Ireland-based Aurum Discovery secured an option on November 5 to acquire a historic tin-tungsten exploration project in the Czech Republic, the privately held project-generation company said. The option provides access to an exploration target, not an operating asset, and the transaction remains conditional on due diligence and licence renewal.
Historic workings and drilling
The property comprises two adjoining exploration permits held by a family-owned business associated with the former mine manager. The underground mines operated until the early 1990s and reached depths of about 250 metres, according to Aurum.
Geological work has identified greisen-style mineralisation associated with granite intrusions, as well as locally higher-grade corridors. Confirmation drilling in 2022 returned 6 metres grading 1.09% tin in one hole and 13 metres grading 1.03% tungsten in another. The tungsten hole included 2 metres grading 4.73% tungsten, while the announcement also reported a 5-metre interval grading 4.1% tin.
Aurum said the historic exploration results do not constitute a current mineral resource estimate. It also identified lithium-bearing mica as a possible source of by-product value, but no lithium processing route or economic recovery has been demonstrated.
Option terms and licence renewal
Aurum has made an initial option payment and would make a further payment if it exercises its right to acquire 100% of the property. The consideration for the option and potential acquisition was not disclosed.
The deal depends on successful due diligence and renewal of the exploration licences. If renewed, the licences are expected to remain valid for up to another three years. Licence renewal and modern resource drilling are the first tests of whether the old workings and associated prospects can progress towards a development project.
The Czech Republic already hosts several mineral exploration and processing initiatives. Tungsten is used in industrial tooling and is relevant to defence supply chains, while tin is used in solder and electronics. Reopening a historic mine would require updated geology, environmental assessments, metallurgy, permissions and a commercially viable mine plan.
