Granting of Mt Peake Lithium Project Exploration Licence, NT

Australasian Metals Limited ( ASX: A8G, Australasian or the Company) is pleased to advise that the Company has received confirmation that Exploration License (EL) 32830, representing the Mt Peake Lithium Project in the prospective Northern Arunta pegmatite province, Northern Territory, has been successfully granted by the Northern Territory Mines Department.

• Exploration Licence (EL 32830), located in the central part of the Arunta Pegmatite province, has been successfully granted for an initial period of 6 years
• Preliminary results from the soil geochemical sampling program have identified northwest striking trends of anomalous Li, Rb, Cs, Nb and Ta, consistent with our regional geological interpretation and DGPR geophysics work
• Follow up work including infill soil sampling and field checking to commence shortly
• Further soil geochemical lines are planned to extend this program approximately 2km to the south-east

The Company has also completed a soil geochemical sampling program focussed on the northwest corner of EL32830, with six sample lines, 400m apart. Sampling was completed at 100m and 50m along lines (Figure 1). The size of the program is such that clear anomalous values can be established over a relative background. The transects were designed to cover sub-cropping or shallowly buried pegmatite dykes or swarms of pegmatites outcropping along the northwest striking into Core Lithium Ltd’s (ASX:CXO) tenement to the northwest.

A8G Managing Director Dr Qingtao Zeng commented:

“The granting of the Mt Peake exploration license allows us to be more aggressive with our on-ground exploration. The soil sampling program successfully identified the northwest striking structures which are consistent with the DGPR interpretation. This gives us added confidence in our exploration strategy in identifying potentially mineralised pegmatites, and helps to firm up our future drilling targets”.

About the Soil Geochemistry Survey

The soil samples were submitted to ALS in Perth for analysis by the ionic leach method. This method is a “partial digest” technique that uses very dilute chemical solutions to only extract weakly bound ions from the sample for analysis. Many case studies have shown that partial digests tend to give better discrimination of soil geochemical anomalies over background values. However, the weak nature of the chemical solutions used means that the absolute values of metals returned in the analysis are much lower than those returned from more aggressive digestion techniques such as aqua regia and four acid digests. It is the background-to-anomaly ratio that is the critical factor to consider.

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