Askari Metals (ASX: AS2) has completed the acquisition of the Nejo gold and copper project in western Ethiopia, securing a district-scale position across one of the most prospective greenstone belts on the Arabian–Nubian Shield.
Askari finalised the purchase of Hong Kong Xingxu Mining International Investment Company to gain full ownership of the Nejo landholding, completing the equity and cash components required under the agreement.
Following a recent $1.6 million entitlement offer and the sale of its Australian assets, the company is well-funded to advance its exploration programs across Ethiopia.
Advanced Brownfield Opportunity
Nejo covers 1,174-square kilometres surrounding the 1.7-million-ounce Tulu Kapi deposit, and lies along strike from the 3.4Moz Kurmuk deposit—both of which lie on the same greenstone belt.
Askari considers the project an advanced brownfields opportunity with extensive historical work including drilling and trenching that supports the presence of multiple high-priority gold and copper targets providing a clear pathway toward establishing a maiden JORC resource.
Askari noted that mineralised extensions of Tulu Kapi continue into the project area, supported by extensive historical datasets that provide clear targets for follow-up work.
Executive director Mr Gino D’Anna described the transaction as “an inflection point for Askari Metals,” noting that the company is in an excellent position to accelerate its broader exploration and development activities across Africa.
Systematic Gold Exploration
Askari has commenced systematic fieldwork across the Guji-Gudeya and Guliso trends, which together extend more than 18km and contain several high-priority gold prospects.
The company is conducting soil and rock sampling, geological mapping and trenching to refine the geological model and prepare for drilling at Guji, Komto 1 and Komto 2 once field conditions improve.
At the same time, Askari is advancing work at the Katta copper target in the north-west, where historical drilling intersected strong copper grades and where additional untested gossans indicate further potential.
Askari continues to compile and reinterpret historic geophysical datasets ahead of deploying airborne and ground surveys designed to clarify the structural controls across the project.
These surveys will guide the company’s drill design and help connect mineralised zones across the broader licence area, providing a clearer pathway toward defining a maiden JORC resource.
