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

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