Jadar Lithium announced that it has secured four new exploration licenses in Serbia. The company noted that exploration licences are located within the lithium-borate Vardar belt.
Securing the Ursule and Siokovac exploration licences, adjacent to the its existing Rekovac license where the maiden drilling programme identified the presence of preserved borate and lithium mineralisation, the company also obtained Dobrinja and Pranjani licenses located in western Serbia.
The Ursule license covers 99 sq km and most of the central portions of the basin were mapped as middle Miocene age sediments, the Siokovac license covers the northern part of the Grear Rekovac Basin covered by a younger quaternary lake and alluvial formation which overlies middle miocene marine sediments.
The Dobrinja and Pranjani licenses cover approximately 64 sq km of outcropping Neogene age basins containing lithified lacustrine sediments mapped as early, middle and upper Miocene.
Jadar also shared its decision to spin out its Serbian lithium and borate assets into a newly incorporated subsidiary, Balkan Mining and Minerals Limited. It is intended that Balkan will undertake a $6.5 million initial public offering and seek a listing on the Australian Securities Exchange.
Jadar Lithium acquired the entire capital of Centralist Pty Ltd in 2017 which holds five Serbian lithium exploration licenses – Cer, Bukulja, Rekovac, Krajkovac, and Vranje-South – covering a total area of some 328 square kilometres.
