The two companies hold the EL23/2011 and EL44/2011 tenements in Tasmania that are prospective for base metals.
This is in line with the company's strategy of increasing its metal resources portfolio.
ASF's tenement base is distributed across Western Australia, Queensland, Victoria and Tasmania.
ASF had in January 2013 sold three of its wholly-owned subsidiaries - including Austin and ASF Copper - to Profit Achieve. These held four tenements in Queensland and Tasmania.
Other Resource Assets
The company has built up a significant resource portfolio including a 42.75% interest in ActivEX (ASX: AIV), which has a portfolio of exploration projects focused on copper and gold across Queensland and one advanced potash project in Western Australia.
It has also in January 2014 acquire a 19.9% stake in Key Petroleum (ASX: KEY), which adds to its Canning Basin oil and gas presence that it already has through a 20.5% interest in Rey Resources (ASX:REY).
This followed on ASF acquiring control of a coking coal portfolio of 27 Exploration Permits in Queensland in October last year.
Of note, the ASF share price has risen 84% since early January as investors "twig" to the upside to the stock.
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