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Australasian Metals (ASX:A8G) shares soar 38% on expansion of CSIRO partnership

Image Source: © Ipopba|Megapixl.com

Highlights

  • Australasian Metals is commencing second phase of the Kick-Start research program in partnership with CSIRO.
  • The second phase will focus on identifying and targeting Li-(Ta-Sn) targets on the Mt Peake and Barrow Creek lithium projects.
  • CSIRO is co-funding the AU$50K research program and introducing advance technologies, including machine learning to the project.
  • A8G is well funded with over AU$6 million cash in the bank by the last quarter, which makes their Enterprise Value less than AU$3 million at the current share price.

Australasian Metals Limited (ASX:A8G) has achieved a new milestone with the expansion of its partnership with the Commonwealth Scientific and Industrial Research Organisation (CSIRO).

The latest company update has been applauded by the bourse, as A8G shares skyrocketed 38.24% to trade at AU$0.235 midday on 28 June 2022. The Company has a market cap of AU$8.86 million. With over AU$6 million cash in the bank by the last quarter and its tight capital structure (only ~52 million shares on issue), the market rebound can be expected.

Also read: A snapshot of Australasian Metals’ (ASX:A8G) rich portfolio of gold & lithium projects

A8G-CSIRO partnership expands to second phase

In a significant development, the ASX-listed gold & lithium explorer is continuing its collaboration with CSIRO through the second phase of the Kick-Start research program.

Data source: Company update, 28 June 2022

The partnership is for advancing and promoting research work for lithium exploration at the Mt Peake and Barrow Creek lithium projects in the Northern Territory.

CSIRO is an Australian government agency that collaborates with organisations around the world for scientific research. CSIRO is co-funding a research program valued at AU$50K under ‘Li exploration in the Mt Peake and Barrow Creek Pegmatite Field.’

During Phase 1 of the Kick-Start project, A8G benefitted from the technical excellence of CSIRO. The support through advanced remote sensing and hyper-spectrum interpretation helped in delineating more and better targets.

A8G believes that Phase 2 of the research program would help in identifying and targeting world-class lithium deposits in the prospective pegmatite district of Northern Arunta.

Data source: Company update, 28 June 2022

Do read: Eye on lithium and gold, Australasian Metals (ASX:A8G) sees action-packed March quarter

Program to target world-class lithium deposits

Australasian is engaged in the exploration activities over the Anningie and Barrow Creek pegmatite fields in the remote areas of the NT. The objective is to identify Li-(Ta-Sn) bearing pegmatites.

During Phase 1 of the ‘Li exploration in the Mt Peake Pegmatite Field’ program, CSIRO covered the evaluation part of multispectral and hyperspectral Earth Observation Information (EOI) and geophysical data available in the public domain.

The evaluation of all these data helped in the mapping of pegmatites and the characteristics of their host rocks. The activity established that satellite hyperspectral and radiometric imagery can assist in the identification of pegmatites as well as aid in the mapping of country rocks.

Also, the evaluation process can help in regolith landform classification and identification of shallow basement cover.

Good read: Meet the leadership team behind Australasian Metals’ (ASX:A8G) terrific progress

For Phase 2 of the program, the collaboration between CSIRO and A8G will try to further narrow down the search of Li-(Ta-Sn) bearing pegmatites. CSIRO has proposed to improve the mapping of mafic country rocks at Mt Peake and Barrow Creek by developing the PRISMA-derived mineral maps targeting mafic minerals. The data collected will be matched with the aeromagnetic and gravity data.

PRISMA is a satellite operated by the Italian Space Agency, ASI.

A8G’s tenement shown in red polygons over PRISMA pan-chromatic imagery

(Image source: Company update, 28 June 2022)

Furthermore, CSIRO will bring in the latest technologies to the project like machine learning for extracting multi-dimensional data sets, which are hard to do manually. The scientific organisation will integrate Earth Observation Information and geophysical data with soil geochemistry using machine learning concepts.


 


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