Euro Sun reports new discoveries near Rovina Valley, shares rise
Euro Sun Mining (TSX: ESM) has received surface generative exploration results from the Stanija prospecting permit directly adjacent to its Rovina Valley gold project in Romania, the company announced Monday. Four new gold/copper porphyries have been defined by soil sampling.
Shares of Euro Sun jumped more than 15% during Monday’s trading session. The Toronto-based miner has a market capitalization of C$29.8 million.
Any mineralization defined on the Stanija permit could have synergies for mine development on the Rovina license as envisioned by the preliminary economic assessment released earlier this year. The company is planning an initial project that is estimated to produce 1.67 million gold equivalent ounces over 12 years.
Euro Sun has compiled historical surface exploration work completed on Stanija, which covers 42 square kilometres, comprised of state-geologic survey mapping, soil sampling and rock chip sampling. In addition, the company has completed further soil sampling extension and infill grids, systematic litho-geochemistry sampling, and detailed geology-alteration mapping.
“Our team has worked diligently over the past three years on the Stanija prospecting licence to determine the discovery potential adjacent to our Rovina Valley project. Early field work included soil geochemistry, field mapping and selected grab samples and trenching,” Euro Sun CEO Scott Moore said.
“We look forward to the initiation process by the National Agency for Mineral Resources of Romania for the exclusive exploration licence, which is expected to occur in early 2020,” Moore added.
The Rovina Valley project site is situated in the historical mining district known as the “Golden Quadrilateral” — one of the largest gold-producing areas in Europe. In March, Euro Sun secured a C$3 million financing to develop the property.