Serbia, Discovered gold worth several billion dollars

Serbia has serious mineral deposits, and even without counting the new gold deposit near Zagubica, they are estimated at nearly 200 billion dollars.

“All exploration companies, after confirming the reserves, report this data to the institute, and it has a real idea of what is available in this field,” says the director of the Geological Institute of Serbia, Dragoman Rabrenovic.

He said that they are waiting for the results of the latest surveys in the area of the town of Zhagubitsa, but according to the preliminary results, there are two or three objects there. “At a rough estimate, we’re talking about $3 to $4 billion just for the gold,” says Rabrenovic. He recalled that at that time the mining fee was 5%.

“In a rough calculation, when it comes to gold mining in Bor, the annual fee should be 200 million dollars, 40% of it goes to the local government, 60% to the state,” explained the expert, quoted by Serbian media.

According to the Serbian authorities, the concentration of pure gold in the vein is 93%, and its reserves are significant. Zagubica is located in Eastern Serbia, about 95 km from the border with Bulgaria at Vraska cuka.

The new gold deposits were discovered within the Timok project by the Canadian-based company Dundee Precious Metals, which is developing gold deposits in Bulgaria.

Regarding the environmental implications of gold mining, Rabrenovic said that geological exploration is generally safe, while mining and exploitation depends on the type of mineral resource, but added that “over 90% of this process is safe”.

The Canadian gold mining company “Dundee Precious Metals” announced that it improved its production results in one of its mines in Bulgaria at the beginning of 2023. By a little more than 1%, the commercial enterprise increased production in Celopec.

2022 was “challenging”, but the company says that they do not consider a significant effect of the energy crisis and the war in Ukraine.

Despite the more modest production of gold in the other mine – “Ada Tepe”, the forecasts for 2023 are “encouraging”. According to chief executive David Rae, last year was strong thanks to “solid gold production”.

The strongest 2022 year for Ada Tepe was the last quarter of last year with nearly 28,100 ounces of gold produced, or about 1/3 of annual gold production. The company expects conditions this year to be favorable and gold production levels to be higher at this mine as well.

According to calculations, this year’s output from the mine in Krumovgrad is 29% less on an annual basis. In total, it has produced 94,000 ounces of gold for 2022 – at the high end of annual production guidance.

In October-December 2022, the Chelopech mine produced nearly 45,300 ounces of gold and 7.4 million pounds of copper. And for all of 2022, the amount is about 179,100 gold and 30.8 million pounds of copper, European Times writes.

Serbia, Larger deposits of gold were discovered

A few years ago, two tons of gold came out of the smelter in this small town per season, but with the discovery of the Čukari Peku deposit and the opening of a new mine, things have changed significantly. Recently, another rich deposit was discovered near Žagubica, so it is not impossible for Serbia to surpass Bulgaria, with 5.6 tons of annual production of the European leader in the production of precious metal.

Serbia has no greater individual wealth than the Bor complex. The two most important resources available to the country in the hilly Balkans are of a general type, people and agricultural land. Admittedly, perhaps some of the lithium deposits will be more expensive in the future, but it remains to be seen what will become of the environmentally controversial exploitation and processing of this light metal. For now, the Bor copper deposit, in which gold, silver, selenium and platinum metals are also exploited as by-products, is our biggest single value.

It is therefore understandable that the public is interested in all the news in the Bor Basin, and of course, in the discovery of a new site at the location of Čoka Potaj, close to the nearby Žagubica. Previous research has confirmed that there are more than 80 tons of gold in this deposit, and the extraction efficiency would be as high as 93 percent. Like other deposits of gold-bearing reserves in Serbia, this is also part of a potential copper mine, the most abundant mineral raw material in the area.

In 80 locations

It is less known that Serbia is actually made of gold deposits. So far, more than 80 locations with reserves of “yellow metal” have been found, by far the most in the vicinity of Bor. In all cases, the metal, together with silver, platinum, palladium, is the content of the copper deposit. For now, there are no mines in Serbia whose primary raw material is gold, as there are in South Africa, Nevada, Uzbekistan, Ghana, Peru or Russia. The geology in our region is different, there are actually no “pure” gold mines even in Europe.

Most of the deposits are in eastern Serbia, but there are quite a few in the south and in the western part of the republic. However, it is rarely profitable to exploit. For now, these are only sites in eastern Serbia, primarily in the belt from Majdanpek to Bor, where exploitation began in 1903. Currently, Ziđin Cooper, the Serbian subsidiary of the Chinese Ziđin, has continued to extract gold from four inherited mines by purchasing the former RTB Bor. Found balance reserves are 153 tons of gold, which guarantees a long exploitation. Currently, along with around 73,000 tons of copper, two are being extracted, and the goal is to reach three tons of the yellow metal.

European leader

On the basis of long-term geological research by Yugoslav scientists, ten years ago a Canadian company found, and later sold the rights to Ziđin, the Čukari Peku deposit, which has extremely high potential. Only in the upper layer, for which the Chinese producer, through another local subsidiary, Zijin Mining, acquired exploitation rights, there are 1.25 million tons of copper and 81 tons of gold.

