Jadar Completed The Acquisition of 80% Of Austrian Lithium Exploration Assets From Exchange Minerals

JDR

Jadar Lithium Limited (ASX: JDR) has announced the completion of the acquisition of 80% of Austrian Exploration Licences from Exchange Minerals Limited, with a first right of refusal over the rest of 20% (Acquisition). Jadar has established an 80% owned Austrian subsidiary (Jadar Lithium GmbH), which holds the Austrian Exploration Licences.

The Austrian Lithium Exploration Licences are based in Carinthia, approximately 270 km South of Vienna in Austria and 20 km East toward Wolfsberg. The Forestry and a pulp and paper mill functions adjacent to it. It comprises of the 2 exploration areas containing 99 exploration licenses which in combination extends an entire location range of 46.5 km (valid up to 31 December 2020). It is strategically located for European producers who use lithium. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

The potential for lithium and other pegmatite present minerals are expected from the Austrian Lithium Licences. European Lithium Limited (ASX: EUR) subterranean Wolfsberg project (published on 3 July 2017) presents a JORC entire resource of 10.98MT @ 1.00% LI2O, along 37 exploration permits coinciding those of EUR, which is enveloped by the Austrian Exploration Licences.

As consideration for the acquisition, JDR will issue 389,530,536 securities and 75,250,000 options for the current issued capital and 90,909,091 securities and 25,000,000 options for the securities issued pursuant to the Acquisition. The options are exercisable at AU$0.03 per Option on or before the expiry date of 31 July 2020.The shareholders had approved the issue of the securities at the Company’s Annual General Meeting held on 23 November 2018.

According to the terms of the Acquisition, Mr. Steven Delldis is selected to the Board of JDR. With a substantial knowledge in handling various listed organizations and by helping in the acquisitions of significant assets boosting company profiles, Mr. Delldis has a wide range of practice from the beginning to the conclusion of project management. At present, he is handling an array of commerce throughout the different businesses.

On 31 January 2019, JDR published its Quarter activities report, ending 31 December 2018. The Company provided a technical update regarding the results of the phase 2 sampling on the Vranje-South project in Serbia. The results of the phase two soil sampling program, in conjunction with the results from phase one, defined several areas with elevated lithium and boron values. There is generally positive correlation between the two elements in several zones, mainly the central and eastern portion of the license area. The lithium values peak at 220ppm, with several samples grading above 150ppm. Firstly, these values cluster in clear trends. The Boron values peak at 826ppm, while several samples cluster and define targets zones with B values above 300ppm. Secondly, the two elements appear to define a similar trend and anomalous value distribution.

Let us quickly look at JDR’s stock performance, and the stock has generated a negative return of 40.00% during the past 6 months. The shares of JDR are currently trading closed the day’s session at A$0.009 on 4 February 2019). JDR has 389.53 million shares outstanding with a market capitalization of circa $3.51 million. The 52-week high and low of the company are 0.031 and 0.009 respectively.


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