The Timok Project is located within the north-western part of the Timok Magmatic Complex (TMC) in eastern Serbia.

The dominant mineral prospects in the clastic sedimentary rocks along the western margin of the TMC are relatively low-temperature auriferous deposits that share many characteristics with Carlin-type gold deposits. The interpretation of the sediment-hosted gold prospects within the Project area as Carlin-type is based upon the following criteria (Knaak et al., 2016):
• Character of the sedimentary host;
• The metal association (gold, arsenic, mercury, thallium, sulphur and antimony);
• The fine-grained nature of the gold, high gold-to-silver ratio and alteration types including argillisation, decarbonisation, and locally, addition of quartz.

Four important mineralised areas have been defined in the Potaj Cuka Tisnica exploration licence, comprising of the Bigar Hill deposit, the Korkan and Korkan West deposits and the Kraku Pester deposit. All four zones share a similarity of mineralisation style, which has been most clearly defined at the Bigar Hill deposit and are associated with a large hydrothermal system that has been identified within the Timok Project.

Bigar Hill Deposit
Gold mineralisation at Bigar Hill is located principally along two stratigraphic horizons, with lesser amounts present along peripheral steeply dipping fracture zones within the clastic rocks and an andesite sill. A lower zone is localis ........

Conventional open pit mining with rigid body mining trucks, hydraulic excavators and wheel loaders was chosen for the Project. The material extracted from the Project’s three (3) pits: Bigar Hill, Korkan West, and Korkan, will be loaded into trucks by hydraulic excavators and transported to its destination. Each pit is mined in three phases and the Project is mined over a 7-year mine life, with one (1) year of pre-production and an additional year at the end of the mine life for stockpile reclamation.

Ore material, either oxide or transitional material, will be sent to the crusher or an ore stockpile; marginal material will be stockpiled to be reclaimed in the operation’s last year. Reclaimed stockpile material will be loaded onto trucks by wheel loaders and sent to the crusher. After the crusher, the ore material will be sent to the leach pad. Waste material will be sent to waste piles located near each pit, and sulphide material above the sulphide cut-off grade will be stockpiled near the waste piles for potential future reclamation.

The mine will be operated by an owner-operated fleet of 60 T trucks and related equipment seven (7) days a week, 24 hours a day in two (2) 12-hour shifts. The operation considers two weeks of adverse weather conditions, therefore running 350 days a year.

The mine plan is based on an ore production rate of 2.5 Mtpa sent to the leach pad. The oxide ore has a higher recovery rate at the leach pad than does the t ........

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