Canadian company discovers large reserves of gold and silver in southern Serbia

The Canadian exploration company Medgold Resources has found strong indicators of the presence of large reserves of precious metals in southern Serbia, on the borders with Bulgaria and Macedonia, Novosti reports.

As the daily writes, this company found a 40-m layer which contains 8.32 grams of gold per ton and the nearly incredible 193 grams of silver per ton as part of the Tlamino exploration project.

Furthermore, Medgold Resources has signed an agreement on a joint investment with another Canadian company, Fortuna Silver, which owns San Jose Mine in Mexico and Caylloma Mine in Peru, Novosti adds.

As the daily explains, under this agreement, Fortuna Silver, which is also developing the project of the opening of the Lindero gold mine in Argentina, would oblige to invest USD 8 million in further explorations.

Of this amount, USD 2 million should be spent in 2019, according to the plan.

Also, under the agreement, Fortuna could acquire a 70% stake in the Tlamino project in exchange for the financing of geological explorations in southern Serbia.

According to Novosti, the explorations are being carried out on around 200 square kilometers in Serbia.

Medgold istraživanja doo Beograd

Medgold Resources Canada

Fortuna Silver Canada

Tlamino Project

silver and gold site in southern Serbia

San Jose Mine Mexico

Lindero Mine Argentina