The updated resource was compiled by independent consultants Golder Associates and comprise of an inferred resource of 1.32 million tonnes at 3.88% zinc, 3.28% lead, 0.29% copper at the Montenegro base metals project.
Balamara Resources managing director Mike Ralston remarked that results surpassed estimations by upgrading a large portion of the Brskovo resource from inferred to indicated category.
"This is solid result from a fairly limited program of 10 diamond holes, with further seven holes still to be added," said Ralston.
The company will now consider geophysical survey work in 2013 to identify new exploration targets, added Ralston.
