Temas has entered into a definitive option and joint venture agreement for the development of Erin Ventures’ Piskanja borate project in Serbia.
Temas Resources may earn a 50% interest in the Piskanja project by spending up to €10.5mln and issuing to Erin Ventures 250,000 common shares and 250,000 Temas warrants.
“We are pleased to see Temas’ progress on this joint development agreement and look forward to seeing the commencement of the work programmes at the Piskanja project as part of the expenditure requirements,” said Kyler Hardy, chief executive of Cloudbreak Discovery.
“This news further supports our business model, and we look forward to updating the market with further news in due course.”
The Piskanja project has an indicated mineral resource of 7.8 mln tonnes, averaging 31% boric oxide (B2O3), and an inferred resource of 3.4 mln tonnes, averaging 28.6% B2O3.
Boron is an essential mineral that is found in everything from eye drops, mild antiseptics, a supplement for building stronger bones and muscles to boric acid, which is used to toughen and increase heat resistance in pyrex.