Eye on Lithium: These two stocks are chasing the lithium dream with acquisitions underway

Askari Metals acquires project, Global Lithium buys rest of Manna for $60m
C29 signs option agreement to acquire 80pc of two exploration licences in Argentina’s Salta Province
St George kicks off an RC program across lithium targets at Mt Alexander

All your lithium news, Tuesday October 25.

Askari Metals (ASX:AS2) has inked a deal with Namibia-based LeRox Exploration Services to acquire 90pc of the Uis Lithium-Tantalum-Tin Project, where rock chip samples returned up to 3.1% Li20 in July.

More than 80 pegmatites have been mapped across the project area. Many have been mined historically for tin and semi-precious stone but AS2 says “an abundance” of altered spodumene is visible both within the workings and the mined rock around the workings.

The deal is subject to shareholder approval with a general meeting planned for late December 2022/ early January 2023.

“To acquire a project within 2.5km from an operating mine sharing the same geology and mineralised pegmatites is remarkable,” executive director Gino D’Anna says.

“This project not only boasts exceptional lithium mineralisation but is located less than 230km from the deep-water port of Walvis Bay.

“These are the projects that make companies.”

AS2 is planning a reverse circulation (RC) campaign of up to 10,000m starting with a first phase of 3,000m almost immediately.

Meanwhile, Global Lithium (ASX:GL1) has nabbed the remaining interest in the Manna Lithium Project from Breaker Resources (ASX:BRB) for $60m cash.

GL1 acquired an interest in Manna back in 2021 and has since delivered a maiden mineral resource of 9.9Mt at 1.14% Li2O.

It is currently undertaking an extensive exploration program comprising over 24,000m of RC and diamond drilling.

“The acquisition of the underlying tenements provides Global Lithium with a clearer development pathway as we look to conclude these development focused studies in late 2023,” GL1 chair Warrick Hazeldine says.

Here’s how ASX lithium stocks are tracking:

