Australasian Metals Limited announced that the Company has identified high-grade tantalum plus tin mineralisation at the Barrow Creek lithium Project in the prospective Northern Arunta pegmatite province, Northern Territory. Our ongoing field work at Barrow Creek project (EL28515) has identified high-grade tantalum mineralisation that is also associated with highly anomalous values of lithium and caesium. The highest grade was 1018ppm Ta in sample BC10124 which was taken from a highly weathered, almost ground level outcrop of what appears in hand specimen to be almost pure mica.

This mica outcrop intermittently shows over a strike length of approximately 40m and was sampled four times with the other three samples, BC10171, BC10172 and BC10173 returning Ta values of 169ppm, 150ppm and 554ppm showing very consistent mineralisation. Due to the high degree of weathering in this area there is no other outcropping rock for several hundred meters of radius around this area, apart from weathering resistant, buckey white quartz veins that are scattered throughout. These quartz veins are likely to be associated with the emplacement of pegmatites.

Due to this dearth of outcropping rock, the Company has completed a close spaced MMI soil sampling geochemistry program centred on the tantalum occurrence. The results of this soil sampling program are still pending and will determine our next stage of exploration in this area. Continued field work at EL29724 is also showing promising trends with grades of 0.26% Li2O and 0.16% Li2O from rock chip sampling.

While these results do not represent mineable grades, they are very promising when seen in the context that the overall lithium grades of pegmatites in the central area of this lease are all highly anomalous.