Australia's Oar Resources hits 5-week high on lithium project acquisition

Core Energy Minerals

03/11/2022 01:12

** Shares of metals explorer Oar Resources  OAR.AX  rise as
much as 20% to A$0.006, highest level since Sept 29
    ** Co signs Binding Option Term Sheet for acquisition of a
lithium project near Wiluna in Western Australia  urn:newsml:reuters.com:*:nASXbBxMhk
    ** Says project is targeting pegmatite hosted lithium
mineralisation, with initial indications pointing to existence
of Lithium-Caesium-tantalum (LCT) pegmatites
    ** Adds acquisition will be settled by issuing fully paid
OAR ordinary share
    ** More than 23.4 mln shares change hands, compared with the
30-day average volume of about 2.6 mln shares 
    ** Stock has fallen 50% this year as of last close 
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))