Askari completes Greenstone buy
PERTH (miningweekly.com) – ASX-listed Askari Metals has completed the acquisition of the Hillside lithium project, in Western Australia.
Askari in November last year announced the acquisition of unlisted Greenstone Lithium for A$100 000 in up-front cash, A$150 000 in fully paid ordinary shares in the company, and a further A$1.8-million in deferred cash and share payments upon certain milestones being reached.
Askari will also grant the vendor a 1% net smelter return on all minerals produced from the area.
The company on Wednesday said that the acquisition of Greenstone would enable Askari to acquire full ownership of the Hillside lithium project, which was considered highly prospective for lithium/tin/tantalum mineralisation.
“The Hillside lithium project forms an integral component to the company’s eastern Pilbara lithium portfolio in Western Australia. We believe the exploration potential of this project is significant, highlighted by the recent exploration success at the Tambourah lithium project owned by Riversgold Limited and the Tambourah North lithium project owned by Trek Metals Limited,” said Askari executive director Gino D’Anna.
“Strategically the Hillside project is perfectly located and is highly complementary to our existing eastern Pilbara lithium assets.”
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