Adriatic Metals (ASX:ADT) plans to capture new exploration growth at its Rupice Northwest (RNW) deposit in Bosnia and Herzegovina through a planned Mineral Resource Estimate (MRE) update.
The $1.11 billion market capitalisation company says an updated 2023 MRE is slated for Q4 2023 and will incorporate all currently reported assays from the deposit, which forms part of the wider Vares Silver Project.
This announcement comes after the company conducted exploration drilling at RNW that continued to deliver ‘high-grade’ silver-zinc-lead-gold-copper (Ag-Zn-Pb-Au-Cu) extensions to mineralisation to the west of the July 2023 Rupice MRE.
Adriatic reports some of the newly recorded results include drillhole BR-30-23 with 6.8m @ 242g/t silver equivalent (AgEq) and 7.8% zinc equivalent (ZnEq) (95.2g/t Ag, 2.2% Zn, 0.7% Pb, 0.5g/t Au, 0.1% Cu, 14% BaSO4, 0.2% Sb) from 116.7m; and drillhole BR-34-23 with 3.1m @ 530g/t AgEq, 17% ZnEq (135g/t Ag, 3.7% Zn, 3.4% Pb, 1.1g/t Au, 0.2% Cu, 51.2% BaSO4, 0.6% Sb) from 123.9m.
Commenting on the exploration drilling, Adriatic Metals Managing Director and Chief Executive Officer (CEO) Paul Cronin says: “Additional exploration drilling, new geology, and more tonnes at higher grades to the west of the current Rupic Northwest resource are adding significantly to the growth of Rupice.
“Drilling will continue to define the western extent of Rupice Northwest for a further resource update at the end of 2023″
Faulting and folding have thickened and bent mineralisation to vertical, with silver-gold-copper grades increasing in proximity to the deformation. Drilling will continue to define the western extent of Rupice Northwest for a further resource update at the end of 2023.
Regionally, exploration drilling is testing the Semizova Ponikva prospect and will then move to drill test the Droskovac-Brezik prospect. Drilling on Rupice West was completed in July, with the discovery of a high-grade zinc oxide, with assay results still pending.
Our most recent capital raise will enable us to expand and accelerate our exploration program and continue this exploration through 2024. With this level of ongoing success, Adriatic continues to fully unlock the potential of the Rupice Mine and the Vares Project, as well as prospective regional targets.”
Further, the company notes it will be ramping up from 1 to 3 drill rigs in Q4 and potentially into 2024, as Rupice remains ‘under-drilled’ with the potential to expand to the southwest, up- and down-dip of existing reserves.
Drilling is planned to begin across the Droskovac-Brezik prospect on completion of drill testing Semizova Ponikva in Q3. In addition, brownfield targets along strike of the historical Droskovac underground mine and Brezik open pit will be systematically tested.
Adriatic notes that the Droskovac and Brezik areas have the potential to host a Rupic-size residual Ag-Zn-Pb deposit left behind after historical iron ore mining.
The Rupice Northwest deposit is part of the Vares Silver Project, which is fully funded to production, expected to begin in Q4 2023.
Adriatic Metals is a precious and base metal exploration and development company focused on advancing its Vares Silver Project in Bosnia and Herzegovina alongside the Raska Zinc-Silver Project in Serbia.
Write to Aaliyah Rogan at Mining.com.au
Images: Adriatic Metals
