Minrex starts searching for gold and silver in Serbia – Major drilling campaign begins near Bosilegrad

The Australian mining company Minrex Resources has officially launched an ambitious exploration drilling program at its flagship Tlamino project in southern Serbia, near Bosilegrad, with the aim of confirming and expanding the capacity of the shallow and high-quality Barje gold and silver deposit.

This is the first drilling campaign at the site after a seven-year hiatus, which comes at a time of historic macroeconomic momentum for precious metals, as the price of gold on the global market has tripled compared to the 2018 average and reached a level of as much as 4,500 dollars per ounce.

The launched drilling program, which covers a total of 7,000 meters and is fully financed from the company’s own funds, has been entrusted to regional contractor Drillex International, whose teams have already been mobilized in the field. Work has begun with infill drilling in the northeastern part of the deposit, where earlier exploration has already recorded shallow, high-grade mineralization, and the first laboratory results and chemical analyses of samples are expected during the quarter ending in September.

The main strategic objective of this operation is to transform the existing resources from the lower, historical category of inferred to the higher category of indicated resources, which will serve as the basis for the preparation of a new Scoping Study and updated mineral resource estimate by the end of this year.

The current historical estimate of the Barje deposit, prepared according to the Canadian standard NI 43-101, is 7.1 million tons of ore with an average content of 2.5 grams of gold and 38 grams of silver per ton, which makes a total of 570,000 ounces of gold and 8.8 million ounces of silver, or about 670,000 ounces of gold equivalent. Minrex plans to fully align this data with the rigorous Australian JORC 2012 standard to accurately define the economics and justification for future mine development.

In addition to densifying the well network within the known boundaries, the company will also conduct so-called “step-out” drilling to the east and west to test potential extensions of the ore zone. A particularly interesting target will be the southern Barje-Liska corridor, where more than a kilometer of prospective structures that have never been tested before extend, and where geologists reasonably suspect the existence of fault repeats of high-grade mineralization.

This ambitious plan directly builds on the exceptional historical results achieved seven years ago by the previous owners of the project, Medgold Resources Corp and its Canadian subsidiary Electrum Discovery Corp, which Minrex fully acquired in April of this year.

Previous drilling has yielded consistent and exceptionally rich intercepts at shallow depths, notably the 30-meter-wide BAR006 hole grading 5.45 grams of gold and 11 grams of silver per ton (within which a nine-meter intercept was recorded with as much as 14.17 grams of gold per ton), as well as the 38.2-meter-wide BAR010 hole grading 158 grams of silver and almost four grams of gold per ton.

The high potential for continuity was also confirmed by shallower holes that encountered mineralization at depths of just two meters from the surface, such as the 34.7-metre-long BAR002 hole and BAR003, which at 26.1 meters long showed an impressive 219 grams of silver per ton, including a narrower intercept with as much as 754 grams of silver per ton.
No less significant were the results of the BAR001 and BAR004 wells, which consistently recorded intersections over 20 to 30 meters with gold contents of about 2 grams per ton and high accompanying silver values.

Minrex CEO Max Piirto emphasized in an official address to the Perth Stock Exchange that the start of drilling at the Barje location was a watershed moment for the company, emphasizing that this shallow and high-quality deposit was exactly the type of first-class asset whose development the company wanted to aggressively push in order to maximize value for its shareholders in the environment of record gold prices.

Let us remind that the merger of Minrex Resources and Electrum Discovery Corp in April 2026 formed a new entity that combines the financial stability of the Australian partner and promising gold projects (Tlamino, Bor) in Serbia. With this “merger of equals,” Minrex took over Electrum, providing financing for exploration at the Barje location, with continuity of management and retention of local geological knowledge in the new board of directors.

B. P.

Electrum Discovery d.o.o. Beograd

Drillex International d.o.o. Bor

Medgold istraživanja doo Beograd

Minrex Resources

Electrum Discovery Corp

Drillex International

Medgold Resources Corp

Tlamino

gold

silver

ore explorations

Barje

Liska