The Hungarian government has granted two exploration permits, situated north of Budapest, to Absolut Resources (ALR-A) and Eagle Plains Resources (EPL-A).
The permits, covering 58,000 ha of unexplored territory in an east-west-trending volcanic belt, are prospective for both precious metal and copper-gold deposits.
Absolut says that before Hungary passed new mining laws, there was little incentive to explore the belt’s altered, rhyolitic volcanics, even though identical rocks to the north, in Slovakia, have a history of gold mining and exploration.
Absolut and Eagle Plains each have a 45% interest in the concessions. A Hungarian partner will hold a 10% carried interest until Absolut, as operator, completes a positive feasibility study.
Exploration is under way, including geological mapping and stream sediment and soil sampling. Airborne geophysical surveys will begin next year.
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