ASX-listed Askari Metals has completed technical due diligence on the Nejo gold and copper project, in Ethiopia, a key condition precedent for settlement of the acquisition, subject to shareholder approval.

The company has finalised a regional exploration programme at the Guji-Gudeya and Guliso gold trends, including design of soil and rock sampling and geological mapping ahead of maiden drilling campaign.

The company is initially targeting high-grade shallow gold mineralisation where previous surface trenching and drilling intersected high-grade gold mineralisation.

An airborne geophysical campaign is set to be completed to support an expanded exploration strategy, including infill and extension trenching across the gold targets on the southern licence and field exploration campaigns at the high-grade copper targets at Katta in the north-west.

The Nejo project provides district-scale tenure and a Tier-1 location, with 1 174 km² of the advanced brownfield project on the Arabian-Nubian Shield, indicated to be a globally significant, underexplored gold/copper belt.

Nejo surrounds the 1.7-million-ounce Tulu Kapi mine and lies on the same greenstone belt as the 3.4-million-ounce Kurmuk mine.

Askari says there is a compelling pathway to a potential maiden resource. The large-scale landholding, multiple high-grade targets and low geological risk support a fast-tracked strategy towards delineating a potential Joint Ore Reserves Committee-compliant resource, the company points out.

It also highlights that Ethiopia offers a pro-mining jurisdiction built on a modern legal framework, which is attractive for foreign investors, and hosts several large, commercial-scale gold projects under development.

“We are pleased that the technical due diligence has been successfully concluded at our Nejo project. This satisfies a key condition precedent and paves the way for settlement, which remains subject to shareholder approval.

“Our on-site due diligence was focused on the drill-ready targets of Guji, Komto 1 and Komto 2 validating and verifying historical drilling and trenching along the highly prospective Guji-Gudeya gold trend,” executive director Gino D’Anna explains.

“This due diligence underpinned our belief that, with modern exploration, the full potential and value of these areas can be unlocked. We are exploring in the land of giants, sharing the same geology as those nearby multimillion-ounce commercial scale gold deposits and this is what really excites us,” he highlights.

“We’ve spent considerable time building a strong African-focused exploration team which gives us the ability to seize opportunities without delay. For Askari, the acquisition of the Nejo project presents more than an opportunity to expand our African exploration focus, but establishes a foundation for the company to make a significant discovery and build a Tier-1 gold portfolio in Ethiopia.

“We are leading the charge of exploration in this region, establishing Askari as a name synonymous with gold and copper exploration and development in Ethiopia,” D’Anna comments.