CODE	COMPANY	PRICE	% TODAY	% MONTH	% WEEK	MARKET CAP
IPT	Impact Minerals	0.007	17%	0%	0%	$14,888,223
VMC	Venus Metals Cor Ltd	0.14	17%	-15%	0%	$19,209,442
ASN	Anson Resources Ltd	0.345	15%	-3%	23%	$352,435,171
CY5	Cygnus Gold Limited	0.52	12%	148%	13%	$71,342,771
DRE	Dreadnought Resources Ltd	0.1225	11%	2%	23%	$334,678,691
RAS	Ragusa Minerals Ltd	0.305	9%	-22%	11%	$36,683,536
SYA	Sayona Mining Ltd	0.255	9%	9%	19%	$1,952,968,223
PGD	Peregrine Gold	0.63	7%	7%	8%	$22,845,718
RDT	Red Dirt Metals Ltd	0.57	7%	-5%	5%	$177,617,765
BNR	Bulletin Res Ltd	0.1325	6%	2%	6%	$36,573,888
LTR	Liontown Resources	1.985	6%	26%	16%	$4,129,298,458
JRL	Jindalee Resources	2.36	5%	0%	3%	$128,528,884
CXO	Core Lithium	1.47	5%	7%	21%	$2,568,328,981
IMI	Infinitymining	0.23	5%	10%	5%	$13,886,125
AS2	Askarimetalslimited	0.49	4%	51%	34%	$21,375,187
MNS	Magnis Energy Tech	0.39	4%	-5%	15%	$363,874,306
ARN	Aldoro Resources	0.27	4%	23%	10%	$25,892,702
ALY	Alchemy Resource Ltd	0.027	4%	35%	8%	$30,499,983
SRI	Sipa Resources Ltd	0.055	4%	17%	25%	$10,866,315
TMB	Tambourahmetals	0.14	4%	-13%	0%	$5,561,001
AZI	Altamin Limited	0.088	4%	9%	10%	$33,295,924
KAI	Kairos Minerals Ltd	0.03	3%	-19%	7%	$56,958,711
QPM	Queensland Pacific	0.17	3%	17%	-3%	$285,493,958
LLL	Leolithiumlimited	0.6125	3%	-11%	8%	$587,060,863
LPD	Lepidico Ltd	0.0205	3%	-14%	8%	$131,644,325
AZL	Arizona Lithium Ltd	0.083	2%	0%	11%	$195,203,970
RGL	Riversgold	0.044	2%	10%	-2%	$33,380,945
OCN	Oceanalithiumlimited	0.46	2%	-17%	-2%	$15,086,250
TYX	Tyranna Res Ltd	0.047	2%	-10%	15%	$110,603,565
LPI	Lithium Pwr Int Ltd	0.61	2%	7%	15%	$234,720,676
NVA	Nova Minerals Ltd	0.685	1%	-8%	-2%	$123,971,361
EMH	European Metals Hldg	0.755	1%	-8%	3%	$89,168,817
LEL	Lithenergy	1.21	1%	31%	8%	$71,879,250
WES	Wesfarmers Limited	44.51	1%	3%	0%	$50,093,061,892
AKE	Allkem Limited	15.02	1%	1%	4%	$9,513,858,643
ADV	Ardiden Ltd	0.007	0%	-13%	-7%	$18,678,347
AGY	Argosy Minerals Ltd	0.565	0%	-1%	15%	$786,968,448
1MC	Morella Corporation	0.022	0%	-12%	5%	$127,634,227
AVZ	AVZ Minerals Ltd	0.78	0%	0%	0%	$2,752,409,203
ESS	Essential Metals Ltd	0.59	0%	31%	22%	$146,533,982
EUR	European Lithium Ltd	0.09	0%	13%	14%	$126,021,526
LIT	Lithium Australia	0.05	0%	-12%	-7%	$61,059,084
PSC	Prospect Res Ltd	0.105	0%	33%	9%	$48,537,244
RLC	Reedy Lagoon Corp.	0.013	0%	-13%	0%	$7,246,550
TKL	Traka Resources	0.006	0%	-14%	-14%	$4,132,647
TON	Triton Min Ltd	0.025	0%	19%	9%	$34,569,604
GL1	Globallith	2.61	0%	8%	6%	$414,202,448
BMM	Balkanminingandmin	0.275	0%	-18%	6%	$11,827,958
AAJ	Aruma Resources Ltd	0.073	0%	20%	9%	$11,458,190
AM7	Arcadia Minerals	0.315	0%	5%	11%	$14,709,836
BYH	Bryah Resources Ltd	0.025	0%	-7%	9%	$6,981,337
EMS	Eastern Metals	0.125	0%	-14%	-11%	$4,832,031
GSM	Golden State Mining	0.036	0%	-22%	-5%	$4,212,511
TSC	Twenty Seven Co. Ltd	0.002	0%	-20%	0%	$10,643,256
WML	Woomera Mining Ltd	0.013	0%	-18%	-6%	$10,178,830
WR1	Winsome Resources	0.385	0%	20%	13%	$52,018,888
KZR	Kalamazoo Resources	0.185	0%	-8%	0%	$27,531,584
MTM	Mtmongerresources	0.115	0%	-15%	-4%	$4,313,654
SCN	Scorpion Minerals	0.077	0%	0%	13%	$25,695,377
ENT	Enterprise Metals	0.009	0%	-25%	-10%	$5,876,826
AVW	Avira Resources Ltd	0.003	0%	-25%	-14%	$6,401,370
A8G	Australasian Metals	0.245	0%	-17%	-11%	$10,086,771
EFE	Eastern Resources	0.038	0%	31%	-12%	$42,552,057
AOA	Ausmon Resorces	0.007	0%	-13%	0%	$6,001,025
VKA	Viking Mines Ltd	0.008	0%	-6%	0%	$8,202,067
G88	Golden Mile Res Ltd	0.026	0%	-21%	0%	$5,319,334
