# Gold Mining News in Serbia Canonical page: https://atlas-extractions.minestarters.com/news?commodities=gold®ions=serbia Atlas summarizes and classifies mining-industry stories from third-party publishers. Follow each source link for the original reporting. Results: 10 Returned: 10 Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied. Region: Serbia (serbia) Commodity: Gold (gold) Applied filters: {"regions":["serbia"],"commodities":["gold"],"commodity_scope":"primary","document_types":["drill_results","resource_update","metallurgy"],"document_type_match":"any"} Sort: published_at desc Offset: 0; page size: 10 ## Minrex cracks Barje gold-silver model wide open with record high-grade hits - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/minrex-cracks-barje-gold-silver-model-wide-open-with-record-high-grade-hits--4c0f83fe-49ef-42aa-80c1-d349588e9fe5) · [Markdown](https://atlas-extractions.minestarters.com/news/minrex-cracks-barje-gold-silver-model-wide-open-with-record-high-grade-hits--4c0f83fe-49ef-42aa-80c1-d349588e9fe5.md) - Original announcement: 2026-09-22T00:09:04.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Minrex Resources (MRR) - Original source: [stockhead](https://stockhead.com.au/resources/minrex-cracks-barje-gold-silver-model-wide-open-with-record-high-grade-hits/) - Atlas sentiment: 0.722 - Atlas tags: Step-Out Extension, Bonanza Intercept, Maiden Resource Minrex Resources has reported high-grade gold-silver drill results at the Barje deposit, intersecting significant mineralisation in a previously modelled low-grade central gap. These results suggest the eastern and western high-grade zones may form a single connected body, supporting the upcoming maiden JORC resource estimate. ## Minrex kicks off greenfield gold-silver drilling in Serbia - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/minrex-kicks-off-greenfield-gold-silver-drilling-in-serbia--841b44ad-bca1-421e-b852-5e8ebdab8925) · [Markdown](https://atlas-extractions.minestarters.com/news/minrex-kicks-off-greenfield-gold-silver-drilling-in-serbia--841b44ad-bca1-421e-b852-5e8ebdab8925.md) - Original announcement: 2026-09-16T02:44:07.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Minrex Resources (MRR) - Original source: [stockhead](https://stockhead.com.au/resources/minrex-kicks-off-greenfield-gold-silver-drilling-in-serbia/) - Atlas sentiment: 0.514 - Atlas tags: Step-Out Extension, Inferred Resource, Nearology Play Minrex Resources has commenced a 33-hole maiden greenfield drilling program at its Tlamino project in Serbia, targeting extensions of the Barje deposit. The program aims to test the Barje-Liska corridor and expansion targets, with a maiden JORC resource estimate and scoping study expected in the coming months. ## Copper smelters hungry for concentrate and Minrex has new ingredients - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/copper-smelters-hungry-for-concentrate-and-minrex-has-new-ingredients--a573e2fe-71fa-4f37-af89-8ae7c3c11528) · [Markdown](https://atlas-extractions.minestarters.com/news/copper-smelters-hungry-for-concentrate-and-minrex-has-new-ingredients--a573e2fe-71fa-4f37-af89-8ae7c3c11528.md) - Original announcement: 2026-09-07T20:40:15.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Minrex Resources (MRR) - Original source: [stockhead](https://stockhead.com.au/resources/copper-smelters-hungry-for-concentrate-and-minrex-has-new-ingredients/) - Atlas sentiment: 0.331 - Atlas tags: QA/QC Disclosed, Infill Drilling, Mill Route, Multi-Domain Tested Minrex Resources is expanding its drilling program at the Tlamino project in Serbia to 9000m to support a JORC-compliant resource update. The company is also conducting metallurgical testwork led by Ausenco to optimize a high-sulphur gold-silver concentrate that targets current smelter demand. ## DPM Metals Announces Filing of Technical Report for the ?oka Rakita Gold Project - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-filing-of-technical-report-for-the-oka-rakita-gold-project--090798d7-56c2-44fb-918d-788e59106c21) · [Markdown](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-filing-of-technical-report-for-the-oka-rakita-gold-project--090798d7-56c2-44fb-918d-788e59106c21.md) - Original announcement: 2026-01-12T11:45:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: DPM Metals Inc. (DPM) - Original source: [tmx](https://money.tmx.com/en/quote/DPM/news/8804281957474157/dpm-metals-announces-filing-of-technical-report-for-the-oka-rakita-gold-project) - Atlas sentiment: 0 - Atlas tags: NI 43-101 Compliant, Stale Data Re-release DPM Metals Inc. has filed a technical report for the Čoka Rakita gold project in Serbia. The report supports the project's Mineral Resource, Mineral Reserve, and feasibility study results that were previously disclosed in November 2025. ## DPM Metals Announces Inferred Mineral Resource Estimates of 2.6 Million Gold Ounces and 1.9 Billion Pounds of Copper at the Rakita Camp - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-inferred-mineral-resource-estimates-of-2-6-million-gold-oun--d5201e6d-2d8f-40bc-890e-2bc1327738de) · [Markdown](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-inferred-mineral-resource-estimates-of-2-6-million-gold-oun--d5201e6d-2d8f-40bc-890e-2bc1327738de.md) - Original