A hidden gem

Apart from eastern Serbia, gold is still extracted only in the Lesce mine in the southeast, primarily a deposit of lead and copper. It is estimated that there are about 12 tons of gold in western Serbia, the exploitation of which could be profitable in the event that the price of gold is in an even stronger upward trend for a long time.

However, the greatest potential is in the lower layer of the Čukari Peku site, where the estimated reserves are 345 kilograms of gold. It is interesting that there are 27 tons of “yellow metal” in the deposits of rivers and streams in this region, primarily in Pec. Former geological fortifications of around 300 tons of balance reserves have now increased to at least 600 tons. Real wealth for a small and relatively poor community.

The income is not only in five percent of the mineral rent. There is also the development of mines and processing capacities, the introduction and familiarization of the most modern technologies, the production of decorative objects, the scope of technologies in which copper is the main input, such as the production of cables and the production of ammunition. It is estimated that five times more workers are employed in the accompanying activities than in the mine itself. Along with such an economic complex goes the development of the transport network, both road, even more railway and port. After all, RTB Bor developed and is the biggest user of the port in Kladovo or the Zaječar-Niš railway.

An air of hope

Each mine, especially if, as in the case of Bor, it also develops certain stages of processing, is a very strong company. Thus, in 2020, Ziđin Cooper earned 698 million dollars, of which 441.3 million came from the sale of 70,600 tons of copper.

Ten million was earned by exporting 15.4 tons of silver, while seven million were cashed out by the Swiss buying 11 kilograms of platinum and 100 kilograms of palladium. By selling 2,054 kilograms of gold to the National Bank of Serbia, Ziđin Kuper earned close to 116 million dollars.

When it is known and has a wider approach to work, the mine is a colossal economic resource, a development engine of the local community. That is why the news of a new finder of copper and gold is the most pleasant thing that has happened to the inhabitants of Serbia in recent times, especially to those from the eastern regions, for whom the Bor company is by far the biggest support.

The plan is to extract three tons of gold and 50,000 tons of copper annually, which would satisfy the capacity of the Bor smelter.

Bosnia and Herzegovina, Discovered a gold deposit near Srebrenica

Silver-zinc and lead ore were found at the Čumavići site, at a depth of 50 meters.

The general director of the company “Drina resurs” from Srebrenica, Aleksandar Mišković, said at the presentation of the results of geological research carried out in the area of ​​this municipality – that gold was discovered at a depth of 80 meters at the Brežani site, reports the Radio-television of Republika Srpska.

Terra Balcanica adds prospective gold exploration license to its Serbian portfolio

Terra Balcanica Resources Corp. (“Terra” or the “Company”) is pleased to announce the granting of the Ceovishte exploration licence by the Serbian Ministry of Energy and Mines. The new licence held by the Company’s 100% owned subsidiary Tera Balkanika doo covers 80.36 km2of highly prospective land for gold and copper exploration in the historic Raska mining district of southern Serbia.


Commenting on the acquisition of the new licence area, Dr. Aleksandar Mišković, the President and CEO of Terra Balcanica Resources Corp.stated: “We are delighted to have been granted a sizable new licence areain Serbia. Acquisition of such prospective ground is core to our strategy of building a regional, multi-jurisdictional portfolio in the Western Balkans. By bringing Ceovishte into our portfolio we expanded our Serbian footprint by 160% to 130 km2 in addition to 216 km2 held in Bosnia-Herzegovina at our high-grade, polymetallic Viogor-Zanik project. We are excited by the geological potential of Raska where we have now gained exposure to both gold and copper with Ceovishte. The new licence is found in the vicinity of Adriatic’s Kiževak and Sastavci Pb-Zn minestogether with its Cu-focused exploration property at Suva Ruda-Rudnicaand north of numerous historic lead-zinc-silver mines in the north of theSerbian province of Kosovo. Significantly, the most prospective area for high grade gold located in the northwesterly quadrant of Ceovishte isconcealed by a thin overburden and has not seen any historical drill testing. This provides us with a unique exploration upside to search beneath a shallow cover resulting in quick drill target definitions. Our field crew has been dispatched to the locality to conduct sampling for soil geochemistry and we will provide updates on the field work very shortly.

Geological Setting of the New License

Ceovishte sits on the southern slopes of the Golija Mountain, a part of the Kopaonik metallogenic zone. This area features the Kiževak and Sastavci Pb-Zn-Ag mines including the Karadak deposit, all owned by Adriatic Metals plc. The historical Yugoslav GKZ, non-NI 43-101 compliant resource estimates for Kiževak is 3.9 Mt of ore grading 3.92% Zn, 2.15% Pb and 31 g/t Ag in the A+B+C1 categories ( while at Sastavci, there is 1.6 Mt of ore grading 4.55% Zn, 2.8% Pb, 30 g/t Ag and 0.5 g/t Au also divided in the Yugoslav A+B+C1+C2 categories ( The Raska mining district also holds the Rudnica Cu-Au porphyry district and is a northerly extension of the partially exploited world class Trepča Pb-Zn-Ag skarn deposit of Kosovo, the northern Serbian autonomous province as seen in Figure 1. Trepča features a non-NI 43-101 compliant, Yugoslav resource estimated at 60.5 Mt at 8% Pb+Zn and >159 Moz of Ag.

About the Company

Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management.

Autionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively forward-looking statements). The use of any of the words will, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law, Yahoo Finance writes.