TSX-V-listed Leviathan Gold has announced the execution of a share exchange agreement with LS Lithium, soon to be renamed Foca Metals Corp (FMC), to acquire 100% of FMC’s issued shares and, in turn, a 100% indirect interest in the Foča project in Bosnia and Herzegovina.

The transaction, announced on Friday, involves the issuance of nine-million common shares of Leviathan, valued at $0.0525 each, in exchange for FMC’s shares.

The Foča project covers 100.7 km² across three exploration licences and features a series of silver and base metal targets believed to be of sedimentary exhalative origin.

Located about 100 km south of Adriatic Metals’ Vareš project, which hosts significant silver and base metal resources, the Foča project is situated in the Central Dinaride metallogenic zone of the Western Tethyan Belt.

The Foča area lies within a rich mineral district that includes the Trepča complex in Kosovo, a historic polymetallic mining operation that produced significant quantities of lead, zinc, and silver. Other nearby mineral occurrences also indicate the district’s potential for further discoveries.

Despite its proximity to successful projects, the Foča area remains largely unexplored by modern, systematic exploration, presenting Leviathan with a unique opportunity.

Leviathan plans to conduct induced polarisation geophysical surveys at the Vrela and Barice targets to define high-grade silver and base metal drilling targets. The recent changes to the law on geological exploration in Republika Srpska, which came into effect on July 24, are seen by the company as being favourable to mining, aligning with best practices in other leading mining jurisdictions.

“We are very pleased indeed to have secured this rare and compelling silver and base metal exploration opportunity in southern Bosnia. Despite the success of Adriatic Metals at their Vareš project to our north – not to mention the vast historic Trepča complex in Kosovo to our south - the remainder of the so-called Central Dinaride zone remains largely untouched by modern, systematic exploration, leaving it open for discovery,” said Leviathan CEO Luke Norman.  

“Recent legal changes in Republika Srpska not only improve land availability, but also add a unique first-mover advantage to this opportunity - in a safe, modern, developed, EU-membership candidate country.”

“This acquisition by Leviathan provides the company with the opportunity to discover a silver and base metal deposit of significance within a growing land package. Leviathan’s team members have substantial experience of the Balkan operating environment and its mineral systems, specifically in Bosnia,” said Norman.