announcement: 2025-12-02T13:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: DPM Metals Inc. (DPM) - Original source: [tmx](https://money.tmx.com/en/quote/DPM/news/6525019059762358/dpm-metals-announces-inferred-mineral-resource-estimates-of-2-6-million-gold-oun) - Atlas sentiment: 0.717 - Atlas tags: Cut-off Disclosed, Mill Route, Gravity Route, Multi-Domain Tested DPM Metals announced an initial Inferred Mineral Resource Estimate for its Rakita Camp in eastern Serbia, totaling 2.6 million ounces of gold and 1.9 billion pounds of copper. The estimate highlights significant potential, with deposits remaining open for expansion. Preliminary metallurgical testwork indicates high recoveries and the ability to produce a saleable concentrate, de-risking the project's processing pathway. ## Electrum Discovery Provides Operational Update, Exploration Footprint Expanding - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/electrum-discovery-provides-operational-update-exploration-footprint-expanding--5721e599-9643-4ff7-a801-deac60e2bd27) · [Markdown](https://atlas-extractions.minestarters.com/news/electrum-discovery-provides-operational-update-exploration-footprint-expanding--5721e599-9643-4ff7-a801-deac60e2bd27.md) - Original announcement: 2025-12-01T07:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Electrum Discovery Corp. (ELY) - Original source: [tmx](https://money.tmx.com/en/quote/ELY/news/8240970462379280/electrum-discovery-provides-operational-update-exploration-footprint-expanding) - Atlas sentiment: 0.291 - Atlas tags: Inferred Resource, Resource Update, NI 43-101 Compliant Electrum Discovery is advancing exploration at its Timok East (copper-gold) and Novo Tlamino (gold-silver) projects in Serbia. Key activities include a second-phase AMT survey at Timok East and a ground magnetic survey at Novo Tlamino, with infill drilling planned for Q1 2026 to upgrade the Barje deposit resource. ## DPM Metals Announces Robust Feasibility Study Results for the ?oka Rakita Project with $782M of NPV5% and 36% IRR - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299) · [Markdown](https://atlas-extractions.minestarters.com/news/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project--e1e064f7-786e-47d9-9ba1-f19e57874299.md) - Original announcement: 2025-11-26T12:45:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: DPM Metals Inc. (DPM) - Original source: [tmx](https://money.tmx.com/en/quote/DPM/news/7218756369603025/dpm-metals-announces-robust-feasibility-study-results-for-the-oka-rakita-project) - Atlas sentiment: 1 - Atlas tags: Cut-off Disclosed, Mill Route, Gravity Route, Multi-Domain Tested DPM Metals Inc. announced robust feasibility study results for its Čoka Rakita gold project in Serbia, highlighting a post-tax NPV5% of $782 million and an IRR of 36%. The study confirms a high-margin underground operation with first-quartile all-in sustaining costs of $644/oz, supported by an 11% increase in contained gold reserves. Initial capital of $448 million is fully funded, and permitting is advancing for a construction start in early 2027. ## Electrum Discovery Updates Shareholders on Operations, Strategy, and Grants Options - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/electrum-discovery-updates-shareholders-on-operations-strategy-and-grants-option--8c57ca5c-029a-4ef7-b685-d4a84302dd56) · [Markdown](https://atlas-extractions.minestarters.com/news/electrum-discovery-updates-shareholders-on-operations-strategy-and-grants-option--8c57ca5c-029a-4ef7-b685-d4a84302dd56.md) - Original announcement: 2025-08-25T06:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Electrum Discovery Corp. (ELY) - Original source: [tmx](https://money.tmx.com/en/quote/ELY/news/8462529448313865/electrum-discovery-updates-shareholders-on-operations-strategy-and-grants-option) - Atlas sentiment: 0.291 - Atlas tags: Inferred Resource, NI 43-101 Compliant Electrum Discovery Corp. is shifting its strategic focus toward its gold-silver Novo Tlamino project in Serbia, while maintaining exploration at Timok East. The company plans infill and step-out drilling at the Barje deposit to support a resource update and test for extensions. ## Electrum Discovery Announces Results from Petrological Study and Outlines New Targets at Karamanica at the Novo Tlamino Project - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/electrum-discovery-announces-results-from-petrological-study-and-outlines-new-ta--5fca6ec1-0cc3-4bbe-b400-84362c1336f9) · [Markdown](https://atlas-extractions.minestarters.com/news/electrum-discovery-announces-results-from-petrological-study-and-outlines-new-ta--5fca6ec1-0cc3-4bbe-b400-84362c1336f9.md) - Original announcement: 2025-07-21T06:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Electrum Discovery Corp. (ELY) - Original source: [tmx](https://money.tmx.com/en/quote/ELY/news/5967208204068703/electrum-discovery-announces-results-from-petrological-study-and-outlines-new-ta) - Atlas sentiment: 0.26 - Atlas tags: Nearology Play, QA/QC Disclosed Electrum Discovery has released petrological study results and new surface prospecting targets at the Karamanica Prospect within the Novo Tlamino Project in Serbia. The findings confirm multiple hydrothermal alteration styles and identify