Australasian Metals’ (ASX: A8G) Dec quarter sees the Company is set to an ambitious 2024 - Kalkine Media

Highlights

• A8G completed the first diamond drilling campaign at the Mt Peake Project.
• The project shares a boundary with Core Lithium Limited’s (ASX:CXO) Anningie lithium project, where spodumene is outcropping and samples returned over 1% Li₂O with up to 4.78% Li₂
• During the quarter, A8G received AU$218,442, as a refundable tax offset for R&D expenses.
• At the end of the December quarter, A8G had around AU$3.52 million of cash with no debt.

ASX-listed metal explorer Australasian Metals Limited (ASX: A8G) has been focussing on potential lithium, gold, and precious metals discoveries with advanced Australian exploration projects.

In its recently released quarterly activities report, the company has listed significant developments at its major projects across Australia. The major highlight for the three-month period ended 31 December 2023 was maiden diamond drilling at the company’s 100%-owned Mt Peake Lithium project.

Maiden drilling at Mt Peake Lithium Project

Diamond rig arrives at Mt Peake Lithium Project

Australasian Metals started the first diamond drilling campaign at the Mt Peake Project  during the December quarter. The firm targeted three holes over 600m.

Through two holes, A8G intended to test the geological zones under the formerly discovered lithium-bearing pegmatite outcrops (JC001 and MP10127) with 1.61% Li₂O and 225 ppm Ta; and 1.15% Li₂O & 223 ppm Ta, respectively. The firm had designed the third hole to test a well-defined soil geochemical anomaly along the southeast trend from Core Lithium’s EL26848, where around six samples delivered approximately 1% Li₂O with a maximum of 4.78% Li₂O. Also, spodumene is outcropping within EL26848.

A8G has completed the diamond drill program at the Mt Peake Project and sent selected samples for analysis at ALS Global in Perth.

Titanium potential at May Queen Project

Australasian Metals has detected primary titanium mineralisation potential from the gabbro unit at the May Queen site. During this quarter, the firm applied for a government funding to test some target.

Polymetallic epithermal veining at Mt Clermont Project

Most recently, A8G completed additional field mapping and surface rock chip sampling at its Nanya Prospect of the Mt Clermont Gold Project, Central Queensland, confirming presence of potentially large mineralised base metal porphyry system in the area. To know more about this development, read here.

Firm financial footing 

During the reported quarter, A8G got AU$218,442 as a refundable tax offset for R&D (research and development) expenses at the site during FY23. Furthermore, the company got AU$43,299 under the Resource the Territory initiative of the government of the Northern Territory.

At the end of the quarter, Australasian Metals had around AU$3.52 million of cash with no debt. 

A8G shares traded at AU$0.135 on 19 January 2024, with a market capitalisation of over AU$7 million.