JADAR RESOURCES LIMI

JDR
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Jadar Resources Limited Announces That the Company Is Now in the Final Stage of Completion for the Khartoum Tin-Silver-Tungsten Project in North Queensland Australia

07/08/2021 | 07:39pm
Jadar Resources Limited announced 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 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. The proposed new tenement (the tenement) is located in the Herberton ­ Irvinebank ­ Mt Garnet region. Prospectivity mapping that has included alteration patterns associated with mineralisation has confirmed the significance of the geology contained within the tenement. The Herberton region contains a suite of rocks ranging from Paleoproterzoic gneiss to Tertiary cover. The rocks of primary interest are the numerous highly fractured I-type mid-late Carboniferous granitoids of the O'Briens Creek Supersuite and late Carboniferous Boonmoo Volcanic Subgroup felsic volcanics which dominate the tenement package and have intruded, or overlie, the extensive Devonian Hodgkinson Formation, a series of interbedded sedimentary units consisting primarily of arenite and mudstone with lesser chert, conglomerate, basalt and limestone. The Herberton area is a major tin-tungsten bearing district and contains numerous historic workings for tin, tungsten, copper, zinc, molybdenum, antimony, lead, silver and gold. In granite-related tin deposits the metals are commonly focused along the apical portions of the granite and metal bearing fluids may breach into the wall rocks resulting in vein systems and breccias with significant alteration footprints. Other mineral systems may be present in the area and include intrusion related gold (IRG), W-Mo-Bi and Cu-dominant systems. Prospects within the tenement area show mineral association typical with IRG systems, although more work is required to further evaluate the potential for IRG systems in the Khartoum tenement package area. Tin, zinc, tungsten, copper, lead, silver, and antimony are the high priority target minerals in the tenement application area. Prospectivity mapping was previously completed by Kenex in 2013. The modelling incorporated lithologies, mineralisation chemistry, mineralisation styles, structural settings, and other various parameters. This prospectivity modelling covers the entire tenement application area. Area A; This area is adjacent to a large intrusive structure to the West where a caldera is present. There is several historic silver occurrences and workings in the target area which have not had any follow up. There is also tin mineralisation in the area. Mapping and field work will be completed in preparation for selection of appropriate geophysics to be completed in preparation for drilling. Area B: This area forms part of the Mount Luxton gold and silver workings, the workings are approximately 44km west-south-west of Herberton, 22km north-west of Mount Garnet. Gold was first discovered at Mount Luxton around 1896. The historic mine shaft is situated on a ridge to the east of Mount Luxton. The filter looks for features with a radius between a base radius and two times that radius. It will not locate features that are significantly larger or smaller than the range used. The radial symmetry filter has been applied as follows: RTP VIAS magnetic data at two different base radii: 1km highs and 4km highs, RTP magnetic data: 4km highs. Area D: This area hosts multiple high grade rock chip and mullock samples already collected in 2006. No follow up field work or drilling has been completed to date with multiple target sites identified. Mapping and field work will be completed in preparation for selection of appropriate geophysics to be completed in preparation for drilling. Area E: This area hosts multiple historic tungsten and copper mineral occurrences and workings. Mapping and field work will be completed in preparation for selection of appropriate geophysics to be completed in preparation for drilling. Area F: This area hosts multiple historic tungsten and copper mineral occurrences and workings. Mapping and field work will be completed in preparation for selection of appropriate geophysics to be completed in preparation for drilling.
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