Askari Metals (ASX:AS2) updates exploration momentum at Nejo as drilling preparations intensify

Askari Metals has delivered a comprehensive update on the progress of its Nejo Gold and Copper Project in Central Western Ethiopia, where ongoing fieldwork, extensive government engagement and preparations for a staged 20,000m drilling program are positioning the company for an intensive period of activity.

The latest disclosure reinforces the advanced nature of the district-scale asset, which spans ~1,200km2 across the Tulu-Dimtu Shear Belt within the Arabian Nubian Shield, one of East Africa’s major mineral belts.

Highlights

• Executive Director Gino D’Anna has held meetings with Federal and Regional Government officials to present the company’s exploration vision.

• Phase I drilling proposal totals 20,000m, with an initial campaign of up to 5,000m targeting near-surface high-grade gold at Guji, Komto 1 and Komto 2.

• Active exploration underway across the Guji-Gudeya and Guliso Gold Trends, covering ~19km of cumulative strike.

• Regional copper exploration progressing at the Katta target, where historic work identified high-grade shallow copper mineralisation.

• Approximately $3.2m in available cash and assets held for sale.

The Nejo Project occupies the same greenstone belt as the 3.4Moz Kurmuk Mine and surrounds the 1.7Moz Tulu Kapi Project, benefitting from significant historical drilling, trenching, geophysics and mapping.

These datasets demonstrate widespread gold and copper mineralisation across multiple priority targets, giving Askari a well-defined framework for its maiden drilling program.

Government engagement has been a central focus, with meetings held across numerous Federal and Regional bodies including the Ministry of Mines and Petroleum and the Oromia Mineral Development Authority.

These discussions centred on operational facilitation, exploration permitting and long-term collaboration, establishing a clearer administrative path for development activities.

Exploration continues to expand across two major gold corridors.

The Guliso Trend contains targets such as Soyoma, Dina, Chago and South Chago, forming a ~10km strike with limited historical follow up despite high-grade near-surface results.

The Guji-Gudeya Trend hosts the drill-ready Guji, Komto 1 and Komto 2 targets, which together form ~9km of strike parallel to the Tulu Kapi Trend.

The forthcoming drilling program will aim to validate and extend known mineralised zones while testing for additional metals including copper, antimony and silver.

Executive Director Gino D’Anna stated,

“Askari has been openly welcomed in Ethiopia as a place to do business. Ethiopia is one of the top 5 host economies of foreign direct investment in Africa, attracting US$4.1Bn in investment in 2021 and really is the gateway to Africa and the rest of the world.”

Copper prospectivity is also gaining prominence through work at the Katta target, where previous UNDP drilling identified significant shallow copper mineralisation and several outcropping gossans remain untested.

This dual commodity profile is further supported by an extensive historical geochemical survey covering more than 9,100km2, which identified 32 anomalies and confirmed 81 mineral occurrences across the region, including multiple newly discovered gold, copper and nickel occurrences.

A notable platinum anomaly at Yubdo-Ursa, extending >5km in strike, adds another potential vector for follow-up evaluation.

With drilling contractors shortlisted and permits underway for drilling, camp construction and environmental activities, the company is preparing to mobilise for its initial 5,000m program.

This work will form the foundation of a broader phased strategy encompassing more than 20,000m of drilling, infill and extension trenching, geophysics and systematic prospect assessment across the project’s substantial landholding.

Askari Metals‘ near-term focus is centred on converting extensive historical data into contemporary drill validation, structural interpretation and eventual resource definition.

As exploration activities accelerate across gold and copper systems and stakeholder support strengthens, the company is positioned to advance Nejo through a technically driven and progressive field campaign within a region undergoing increasing investment attention.