- MetalsTech (MTC) signs a binding option agreement to acquire Tlamino Mining for $2.9 million
- Tlamino Mining owns the Tlamino gold project, which consists of two exploration licences that have previously returned high grades of gold and silver
- MetalsTech says acquiring the Serbian project will complement its development strategy at its Sturec gold mine and expand its position in Serbia’s Western Tethys region
- If and when the acquisition is complete, MTC will conduct resource expansion target generation and infill drilling
- Company shares end the day 2.99 per cent in the green to close at 34.5 cents
MetalsTech (MTC) has signed a binding option agreement to acquire Tlamino Mining for $2.9 million.
Vancouver-based gold explorer Medgold Resources owns the issued capital of MGold International which, in turn, owns all of the issued capital of Tlamino Mining.
MTC paid a $100,000 fee for MGold to grant it an exclusive option to acquire Tlamino Mining.
Tlamino Mining owns a 100 per cent interest in the Tlamino gold project in Serbia which has an NI 43-101 inferred resource of 7.1 million tonnes at 2.5 grams of gold per tonne (g/t) and 38g/t silver for 570,000 ounces of gold and 8.6 million ounces of silver.
The project is located in the far southeast area of Serbia and primarily consists of two contiguous exploration licences which cover a total area of 192 square kilometres.
Over the last few years of exploration at Tlamino, it has returned positive results and grades including 5.6g/t gold and 105.2g/t silver.
The Tlamino Project also boasts high-quality infrastructure with easy site access and readily available power which already supplies the nearby Podvirovi mine.
Chairman Russell Moran commented on the acquisition.
“The Tlamino project provides an excellent opportunity for MetalsTech to expand on its owned gold ounces and exposure to exploration upside in the Western Tethys region which is growing in reputation for hosting world class deposits and already dominated by tier one miners,” he said.
Essentially, MetalsTech believes the acquisition will complement its underground/open cut development strategy at its Sturec gold mine and expand its position in the Western Tethys region.
If the acquisition proceeds, subject to due diligence and other conditions, MTC will conduct initial exploration activities such as resource expansion target generation and infill drilling.
Company shares ended the day 2.99 per cent in the green to close at 34.5 cents.