Battery, base, and precious metals exploration company Lykos Metals (ASX:LYK) plans to take part in public hearings in February 2024 as the Republic of Srpska considers geological exploration law changes.
On 22 December the draft changes and amendments of the Law on Geological Exploration was discussed on National Assembly of the Republic of Srpska and was voted on. Lykos says the new law proposed by the government is favourable for investors “and sends a strong message that the Republic of Srpska supports geological exploration and direct foreign investment”.
During the next 60-day phase of public hearing, four consultations will be held to record positive and negative sides of the proposed draft law.
Lykos, along with other companies engaged in geological exploration, as well as companies performing geological works, will be invited to take part in public hearings. The public hearing closes on 22 February.
Then in March, the proposal of the law with possible amendments to the draft, and in accordance with the decisions made after the public hearings, will be returned on the agenda of the assembly of the republic to make a final decision on whether to adopt.
Meanwhile, on 30 November 2023 Anna Sloboda joined the Perth-based exploration company as a Non-Executive Chair following the resignation of Stephen Allen. Craig McNab was appointed Company Secretary following the resignation of Candice Van Der Plas.
During the past quarter, the Doboj tenement (western part of original Sockovac Project) was granted to the company. A previously completed sampling campaign confirmed presence of a wide range of precious metals and strategical minerals critical for the green energy transition (Ni, Cu, and Zn). The geological analysis and planning of the exploration campaign are currently ongoing.
Lykos was granted the exploration rights over the 50km-square western portion of the original Sockovac Project area belonging to Municipality of Doboj.
Ahead of the exploration permit issue from Ministry of Energetics and Mining of the Republic of Srpska, the company received permits from Republic Institute for the Protection of Cultural, Historical and Natural Heritage; The Ministry of Agriculture, Forestry and Water Management of the Republic of Srpska; and Ministries of Spatial Planning, Civil Engineering and Ecology of the Republic of Srpska.
With the grant of the exploration rights over the Doboj tenement, Lykos continues its negotiations with the government along with preparation of required documentation in order to apply for re-issue of the (expanded) Sockovac license. Should it be issued it will increase the Sockovac tenement from previous 17km-square to subsequent 50km-square as soon as the law on geological explorations is adopted what we expect on the following National Assembly of the Republic of Srpska in March 2024.
In December 2023, the Cajnice project received a license extension until 8 December 2026 (the maximum extension period). The extension was granted as all legal conditions were met and more than 75% of the planned exploration works were carried out in accordance with the law.
Lykos intends to resume geological activities on site and drill to confirm positive soil sample results for lead, zinc, silver, and gold. Ongoing preparatory activities to foster the local community support, the company representatives actively participated in humanitarian actions and cultural, educational, and sporting events to address the benefits that geological exploration and mining investments could bring.
The company says special attention has been given to the local community in Petrovo at the Sockovac projects, to lay the solid foundations for the support of the upcoming geological exploration works.
Simultaneously, Lykos says other geological preparatory works are ongoing to ensure all activities can proceed without interruption as soon as all the conditions for the start of the works are met.
Write to Adam Orlando at Mining.com.au
Images: Lykos
