Askari Metals (ASX:AS2) is set to broaden its exploration footprint in Africa with the acquisition of Rift Valley Metals, a private company holding five gold projects within Ethiopia’s Adola Greenstone Belt. The deal provides Askari with access to 460 square kilometers across the Sakaro, Sakaro West, Lega Dembi South, Megado, and Wayu Boda projects, located 350km south of Addis Ababa. The move gives Askari a strategic early entry into a region known for large-scale gold-copper discoveries spanning multiple countries.
The acquisition involves an initial payment of $200,000 in cash and $200,000 in Askari shares, along with deferred payments tied to exploration milestones. Askari founding director Gino D’Anna emphasized the potential for significant discoveries within the Ethiopian projects, citing the country’s favorable mining environment and the government’s focus on attracting foreign investment. Ethiopia is considered a best-in-class jurisdiction, having already attracted major investments from leading miners like Newmont, Rio Tinto, and BHP Group. Askari intends to employ a low-cost exploration strategy, commencing with remote sensing and field reconnaissance to identify high-potential drill targets. The project locations are positioned near historical gold mines and significant deposits.
