Tirex Resources Ltd. said March 30 that it signed a memorandum of understanding to acquire the Cerovina polymetallic property in Kosovo from an undisclosed seller.

The Cerovina property covers 3,136 hectares and is on strike and adjoining the Slivovo gold discovery, with an exploration license valid for six years. It is also near three past-producing lead-zinc-silver mines.

Under the terms, Tirex can earn up to an 80% stake in the property by spending €2.0 million within five years and paying a total of €60,000 to the claim owner within three years after deal signing.

The owner's interest will be reduced to a 2.5% net smelter return royalty if it decides not to take part in project funding after Tirex earns its stake.