EPM	Eclipse Metals	0.02	0%	-9%	-5%	$40,485,137
EVR	Ev Resources Ltd	0.026	0%	-4%	0%	$24,075,586
THR	Thor Mining PLC	0.009	0%	-10%	13%	$9,916,186
XTC	Xantippe Res Ltd	0.008	0%	0%	-11%	$65,161,839
MMG	Monger Gold Ltd	0.48	0%	3%	8%	$19,219,200
WMC	Wiluna Mining Corp	0.205	0%	0%	0%	$74,238,031
KTA	Krakatoa Resources	0.062	0%	0%	3%	$21,372,015
LNR	Lanthanein Resources	0.036	0%	-16%	-8%	$34,661,721
DAL	Dalaroometalsltd	0.13	0%	4%	-4%	$3,883,750
TKM	Trek Metals Ltd	0.06	0%	-9%	0%	$18,636,609
CMD	Cassius Mining Ltd	0.028	0%	-10%	-20%	$11,304,745
IGO	IGO Limited	15.975	-1%	9%	6%	$12,184,439,111
PLS	Pilbara Min Ltd	5.34	-1%	10%	11%	$16,071,888,581
PNN	Power Minerals Ltd	0.475	-1%	-12%	7%	$34,635,376
VUL	Vulcan Energy	6.765	-1%	-10%	8%	$981,846,812
GLN	Galan Lithium Ltd	1.47	-1%	11%	24%	$453,809,123
AOU	Auroch Minerals Ltd	0.059	-2%	-17%	-3%	$22,266,708
RIO	Rio Tinto Limited	91	-2%	-2%	-3%	$34,370,909,254
ZNC	Zenith Minerals Ltd	0.285	-2%	-3%	-10%	$99,981,061
IR1	Irismetals	1.75	-2%	0%	7%	$111,973,050
CHR	Charger Metals	0.475	-2%	-9%	1%	$21,148,927
MRR	Minrex Resources Ltd	0.043	-2%	-12%	-17%	$47,661,501
LKE	Lake Resources	1.055	-2%	7%	5%	$1,501,414,606
LIS	Lisenergylimited	0.42	-2%	-22%	-14%	$71,343,100
FRS	Forrestaniaresources	0.205	-2%	11%	11%	$10,588,162
MLS	Metals Australia	0.04	-2%	-11%	-7%	$24,888,484
MM1	Midasmineralsltd	0.195	-3%	-3%	3%	$11,426,353
A11	Atlantic Lithium	0.585	-3%	1%	-6%	$363,444,996
ZEO	Zeotech Limited	0.037	-3%	-23%	-5%	$61,352,248
GT1	Greentechnology	0.88	-3%	14%	13%	$172,618,246
CAI	Calidus Resources	0.34	-3%	-36%	-3%	$153,223,597
NMT	Neometals Ltd	1.125	-3%	-6%	7%	$640,721,949
WC8	Wildcat Resources	0.031	-3%	-9%	-6%	$20,856,727
MIN	Mineral Resources.	73.69	-3%	9%	7%	$14,438,485,224
PLL	Piedmont Lithium Inc	0.915	-3%	4%	16%	$498,554,406
STM	Sunstone Metals Ltd	0.029	-3%	-28%	-9%	$77,893,393
CZL	Cons Zinc Ltd	0.027	-4%	23%	-4%	$12,961,801
PAM	Pan Asia Metals	0.38	-4%	-12%	4%	$58,007,958
RAG	Ragnar Metals Ltd	0.023	-4%	-39%	-18%	$9,100,437
INF	Infinity Lithium	0.22	-4%	22%	5%	$95,840,947
FG1	Flynngold	0.105	-5%	-13%	0%	$7,046,716
LRS	Latin Resources Ltd	0.105	-5%	0%	7%	$216,930,262
MQR	Marquee Resource Ltd	0.063	-5%	2%	17%	$20,962,760
MXR	Maximus Resources	0.041	-5%	-21%	-9%	$13,712,948
AUN	Aurumin	0.081	-5%	-30%	-2%	$10,651,107
KGD	Kula Gold Limited	0.039	-5%	34%	8%	$13,784,689
WCN	White Cliff Min Ltd	0.019	-5%	-10%	6%	$14,952,067
GW1	Greenwing Resources	0.33	-6%	35%	-8%	$44,171,912
DAF	Discovery Alaska Ltd	0.033	-6%	-59%	-8%	$7,848,214
DTM	Dart Mining NL	0.078	-6%	-7%	-9%	$12,886,593
TEM	Tempest Minerals	0.029	-6%	-19%	-6%	$15,647,751
LRV	Larvottoresources	0.195	-7%	3%	-9%	$8,721,825
AML	Aeon Metals Ltd.	0.025	-7%	-11%	-9%	$29,522,631
SRZ	Stellar Resources	0.012	-8%	-14%	-8%	$13,060,202
MMC	Mitremining	0.175	-8%	-3%	0%	$5,146,169
FTL	Firetail Resources	0.17	-8%	-29%	-15%	$11,429,763
INR	Ioneer Ltd	0.5375	-8%	-16%	1%	$1,227,408,434
QXR	Qx Resources Limited	0.063	-9%	103%	-6%	$60,848,500
CRR	Critical Resources	0.061	-9%	-22%	2%	$99,842,573
AX8	Accelerate Resources	0.03	-9%	-21%	-12%	$8,925,144
M2R	Miramar	0.095	-10%	-10%	-4%	$7,421,583
LRD	Lordresourceslimited	0.325	-11%	11%	12%	$12,148,887
SHH	Shree Minerals Ltd	0.008	-11%	-11%	7%	$11,146,382
NWM	Norwest Minerals	0.029	-12%	-34%	4%	$7,329,544
TUL	Tulla Resources	0.3775	-16%	-16%	-16%	$72,097,592
RMX	Red Mount Min Ltd	0.005	-17%	-17%	0%	$9,854,183
LSR	Lodestar Minerals	0.005	-17%	-29%	0%	$10,430,624

