Jadar: Khartoum Tin-Silver-Tungsten Project Reaches Final Stage of Completion & Application for Additional Exploration Permits
Highlights
- Jadar has moved into the final stage of completion of the Khartoum Tin-Silver-Tungsten Project in North Queensland Australia.
- All tenement transfers have been lodged and completion is expected to occur within 4 weeks.
- Reduction in cash consideration of the Khartoum Project from $300,000 to $165,000.
- Over 24 highly prospective targets identified from rock chip sampling at Khartoum.
- Targets also contain a large number of old Sn, Ag-Pb-Zn, Cu, Au and W mines and mineral occurrences within tenement area.
- Following completion of the acquisition Jadar will commence trenching and drill planning to test targets identified.
- Application made for an additional exploration tenement at Khartoum – EPM27892
- Previously completed mapping study and surface sampling has identified 6 highly prospective zones within EPM27892 which will be the focus of future exploration activity.
- Kitchener group of mines identified with historic shallow significant intersections of: 1
- 15m at 0.52% Sn from 18m and 12m at 1.0% Sn from 44m – Hole WYM01
- 22m at 0.65% from 10m – Hole WYM05
- 11m at 0.62% Sn from 19m – Hole WYM06
- Multiple high priority drill targets identified with 1 target drilled. Targets identified through review of historical drilling with all 6 historical holes intersecting mineralisation. Best intercepts of 104m at 0.21% Sn from 12m and 34m at 0.26% Sn from 99m.2
- 360 rock chip samples returned multiple high grade rock chip and historic mine mullock sample assays, which include peaks of 874g/t Ag, 15.25% W, 5.47% Sn and 3.39g/t Au. 2
09 July 2021 - Jadar Resources Limited (ASX:JDR) (“Jadar”, the “Company”) is pleased to announce that the Company is now in the final stage of completion for the Khartoum Tin-Silver-Tungsten project in North Queensland Australia. All tenement transfers have been lodged and completion is expected within 4 weeks. Once the tenements have been transferred successfully Jadar will make the revised cash consideration payment of $165,000 to Jervois Mining Limited (Jervois).
Both parties have agreed to reduce the Sale and Purchase Agreement cash consideration payable from $300,000 down to $165,000. The reduction in cash consideration is due to outstanding liabilities which have been caused by the tenements not meeting expenditure commitments in previous years and outstanding Native Title payments, these outstanding liabilities have delayed completion of the acquisition.
Jadar will take on this liability to expedite completion of the transaction and enable the Jadar team to quickly resolve the outstanding issues and move forward with its Australian tin strategy with the corresponding liability offsetting the cash consideration payable to Jervois.
Jadar has also applied for an additional exploration tenement in the Khartoum area. Applications have been lodged for EPM27892 and Jadar is awaiting assessment and granting. Information relating to this exploration tenement application can be seen below. EPM27892 will form a part of the Khartoum Tenement Portfolio being acquired from Jervois. Details of Khartoum Tenement Portfolio tenements are contained in the Company’s ASX announcements dated 9 February 2021 and 30 March 2021.
1 ASX Announcement 30 March 2021 – Due Diligence Completed and Moving Towards Settlement of Khartoum Tin-Silver-Tungsten Project
2 ASX Announcement 9 February 2021 – Acquisition of Khartoum Tin-Silver-Tungsten Project in North Queensland Australia
Please follow the link to view entire original news in English language:
ENDS
For further information, please contact:
Luke Martino
Non-Executive Chairman
Tel: +61 8 6489 0600
Adrian Paul
Executive Director
Tel: +61 8 6489 0600
This ASX announcement was authorised for release by the Board of Jadar Resources Limited.
Compliance Statement
This announcement contains information relating to the Khartoum Project extracted from ASX market announcements dated 9 February 2021 and 30 March 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.
Forward Looking Statement
Forward Looking Statements Statements regarding Jadar´s plans with respect to its mineral properties and programs are forward-looking statements. There can be nо assurance that Jadar’s plans for development of its mineral properties will proceed as currently еxpected. Therе can also be no assurance that Jadar will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Jadar’s mineral properties. The performancе of Jadar may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