three new target zones (Drill Road Breccia, Northeast Gossan Field, and Western Jasperoid) with gold, silver, lead, and zinc mineralization. ## Electrum Discovery Extends Geochemical Footprint and Confirms New Gold Targets at the Karamanica Prospect at Novo Tlamino - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/electrum-discovery-extends-geochemical-footprint-and-confirms-new-gold-targets-a--69c11aed-9dc1-456b-9a88-dfb78368a020) · [Markdown](https://atlas-extractions.minestarters.com/news/electrum-discovery-extends-geochemical-footprint-and-confirms-new-gold-targets-a--69c11aed-9dc1-456b-9a88-dfb78368a020.md) - Original announcement: 2025-06-23T06:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Electrum Discovery Corp. (ELY) - Original source: [tmx](https://money.tmx.com/en/quote/ELY/news/6320165684671402/electrum-discovery-extends-geochemical-footprint-and-confirms-new-gold-targets-a) - Atlas sentiment: 0.26 - Atlas tags: Nearology Play, Step-Out Extension Electrum Discovery has completed a geochemical review of the Karamanica Prospect at the Novo Tlamino Project in Serbia, identifying two distinct gold-associated geochemical trends (Type A and Type B). The review refines exploration targets for skarn, carbonate replacement, and vein-hosted mineralization, leveraging historical soil and rock sample data. # Atlas tag definitions - **Bonanza Intercept:** Exceptionally high-grade zone, well above the deposit-type norm. - **Metal Equivalent Opaque:** Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. - **True Width Disclosed:** Actual thickness perpendicular to structure is stated, not just downhole length. - **Apparent Width Only:** Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. - **QA/QC Disclosed:** Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates). - **Compositing Transparent:** Cut-off grade and internal dilution rules are clearly stated for reported intervals. - **No QA/QC Disclosure:** Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. - **Cut-off Undisclosed:** Cut-off grade not disclosed — cannot assess comparability to prior estimates or peers. - **Step-Out Extension:** Mineralization extended beyond the previously known limit. - **Infill Drilling:** Confirmatory drilling to raise resource confidence, not new discovery. - **Stale Data Re-release:** Historical results re-announced with no new assays or reinterpretation — low genuine novelty. - **Deleterious Elements Present:** A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. - **Refractory Ore:** Complex mineralogy requiring oxidation or other special processing before recovery. - **Nearology Play:** Value premise rests on proximity to a known deposit rather than own results. - **Measured Resource:** Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. - **Indicated Resource:** Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. - **Proven Reserve:** Measured Resource with demonstrated economic viability after applying modifying factors. - **Probable Reserve:** Indicated Resource with demonstrated economic viability after applying modifying factors. - **Inferred Resource:** Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. - **All Inferred:** M&I share below the weak bound — very early stage, no engineering confidence. - **Tonnage Growth:** Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. - **Grade Improvement:** Average resource grade improved vs prior estimate — better deposit economics. - **Contained Metal Growth:** True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. - **Category Upgrade:** Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. - **Tonnage Decline:** Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. - **Grade Decline:** Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. - **Contained Metal Decline:** Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. - **Category Downgrade:** Resource confidence decreased — Measured downgraded to Indicated, or Indicated to Inferred. Unusual and concerning. - **Dilutive Growth:** Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. - **Cut-off Lowered:** Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. - **Cut-off Undisclosed:** Cut-off grade not disclosed — cannot assess comparability to prior estimates or peers. - **Stale Estimate:** Effective date is >2 years old — data currency concern, may not reflect current geological understanding. - **QP/CP Signed:** Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience. - **Cut-off Disclosed:** Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. - **JORC Compliant:** Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard. - **NI 43-101 Compliant:** Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard. - **Historical Estimate Only:** Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. - **No Contained Metal:** Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. - **No QP/CP Disclosure:** No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. - **Maiden Resource:** First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. - **Resource Update:** Revised estimate for an existing resource — compare to prior to assess progress. - **PEA-Supporting:** Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. - **PFS-Supporting:** Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. - **DFS-Supporting:** Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. - **High