Ethiopia Gold Play: Askari Metals acquires Nejo Gold Project

Askari Metals Ltd (ASX:AS2) earlier this week announced the acquisition of the Nejo Gold Project in central-western Ethiopia, expanding its footprint in Africa. Executive director Gino D'Anna sat down with Proactive to discuss the project which lies within the Arabian-Nubian Shield — a geological belt associated with significant gold and copper mineralisation — and spans more than 1,200 square kilometres.

Highlights

Askari Metals has acquired the Nejo Gold Project in Ethiopia.
The project lies within the Arabian-Nubian Shield and spans 1,200 sq km.
Historical exploration includes drilling, trenching and sampling.
Nejo is located near Tulu Kapi (1.7M oz Au) and Kurmuk (3.4M oz Au).
Askari is targeting a maiden Mineral Resource Estimate (MRE).
One historical result at DNA target: 7.1m @ 30g/t gold with visible gold.
Askari is establishing a local presence with staff already in-country.
Next steps include digitising historical data, trenching and drilling.
The company expects a strong flow of updates as work progresses.

Nearology that matters

The Nejo Gold Project surrounds the 1.70 million ounce Tulu Kapi mine and lies along the Tulu-Diemt’u Shear Belt. D'Anna highlighted that this belt also hosts the 3.40 million ounce Kurmuk mine. He said the location “represents a district-scale exploration opportunity” in a region that remains underexplored.

D’Anna noted that historical exploration had identified ten priority targets at Nejo, including the DNA target, where previous drilling returned 7.1 metres at 30 grams per tonne gold with visible gold present in the core. “That’s the sort of numbers our shareholders can start to look forward to,” he said.

Current focus

Askari is focusing on digitising and compiling historical data collected through past exploration. It expects that process alone will generate substantial news flow. Beyond that, the next steps will involve confirmatory trenching, sampling, systematic drilling, and progressing toward a maiden Mineral Resource Estimate.

D'Anna highlighted that it is establishing an operational base within Ethiopia, with key personnel such as a general manager, exploration geologist, community officer and government relations officer already on board. This in-country presence is essential for working closely with local communities and meeting regulatory expectations.

He stated that the government’s mining-friendly policies and openness to foreign investment made Ethiopia an attractive jurisdiction.

Askari expects to provide further updates as exploration advances and D’Anna confirmed he plans to visit Ethiopia in mid-August to oversee on-ground preparations.

Source: https://www.proactiveinvestors.co.uk/