UK-based explorer and developer Adriatic Metals (ASX:ADT) has received the final batch of assays ahead of a maiden Mineral Resource Estimate (MRE) for its Rupice Northwest (RNW) deposit in Bosnia & Herzegovina.
The company, which has a $911.43 million market capitalisation, says these latest results will be included in the maiden MRE for the deposit and have continued to extend the RNW Lower Zone. The deposit lies within Adriatic’s flagship Vares Silver Project.
Results from this area returned ‘high-grades’ such as 6.10m @ 1,735.6 grams per tonne (g/t) silver equivalent (AgEq) or 55.8% zinc equivalent (ZnEq), including 665.6g/t Ag, 14.57% Zn, 9.85% lead (Pb), 3.8g/t gold (Au), and 2.64% copper (Cu).
Meanwhile, drilling at the deposit’s main zone has continued to maintain equivalent grades and widths in between originally drilled holes, with results including 23.4m @ 767.2g/t AgEq or 24.66% ZnEq, including 253.4g/t Ag, 9.6% Zn, 5.20% Pb, 0.9g/t Au, and 0.43% Cu.
Both of these zones have been interpreted to continue westwards and to the southeast towards Rupice.
Drilling is expected to continue following the release of the 2023 Rupice and Rupice Northwest resource estimate with a focus on the Rupice Main Zone, where drill rigs will be relocated to test for near-surface extensions up-dip of Rupice as of July.
Adriatic reports regional exploration began at Rupice West in June and has generated ‘positive’ intersections of zinc-rich gossan that correspond with surface geochemical anomalism and a ground gravity target.
With exploration at Vares still ongoing, Adriatic Metals announces it is committed to meeting the strategic objectives of drill-testing the Semizova Ponikva prospect in conjunction with advanced exploration drilling across the Droskovac historical mining area for extensions of Pb-Zn-Ag mineralisation.
Speaking on the results, Adriatic Metals Managing Director and Chief Executive Officer (CEO) Paul Cronin says: “Exploration in Q2 received the final assays to be included in the 2023 Rupice Resource update, including the maiden reporting of the Rupice Northwest resource estimate.
The final assays continued to extend and confirm the robustness of the RNW mineralisation high grades, as well as the continuity of grade and the spatial distribution of metal. The western extent of RNW is an exciting area of new development opportunity. Exploration drilling is unabated, chasing and closing off the western and southwestern Cu-Au-rich areas.
“The final assays continued to extend and confirm the robustness of the RNW mineralisation high grades…”
At Rupice West, exploration drilling commenced where the intersection of a zinc-rich, near-surface gossan validated surface geochemical and ground gravity anomalism. Assay results are still to be received, and further holes are being drilled to repeat the initial intersection.
In line with Adriatic’s Exploration Strategy for 2023, drilling focus will switch from RNW to the Rupice Main orebody in July. One drill rig will remain at RNW to infill drill and test remaining open areas. Rupice Main will be the drilling focus until the end of the year, and the exploration team will apply the knowledge and experience gained at RNW to extending opportunities at Rupice.
Over the coming months, prospective new regional targets at Semizova Ponikva and Droskovac will be tested. Droskovac has high potential to be a new resource development project, being a historic mining area with documented Pb-Zn mineralisation remaining.”
Adriatic Metals is a precious and base metals developer focused on advancing its ‘world-class’ Vares Silver Project in Bosnia and Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.
The company’s Vares Silver project is fully funded to production, which is expected in Q4 2023. A Definitive Feasibility Study (DFS) completed in 2021 demonstrated ‘robust’ economics such as a US$1.062 billion post-tax net present value.
Adriatic Metals had $87 million cash at hand as of 31 March 2023, as stated in its latest quarterly release.
Write to Adam Drought at Mining.com.au
Images: Adriatic Metals