Highlights

• Australasian Metals has executed a Tenement Sale Agreement with Marquee Resources (ASX:MQR) for the sale of the Fairview Gold Project, WA.
• As per the agreed terms, Marquee will issue 6.5 million MQR shares as well as 6 million options as consideration for the project.
• A8G has got the AAPA certificate for Mt Peake diamond drilling program along with the approval of the Mining Management Plan
• Under the Northern Territory’s Geophysics and Drilling Collaborations Program, the company secured AU$95,185 grant funding for the maiden drilling program.

Australasian Metals Limited (ASX: A8G), via its subsidiary Pure Mining Pty Ltd, has inked a Tenement Sale Agreement with Marquee Resources Limited (ASX:MQR) to sell its 100% interest in the Fairview Gold Project (EL E08/3248).

As per the agreed terms, Marquee will issue 6.5 million MQR shares as well as 6 million options as consideration for the project. With the sale of Fairview, A8G will be able to centre its efforts on its lithium, gold and bauxite/titanium projects in the Northern Territory and Queensland.

Progress to Mt Peake diamond drilling

In the latest announcement, the company also revealed that it has received the certificate from the Aboriginal Area Protection Authority (AAPA) for Mt Peake diamond drilling program. The company has also received approval of the Mining Management Plan. This means that the company secured all permits to conduct the very first diamond drilling program for lithium mineralisation in this under-explored region.

Also, as part of the Northern Territory’s Geophysics and Drilling Collaborations Program, the company has been granted AU$95,185 for the maiden drilling program at Mt Peake Lithium Project. The funds would be directed towards the maiden diamond drilling program at the project that is likely to commence during September 2023 quarter. With the granted funds, A8G will be able to design an expanded drilling campaign, if needed, for its highly prospective lithium project in the Northern Arunta province.

What’s in pipeline?

The company is now drill ready and is looking forward to mobilise to the project site at Mt Peake soon after any improvement is seen in the ground conditions. Alongside, many companies have shown interest in A8G’s lithium portfolio. Discussions are still underway. A8G shares traded at AU$ 0.180 on 17 July 2023.