35 lithium stocks finished in the green, 42 fell flat and 56 tumbled into the red zone.

Who else has got news out?

C29 METALS (ASX:C29)

C29 has signed an option agreement to acquire 80pc of two exploration licences – Pocitos 7 and 9, within Argentina’s Salta Province, part of the South American lithium triangle.

The lithium triangle is estimated to contain 75pc of the world’s lithium supply.

C29 says it is advanced in its due diligence processes including collating and reviewing historical exploration data, however, previous exploration has included the surveying of four TEM-VES (Transient Electromagnetic Vertical Electrical Sounding) profiles across the two exploration licences.

These were successful in identifying a significant low-resistivity zone at depth which is interpreted as being a large aquifer hosting the target lithium-charged brines

Looking ahead, the company intends to drill test these geophysical targets in the short-term before commencing a program of lithium extraction process testing.

ST GEORGE MINING (ASX:SGQ)

A reverse circulation (RC) drilling program of high-priority lithium targets has kicked off with the campaign designed to test below lithium-bearing outcrops at the Mt Alexander Project.

Prospective pegmatites have been mapped at surface up to 20m thick with the targets including pegmatites where laboratory assays from surface rock chip samples returned values of up to 2.72% Li2O.

In addition to the RC drill program, a diamond rig is scheduled to arrive at site in the first week of November to test targets prospective for nickel before following up lithium bearing pegmatites confirmed by RC drilling.

PIEDMONT LITHIUM (ASX:PLL)

Piedmont’s partner, Atlantic Lithium (ASX:A11) has completed infill and exploration drilling at the Ewoyaa Project in Ghana which is set to be a primary source of spodumene concentrate for Piedmont’s Tennessee Lithium Project.

PLL president and CEO Keith Phillips says the results continue to be very impressive with high lithium grades over broad widths and near surface.

“We are working closely with our partners Atlantic Lithium to publish a definitive feasibility study for Ewoyaa in the first half of 2023.

“These final results are expected to lead to an extended mine life and even stronger economics,” he says.

MORELLA CORPORATION (ASX:1MC)

A direct lithium extraction study at the Fish Lake Valley Lithium Project in Nevada, USA has confirmed a highly efficient lithium concentrating process after concentrations increased more than 600pc in a two hour processing cycle.

Extraction efficiency rates reached up 95pc with results supporting the next phase of a pilot-scale development.

A drill program is set to begin in late Q4, 2023 to provide brine samples at depth at Fish Lake.

EASTERN METALS (ASX:EMS)

An initial scouting program designed to identify areas with granite or pegmatite outcrop has wrapped up at the Barrow Creek area.

Traverses at 500m line spacing were undertaken over selected areas within the project site and while no pegmatite outcrops were observed, several areas were identified as exhibiting the characteristics geology associated within the Barrow Creek Pegmatite Field (BCPF).