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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
The world’s fund managers are getting very bullish – be careful out there
Stockmarkets

The world’s fund managers are getting very bullish – be careful out there

The latest survey of fund managers shows them to be extremely bullish on all the same things. And that, says John Stepek, means the market is in dange…
21 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021