Juniors scout Pilbara lithium sites

Ragnar Metals and Jadar Resources are conducting due diligence on tenements across the Pilbara region ahead of potential moves into the WA lithium fore.  

In a statement to the ASX, Ragnar announced it had penned a binding heads of agreement to acquire WestOz Lithium, which is the applicant for five lithium tenements in the Pilbara and one tenement in the Gascoyne region.

Of the Pilbara tenements, two are situated roughly 10 kilometres south of Mineral Resources’ Wodgina mine and 35 kilometres southwest of Pilbara Minerals’ Pilgangoora operation.

Ragnar chairman Steve Formica noted these tenements were also adjacent to Global Lithium Resources' Marble Bar project, which piqued backing from a subsidiary of Chinese battery giant Contemporary Amperex Technology (CATL) earlier this month.

As consideration for the buy, Ragnar will offer 10 million shares at 3.5 cents each and 10 million options to acquire shares each exercisable at 5 cents to two vendors unrelated to the company.

Turning its eyes to Australian soils Jadar has entered an agreement to acquire four exploration licences in the East Pilbara region from private company Calatos.

The ASX-lister has interest in several lithium and precious metal projects across Peru, Serbia and Austria, and is currently in the process of evaluating the Shaw River tin-tantalum-lithium project ahead of buying an 80 per cent stake in the Pilbara asset.

Jadar will have 30 days to undertake historic exploration reviews and field work to assess the Calatos tenements before issuing 8.5 million company shares to the owner before consideration, which are trading at 4.4 cents.

The tenements sit within a 100 kilometres radius of Wodgina and Pilangoora.

Jadar executive director Adrian Paul says the company is on an aggressive acquisition pathway to expand its portfolio of “green metal” assets.

Ragnar shares are up 2.22 per cent and trading at 4.6 cents, while Jadar shares are down 4.35 per cent to trade at 4.4 cents.