[COPPER/GOLD]

Timok Project

Timok Project

Giant Regional Deposits
+30Mt Copper | +30Mozs Gold

The Timok Project is located in eastern Serbia, at the northern end of the Timok Magmatic Complex (TMC), a +50km long magmatic belt that hosts globally significant precious and base metal deposits.

The TMC hosts significant mineral deposits adjacent to the Timok Project licence boundaries including the giant Majdanpek porphyry copper-gold deposit (1.6km east), the Coka Marin gold-silver-copper epithermal deposit (600m east), the Korkan / Bigar Hill replacement style gold deposits (5km south) and the Coka Rakita gold-silver skarn (10km south).

Tenure

The Timok Project is comprised of two exploration licences (Brodica and Kupinova Glava) and one exploration licence application (Brodica West), all held 100% by the Company.

The Company also has acquisition rights in relation to one granted exploration licence under renewal (Majdanpek West) and one exploration licence application (Majdanpek Pojas) under the Majdanpek Sale and Purchase Agreement.

Majdanpek West Targets
Copper-Gold Deposits

The Majdanpek West targets comprise a range of copper and gold targets within the Majdanpek West and Majdanpek Pojas exploration licences:

  • Within Timok Magmatic Complex (TMC) lithologies (in the southeast corner of the licences) targets include blind porphyry and epithermal copper-gold mineralisation
  • On the western margin of the TMC (central licence area) targets include disseminated, epithermal and skarn-type gold deposits (eg:  Bigar Hill, Korkan and Coka Rakita deposits to the south of the Project area).
  • Across the balance of the Majdanpek licence area targets include vein and intrusive hosted gold-silver-base metal deposits including the potential southern strike extension to regional structures that host the St Barbara and Grabova Reka gold deposits.

Majdanpek West Targets
Gold, Silver, Tungsten, Lead and Zinc

The Brodica gold targets encompasses the historic Brodica Goldfield, a 4km long north-south trending corridor that includes historical gold-silver-tungsten mines and workings.

Mine production records are incomplete but indicate high grade gold-silver production from the mining of the vein-hosted mineralisation at multiple sites including from Brodica, Cubera and Kraku Albina.

Brodica Region – Historic Gold Mining

Mining of alluvial gold deposits is first recorded in the Timok area during Roman times, with ore processed at the nearby fortified Kraku lu Jordan smelter that operated from the late 3rd century to the early 5th century AD.

Modern-era mining within the Project area commenced in 1903 with the dredging of alluvial gold deposits in the Pek River and associated tributaries. Mining of primary deposits commenced in 1935 and continued sporadically up to early 1960’s. Production was initially focused on high grade gold-silver mineralisation but after 1949 the focus shifted to tungsten with subordinate gold production. During this period the Brodica, Cubera and Kraku Albina underground mines were developed within the project area with more than 40 excavations and three shafts recorded at the Brodica site alone.

Brodica Gold Targets
Soil Sample Results up to 3,035ppb Au (3.04g/t Au)

Reconnaissance exploration across the Brodica target area by the Company has recorded multiple zones of +50ppb gold-in-soil anomalism (Bandera, Kulmea Albina, Brodica and Cubera North) with assay results up to 3,035ppb Au (3.04g/t Au).

Bonanza Grade Grab and Rock Chip Samples

Initial ground follow-up of the Brodica area soil anomalies by the Company has recorded high grade gold, silver, zinc and lead rock chip and grab samples across multiple sites with assay results up to 109g/t Au, 550g/t Ag, 1.28% Cu, 14.7% Pb and 7.7% Zn.