PEAK ASSET: MORNING WRAP 8 May: ASX 200 futures are pointing down 152 points or 1.7 per cent to 8746 | ASX to fall as oil jumps on fresh US-Iran clash | MinRex launches exploration push in Serbia’s copper-gold hotspot |

MinRex launches exploration push in Serbia’s copper-gold hotspot​​​​​​​

• MinRex ramping up exploration in Serbia after merging with Electrum Discovery
• Advancing two projects, including Tlamino with a 670,000oz non-JORC gold resource
• Resource growth and discovery drilling at Tlamino to start this month

MinRex Resources (ASX:MRR) expanded into one of Europe’s hottest mining regions following its recent merger with Canadian group Electrum Discovery.

The tie-up saw the company secure two Serbian assets, including the Tlamino gold project which hosts a non-JORC 670,000oz gold equivalent resource.

It also acquired the Timok East project, which is considered prospective for porphyry-epithermal copper-gold and sits adjacent to the Bor mining complex hosting more than 10Moz of gold and 6.4Mt of copper.

Serbia is a proven mining jurisdiction, with copper production spanning more than 7000 years.

Its geology is headlined by the Tethyan Belt, one of the world’s most significant metallogenic systems that stretches from Europe into Southeast Asia.

This geological structure hosts a swathe of significant gold, copper and polymetallic systems, including large copper-gold deposits in Serbia.

The newly merged MinRex is targeting resource growth and new discoveries through an upcoming drill blitz at Tlamino, whilst looking to unlock the district scale potential at Timok East.

The Serbian perspective

In recent times Serbia has emerged as one of Europe’s key mining destinations, attracting majors including BHP (ASX:BHP), Rio Tinto (ASX:RIO), Chinese giant Zijin Mining and Canada’s DPM Metals (ASX:DPM) .

Amongst the country’s assets is Zijin’s Cukaru Peki operation, which hosts an estimated 22.6Mt of copper and 17.1Moz of gold. Zijin also controls the nearby Majdanpek and Bor operations, which combine for nearly 20Moz of gold and more than 12Mt of copper.

All up, Zijin has invested more than US$3.75 billion in the region since entering Serbia in 2018.

The country has also become increasingly attractive to ASX-listed explorers.

Strickland Metals (ASX:STK) has defined an 8.6Moz gold equivalent resource at its Rogozna project, with Zijin later taking a 5.5% stake in the company. Bindi Metals (ASX:BIM)  and Middle Island Resources (ASX:MDI) have also recently entered the nation.

Meanwhile, DPM Metals is advancing its 1.6Moz Coka Rakita gold project towards development.

MinRex CEO Max Piirto told Stockhead that Serbia’s appeal stemmed from its geological potential, a history of under-exploration and limited past foreign investment.

“Serbia has become increasingly bankable and investable off the back of some of the success that either Dundee has had, Zijin has had, and then more recently our contemporaries with the likes of Strickland and Middle Island,” he said.

In essence, recent project advancements and corporate transactions appear to showcase the region’s ability to transform discoveries into large-scale and long-life mining operations.

MinRex aims to capitalise on this momentum by advancing Tlamino and Timok East.

To read more, click here

Source: Stockhead