- Jadar Resources (JDR) has entered an agreement to purchase Moreton Resources’ (MRV) Granite Belt portfolio after it went into liquidation
- The portfolio includes five exploration tenements, a mining lease and in-situ crushing, screening, stacking, treatment and refining facilities
- Jader will pay $500,000 for the assets in Queensland’s Silver Spur Basin
- The sale is still subject to Jadar satisfactorily completing due diligence and final approvals being granted
- Jadar Resources shares gained 14.3 per cent to close at 3.2 cents
Jadar Resources (JDR) has entered an agreement to purchase Moreton Resources’ (MRV) Granite Belt portfolio in Southern Queensland.
In June, Moreton Resources and its subsidiaries entered voluntary administration and in July went into liquidation.
Jadar has signed a binding term sheet to acquire Moreton’s Granite Belt tenement portfolio comprising five exploration tenements, a mining lease and in-situ crushing, screening, stacking, treatment and refining facilities.
Granite Belt is located near the town of Texas in the Silver Spur Basin and was previously known as Texas Silver. It encompasses the Twin Hills Silver Mine as well as several other advanced silver and polymetallic base metal exploration targets.
Jadar Resources Chairman Luke Martino described the Granite portfolio as a strategic fit for Jadar’s business model.
“Given the economic cycle and the demand for silver and other metals, these projects have the potential to deliver enormous value to the company as we apply our expertise and funding,” Luke explained.
Under the terms of the agreement, Jadar may acquire all issued capitals in Moreton Resources subsidiary Moreton Metals or its permits and operations for $500,000 in cash.
The transaction is, however, subject to the granting of all necessary approvals and satisfactory completion of due diligence.
Jadar Resources shares gained 14.3 per cent to close at 3.2 cents.