Canada’s Medgold Resources has found what it said are excellent indicators of precious metals in southern Serbia along the borders with Bulgaria and Macedonia, Belgrade daily Vecernje Novosti reported on Monday.

The newspaper said that the Canadian company found an area which has 8.32 grams of gold per tonne and 193 grams of silver per tonne during explorations as part of its Tlamino Project.

Medgold Resources has signed a contract with Fortuna Silver which is exploiting several gold and silver mines to conduct more explorations on an area of some 200 square kilometres and invest eight million Dollars in the project.

According to the Medgold Resources web site, the Tlamino Project is located in an area outside the twon of Bosilegrad in southeastern Serbia where Yugoslav state companies searched for lead and zinc in the 1950s. Medgold started its exploration in 2016 and found high-grade gold, silver and base metal deposits in 2018.