The former Alycone silver mine which was taken over by Moreton Resources (Photo: Cygnet Capital)

August 6, 2020

Troubled mining company Moreton Resources – currently in liquidation – may have sold its silver holdings on the Granite Belt.

Jadar Resources Pty Ltd notified the ASX on Monday that it had entered into a “binding term sheet” to purchase Moreton’s Granite Belt portfolio for $500,000.

It is currently carrying out due diligence into its proposed purchase.

The former Texas Silver project consists of the Twin Hills Silver Mine as well as five exploration tenements, crushing and refining facilities.

Jadar plans to assess the status of the facilities as part of its due diligence process.

Potential resources in the project area include copper, silver, lead, zinc and gold.

In 2016, then Moreton managing director Jason Elks described the Texas project as an “enabler” for its proposed Kingaroy coal mine.

He said Moreton would be looking to advance the Granite Belt project in parallel with the South Burnett project “with the view that this new acquisition will act as an enabler for the Tarong Basin Coal project”.

UPDATE December 11:  Jadar Resources has pulled out of the deal to purchase Moreton Resources’ Granite Belt portfolio.  In a statement to the ASX, Jadar said it had formed the view that Moreton Resources Limited (In Liquidation) and MRV Metals Pty Ltd (In Liquidation) (Receivers Appointed) were unable to deliver unencumbered title to the Granite Belt assets and unable to complete the transaction.

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