Centurion Resources' shares rise on strategic partnership

AIM-listed resource exploration and development company Centurion Resources has established a strategic partnership with Balamara Resources to support the continued development of its Balkan interests.

AIM-listed resource exploration and development company Centurion Resources has established a strategic partnership with Balamara Resources to support the continued development of its Balkan interests.

The partnership includes the acquisition of a 10% equity position in North Mining, a wholly-owned subsidiary of Balamara, which operates the previously producing Monty project.

The acquisition comprises a £375,000 staged-payment investment, with proceeds to be spent on the exploration activities at Monty.

The transaction is in line with the company's strategy of building a portfolio of resource projects in Europe.

Monty encompasses the main Brskovo deposit and several adjacent satellite deposits, Zuta Prla and Visnjica. The Brskovo target has a JORC-compliant Indicated and Inferred resource of 2.5m tonnes at 3.84% zinc, 3.17% lead, 0.31% copper including an initial JORC Inferred silver resource of 880,000oz at 16.5 grammes per tonne.

Alastair Clayton, Chief Executive Officer of Centurion, said: "Through this partnership with Balamara we have gained exposure to an exciting polymetallic project that already has established and growing JORC Resource."

"Centurion views this transaction as delivering several benefits; a published JORC Resource including nearly two million ounces of high-grade silver, huge exploration upside potential and importantly a foothold in a truly underexplored mining destination in a stable EU candidate nation."

Centurion's share price was up 12.50% to 0.68p at 09:03 on Thursday.

MF

Recommended

Share tips of the week – 28 January
Share tips

Share tips of the week – 28 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
28 Jan 2022
Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Amazon halts plans to ban UK Visa credit card payments
Personal finance

Amazon halts plans to ban UK Visa credit card payments

Amazon has said that it is to shelve its proposed ban on UK customers making payments with Visa credit cards.
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022