Recovery:** Recovery at or above the exceptional band for the commodity and processing route. - **Pilot Scale Complete:** Pilot or demonstration plant testing completed under continuous operation. - **Free Milling:** Simple, clean ore amenable to standard processing without oxidation. - **Multi-Domain Tested:** Variability across ore domains (oxide, transition, fresh) has been addressed. - **Recovery Improving:** Recovery improved versus a like-for-like prior test program on the same domain and route. - **Low Recovery:** Recovery below the weak band for the commodity and processing route. - **Bench Scale Only:** Only preliminary bench tests completed — no locked-cycle or pilot work. - **Refractory Ore:** Complex mineralogy requiring oxidation or other special processing before recovery. - **Single Domain Only:** Testing limited to one composite or domain — representativeness not established. - **Recovery Stagnant:** No improvement across multiple test programs on comparable material. - **Theoretical Recovery Only:** Only theoretical or liberation-derived recovery reported, with no actual test result. - **Heap Leach Route:** Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. - **Mill Route:** Processing via mill or concentrator (CIL, CIP, tank leach, flotation). - **Gravity Route:** Gravity separation forms a material part of the flowsheet. - **POX/BIOX Route:** Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. - **Byproduct Commodity:** The tested commodity is a byproduct rather than the primary economic driver. - **DFS Bankable:** AACE Class 2-1 study complete and within the staleness window. - **PFS Complete:** AACE Class 3 study complete. - **PEA Only:** Only Class 4 / Initial Assessment economics available. Not bankable. - **No Study:** No formal economic study — no engineering basis for the economics quoted. - **Stale Study:** Beyond the staleness window measured from the estimate base date. - **Inferred Heavy Feed:** Material Inferred share of LOM mill feed, or the share is undisclosed. - **Resource Governance Undisclosed:** No QA/QC, top-cut methodology or QP independence disclosed. Caps study quality at the moderate tier. - **NPV Cut vs Prior Study:** A restated study reduces NPV materially against its own predecessor on the same asset. - **High IRR:** Post-tax real unlevered IRR in the strong tier or better. - **Low IRR:** IRR below the moderate tier. - **Below Jurisdiction Hurdle:** IRR below the greenfield or brownfield hurdle for its jurisdiction tier. - **IRR Basis Undisclosed:** Real vs nominal not stated, so the tier is not comparable across studies. - **Undervalued PNAV:** Funding-adjusted P/NAV in the strong tier or better. - **Overvalued PNAV:** Funding-adjusted P/NAV in the red-flag tier. - **Fast Payback:** Payback in the strong tier or better, on the required basis. - **Slow Payback:** Payback in the weak tier or worse. - **Bottom Quartile Cost:** P0-25 of the relevant commodity cost curve. - **Top Quartile Cost:** P75-100 of the relevant commodity cost curve — first to cut in a downturn. - **Cost Basis Undisclosed:** By-product vs co-product not stated, so quartile placement is unreliable. - **Low Capital Intensity:** Below the benchmark for its project type. - **High Capital Intensity:** Above the benchmark for its project type. - **Conservative Pricing:** Conservative on the worst of the spot, 3-year and consensus comparisons. - **Aggressive Pricing:** The study only works on a stretched price deck. - **No Price Sensitivity:** No price sensitivity disclosed — treated as a deliberate signal, not a neutral gap. - **No Discount Rate Sensitivity:** Blocks NPV normalisation to the common rate without reconstruction. - **Price Deck Unstructured:** Prices given only as free text, so conservatism cannot be scored. - **Long Reserve Life:** Reserve life index in the top tier of the single ladder. - **Short Reserve Life:** Reserve life index in the critical tier. - **Resource Life Upside:** Wide gap between reserve life and resource life — conversion upside rather than discovery dependence. - **Fully Funded:** Funding coverage at or above 1.0x counting committed facilities only. - **Material Funding Gap:** Funding coverage below the substantially-funded band. - **Funding Gap Exceeds Market Cap:** Red flag regardless of headline NPV — the upside is not reachable by the current equity holder. - **Encumbered by Stream:** An existing stream or royalty reduces attributable NAV and restricts future financing. - **Stability Agreement:** Fiscal terms fixed, with a term covering the mine life. - **High Government Take:** Total government take above the regional norm as a share of pre-tax cash flow. - **Fully Permitted:** Key permits granted with no unresolved challenge. - **Permit Challenge Outstanding:** An appeal or legal challenge is unresolved, which can defer first production indefinitely. - **No Community Agreement:** Permits held but no IBA or benefit agreement — the start date is unsupported. - **Closure Underprovisioned:** Closure provision materially below peers, unfunded, or undisclosed. - **Upstream TSF:** Upstream tailings construction, which is banned in Brazil and Ecuador.