- 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.