets. These programs include high-resolution remote sensing surveys using satellite imagery of the area, ground-based radiometric surveys and field reconnaissance work.

They will also conduct an initial reconnaissance sampling campaign from the project’s paleochannel systems to determine mineralization along the “highly prospective” and determine the next stages of exploration.

Tanzania’s mining industry accounts for a significant portion of the country’s export earnings. Its government, led by President Samia Suluhu, has emphasized its commitment to developing the country’s mining sector, which aims to contribute 10% to Tanzania’s gross domestic product by 2025, which will translate into growth of 6.7% in 2020 r.

Key minerals found in Tanzania include coal, copper, diamonds, gold, nickel, silver, uranium, as well as the gemstone Tanzanite, which Askari says can only be found in Tanzania.

Askari Metals is a mineral exploration company focused on the discovery and development of Namibia’s Uis Lithium project, located in the Cape-Cross – Uis Pegmatite Belt in west-central Namibia.

Write to Aaliyah Rogan w Mining.com.au

Images: Askari Metals