en.Wedoany.com Reported - Following a merger of equals, Minrex Resources (ASX: MRR) is moving to demonstrate the value of its newly acquired assets in Serbia to the market. In April this year, the company completed a merger with Toronto-listed Electrum Discovery Corp, forming a mining developer focused on Serbian operations, currently holding approximately A$8 million in cash with no debt.
The new company not only acquired prospective assets including the advanced Tlamino gold project but also assembled an experienced management team. In April, Max Piirto, former Vice President at global engineering and construction firm Wood and Business Development Manager at Primero Group, was appointed CEO. In June, London-based investment banker Robert Edwards joined as Non-Executive Chairman; he also serves as Lead Independent Director at New York-listed nickel developer Lifezone Metals and Australian copper company Sandfire Resources. Recently, the company appointed Serbian Exploration Manager Milorad Antić and General Counsel Marko Ćurić. Antić previously served as Exploration Manager at Serbian explorer Strickland Metals, while Ćurić worked at Adriatic Metals until its acquisition by Dundee Precious Metals last year.
"We currently have the best team in the Balkans," Piirto told Stockhead. He noted that Antić worked on Tlamino early in his career and completed his doctoral thesis on the project. "That's not an exaggeration—we couldn't find a better fit."
Located in southern Serbia, the Tlamino project hosts a non-JORC resource of 670,000 ounces of gold equivalent at 2.9 g/t, corresponding to 7.1 million tonnes of ore grading 2.5 g/t gold and 38 g/t silver, containing 570,000 ounces of gold and 8.8 million ounces of silver. The flagship Barje deposit features two main gold and base metal mineralized zones controlled by a hydrothermal breccia approximately 20 meters thick. Historical drilling results from this breccia include: 30 meters at 5.45 g/t gold from 74 meters depth, including 9 meters at 14.17 g/t; and 38.2 meters at 3.98 g/t gold from 19.8 meters depth, including 6.85 meters at 13.49 g/t. A low-grade mineralized halo overlies the breccia, with historical results including: 30.8 meters at 2.06 g/t gold from 2.4 meters depth; and 34.6 meters at 3.1 g/t gold from 2 meters depth.
Infill diamond drilling at the Barje deposit is underway, the first program since 2018, with 12 of 40 planned holes completed as of June 30. The first batch of samples has been sent to ALS's laboratory in Serbia, with initial results expected within the next four weeks. MinRex aims to release a JORC-compliant resource by October, with Piirto anticipating at least a 20% uplift from metal price factors alone. This will be followed by approximately 4,000 meters of infill and greenfield drilling. Additionally, at Karamanica, 5 kilometers west of Barje, a 3 km by 3 km gold-silver-copper soil anomaly exists, with historical rock chip assays returning up to 11.1 g/t gold, 745 g/t silver, and 5.74% copper.
The company also holds the Timok East copper-gold project, adjacent to Zijin Mining's Bor copper mine complex in Serbia. Timok East previously attracted interest from BHP, and Electrum was selected for the miner's Xplor exploration acceleration program. Piirto considers Timok East to have excellent exploration potential but cautions that it is a porphyry deposit with high costs, requiring careful evaluation by the company.
The Tlamino project underwent a Preliminary Economic Assessment (PEA) in 2021, using metal prices of US$1,500/oz for gold and US$16.50/oz for silver. With gold prices now approximately three times higher, the company plans to conduct a new scoping study based on this PEA, expected to commence in September and be released in January next year. Recently, the company appointed Ausenco to design, manage, and interpret a metallurgical test work program based on historical work, while also initiating environmental studies and permit applications. "Tlamino will undoubtedly become a mine," Piirto stated, adding that allocating capital to the project and advancing the scoping study and updated economic indicators was an easy decision.
