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Balamara Resources retains full ownership of Montenegro base metals project

Balamara Resources retains full ownership of Montenegro base metals project

Balamara Resources (ASX: BMB) will retain its 100% interest in the Monty base metals project in Montenegro after terminating its farm-out to Centurion Resources (LON: SWC ) for strategic reasons.

Under the now-terminated contract, Balama had agreed to sell a 10% interest in its subsidiary North Mining Doo, the 100%-owner of Monty, to Centurion.

It will now return the required funds to Centurion in the coming days.

Balamara is currently carrying out an infill drilling program at the Zuta Prla deposit at Monty.

Monty has a JORC Resource of 9.15 million tonnes at 3.78% zinc, 1.24% lead and 0.29% copper.

It is located in the eastern part of Montenegro near the town of Mojkovac and about 100 kilometres from the capital city of Podgorica. 

Mojkovac is linked by rail and road between Podgorica and Belgrade, Serbia.

Brskovo was a historical mining centre and is mentioned in history books describing the Balkans in the Late Medieval period. Brskovo on the banks of the Tara was first mentioned in 1253 and was Serbia’s largest silver mine in the second part of the thirteenth century.


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