Jadar jumps 18pc after grabbing land near major lithium project

Jadar Lithium will acquire exploration ground surrounding the advanced Wolfsberg project in Austria, owned by fellow battery metals hopeful European Lithium.

European Lithium (ASX:EUR) announced a resource of 11 million tonnes grading 1% lithium for the underground Wolfsberg project in July last year.

The under-explored exploration ground was “strategically placed for European manufacturers using lithium”, according to Jadar (ASX:JDR).

Jadar – which began its foray into lithium exploration in December 2017 – will acquire an 80 per cent share in the exploration licences from private company Exchange Minerals, with first right of refusal over the remaining 20 per cent.

In Austria, exploration licences comprise overlapping, 567 square metre circles.

The company held $3.4m in cash and cash equivalents at the end of June this year.