Jadar gives tin a spin with NT deal

Jadar Resources has signed a term sheet to acquire the Mount Wells and Maranboy projects in the Northern Territory with an eye to filling a supply gap in a hot global tin market. The deal would see Jadar pay private mining company Outback Metals $6.5 million, as well as 20 million options, for a portfolio including a range of tin, copper, silver, gold, tungsten and iron-manganese prospects. It follows the company's move on the Khartoum tin-silver-tungsten project in the Herberton region in North Queensland. It reported last month that it was in the final stage of completion for the $165,000 Khartoum acquisition from Jervois Mining. The former Mount Wells mine - 200km south-east of Darwin - has existing infrastructure including a 20-50tph gravity concentration plant, offices and accommodation, and underground workings including an adit and railway. Jadar plans to quicky evaluate and convert the current known non-JORC compliant resources at Mount Wellsinto JORC-compliant resources to enable the tin-copper project to be brought back into production to capitalise on current commodity prices. The company said additional Mineral Resource Estimates (MRE) were completed by previous explorers at a number of deposits within the Mount Wells and Maranboy projects and that these would also be rapidly assessed for potential near-term mining opportunities. "The acquisition of the Mount Wells and Maranboy projects portfolio is another significant achievement for Jadar as we continue to build a clear strategy for our Australian group of assets and that is a focus on technology and precious metals," Jadar Resources executive director Adrian Paul said. "Having progressed Khartoum to final stages of acquisition completion, we have now secured a historically significant group of previously producing assets. "Tin prices have had an incredible run over the last 12 months with demand for electronic goods as a result of the global COVID-19 pandemic pushing prices higher. "This shortage of tin in the global market is now clearly evident and we believe we have started to collate the right projects to help fill that gap." Following execution of the Term Sheet, Jadar will have 30 days to complete due diligence, with the option toextend for an additional 30 days.

Jadar gives tin a spin with NT deal

Industry Queensland

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