Jadar Lithium Ltd. said Sept. 16 that it agreed to acquire the Yanamina gold project in Peru by acquiring project holder Minera Wealth Peru SAC from Wealth Minerals Ltd.
The company will pay US$100,000 cash, a 1.0% net smelter royalty and US$8 million in production-linked milestone payments, as well as additional NSRs of 3.0%.
The Yanamina project hosts an outcropping epithermal derived inferred and indicated gold resource of over 200,000 ounces of gold with additional significant exploration potential, the company noted.
Nonexecutive Chairman Luke Martino said the project will provide shareholders with a balanced diversification from Jadar's advanced Vranje-South and Rekovac lithium projects in Serbia and its lithium projects in Austria.
Meanwhile, the company has selected its first zone for follow up works on the Vranje-South project, with drilling estimated to start in late October.
The drilling program will test the previously identified geochemical, gravity and magnetic anomalies and scope the geology of the basin to understand the potential for mineralization.
