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Jadar Resources (ASX:JDR) - Executive Chairman, Luke Martino
Executive Chairman, Luke Martino
Source: Jadar Resources
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  • Jadar Resources (JDR) has entered an agreement to acquire four exploration licences in WA’s Pilbara region
  • The licences lie within 100 kilometres of three major lithium projects and are within the same distance from JDR’s Shaw River project which it’s earning an 80 per cent stake in
  • Executive Director Adrian Paul says the acquisition aligns with its goal of supplying the lithium battery industry will continue growing in the wake of the electric vehicle boom
  • Jadar is purchasing the licences from a private company, Calatos, for 8.5 million shares and it has 30 days to complete due diligence work
  • Jadar Resources’ shares are down 4.35 per cent to trade at 4.4 cents

Jadar Resources (JDR) has expanded its lithium footprint in Western Australia’s Pilbara region.

The company entered an agreement to acquire four new tenements which are placed within 100 kilometres of three major lithium projects, including the Wodgina lithium and Pilgangoora lithium mines, which are two of the largest hard rock lithium deposits in the world.

JDR’s new licences also brings it within 100 kilometres of its own Shaw River lithium project which it’s currently conducting due diligence on to acquire an 80 per cent interest.

Jadar will purchase the exploration licences from a private company called Calatos for 8.5 million shares.

Jadar Resources Executive Director Adrian Paul said acquisition aligns with its goal of supplying the lithium battery industry which will continue growing in the wake of the electric vehicle boom.

“Jadar is on an aggressive acquisition pathway and seeking to build a world class portfolio of critical green metals which will assist in fuelling the battery technology and electronics sectors,” he said.

“The team is busy exploring for new opportunities and doing the work required on the ground to ensure that each acquisition is continually adding value to the wider portfolio and the company.”

Jadar has a 30-day due diligence period to review historical data and “conduct field reconnaissance work to evaluate the project’s prospectivity.”

Jadar Resources’ shares were down 4.35 per cent and traded at 4.4 cents at 12:47 pm AEDT.

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