SERBIA

Our portfolio in Serbia

OVERVIEW

  •   European Union (EU) candidate since March 2012
  •   Mining and geological exploration law approved December 2015
  •   Mining history dating back to the Middle Ages.
  •   Source of base and precious metals since Roman times
  •   Transparent and fast process for company registration
  •   Highly skilled and affordable labour
  •   Corporate tax rate of 15%

TIMOK PROJECTS AVAILABLE FOR OPTIONING

Savinac and Bacevica

LOCATION Savinac is 15 km southwest of the producing Zijin Bor mining complex. Bacevica  is directly south of the Savinac license

STATUS Available for option

EXPLORATION TARGETS

  • Freeport sole funded US$3.2 million for these projects
  • Porphyry and Epithermal exploration model
  • Five targets have been identified for drill testing: Tilva Rosh, Markov Kamen, Prekostenski, Orlovo and D-Vein

NEXT MILESTONE To farm-out

Zeleznik

LOCATION Directly north of the Majdanpek mine at the north end of the Timok district 

STATUS Available for option

EXPLORATION TARGETS

  • Porphyry exploration model
  • Exploration to date discovered to mineralized systems at the south end of the license: West Zone – porphyry Cu & Au system; East Zone: massive sulphides in intrusion
  • New copper and gold targets at the north end of the license require drill testing

NEXT MILESTONE To farm-out

JOGMEC-MUNDORO PROJECT

Borsko

LOCATION In the central portion of the Timok Magmatic Complex, Borsko is directly adjacent and to the west of the producing Zijin Bor mining complex

STATUS Joint Venture with JOGMEC: JOGMEC 51%, Mundoro 49%

EXPLORATION TARGETS

  • JOGMEC funded to-date US$5.8 mln
  • Target is high-sulphidation and porphyry mineralization

NEXT MILESTONE Develop drill program to test the deeper potential and establish new funding

VALE-MUNDORO PROJECTS

LOCATION Southwest of the producing Zijin Bor mining complex

STATUS Optioned to Vale

EXPLORATION TARGETS

  • Exploration to date has been limited         
  • Porphyry and Epithermal exploration model
  • Skorusa – porphyry system has Cu & Au mineralization in three phases of porphyry identified in drilling
  • The other target areas have been outlined using geochemical, geophysical and structural data and remain to be drill tested

NEXT MILESTONE Exploration is planned for the 2nd half of 2020