Total
0
Shares
Jadar Resources (ASX:JDR) - Non Executive Chairman, Luke Martino (left) - The Market Herald
Non Executive Chairman, Luke Martino (left)
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Jadar Resources (JDR) has secured four exploration licences within the emerging lithium-borate Vardar belt in Serbia
  • These tenements cover 261 square kilometres and are split between Jadar's existing Rekovac and Čačak projects
  • However, Jadar is planning to spin out its Serbian lithium and borate assets into a subsidiary called "Balkan Mining and Minerals"
  • The new subsidiary will aim to raise $6.5 million through an initial public offering to list on the ASX
  • Jadar will retain a 22 per cent interest in the proposed spin-out company, and ASX-lister Sandfire Resources (SFR) has agreed to an investment for a 22 per cent equity interest
  • Jadar is up 2.94 per cent with shares closing at 3.5 cents at market close

Jadar Resources (JDR) has secured four exploration licences within the emerging lithium-borate Vardar belt in Serbia.

The tenements cover a combined area of 261 square kilometres and are split between Jadar's existing Rekovac and Čačak projects.

The Ursule and Siokovac exploration licences sit adjacent to Jadar's Rekovac licence, where a drilling program identified borate and lithium mineralisation.

Ursule covers 99 square kilometres in the central part of the Grear Rekovac Basin, whereas the Siokovac licence is situated in the northern part of the same basin and covers 98 square kilometres.

The Dobrinja and Pranjani licences are part of the Čačak project area and are located in western Serbia.

Dobrinja covers roughly 38 square kilometres and the Pranjani licence covers 26 square kilometres.

As announced last month, Jadar Resources will spin-out its Rekovac lithium borate project and its exploration licences into a new subsidiary, Balkan Mining and Minerals.

Subject to shareholder approval, the new subsidiary will undertake a $6.5 million capital raising for its initial public offering (IPO) and seek to list on the ASX.

Jadar will retain a 22 per cent interest in the proposed spin-out company to maintain an interest in the lithium and borate assets.

Fellow ASX-lister Sandfire Resources (SFR) has agreed to invest $2 million to hold a 22 per cent equity interest in Balkan.

Jadar is up 2.94 per cent with shares closing at 3.5 cents at market close.

JDR by the numbers
More From The Market Herald
Mount Ridley Mines (ASX:MRD) posts June quarterly activities

" Mount Ridley Mines (ASX:MRD) posts June quarterly activities

Over the June quarter, Mount Ridley Mines (MRD) conducted a drilling program at its Weld Range West Iron Project in Western Australia.
Suvo Strategic Minerals (ASX:SUV) increases production over Q4 FY21

" Suvo Strategic Minerals (ASX:SUV) increases production over Q4 FY21

Suvo Strategic Minerals (SUV) reported an increase in production from its Pittong kaolin operations during the fourth quarter of FY21.
Golden Rim Resources (ASX:GMR) - Managing Director, Craig Mackay - The Market Herald

" Golden Rim Resources (ASX:GMR) expands Kada bedrock gold corridor

Gold Explorer Golden Rim Resources (GMR) has expanded its Kada Bedrock Gold Corridor in Guinea to 15 kilometres.
Aeris Resources (ASX:AIS) - Executive Chairman, André Labuschagne - The Market Herald

" Aeris Resources (ASX:AIS) ramps up production at Cracow and Tritton in Q4

Aeris Resources (AIS) announced increased production from both its Cracow and Tritton operations over the June quarter.