- Adriatic Metals (ADT) has added a further 32.12 square kilometres to its Vares Silver Project in Bosnia and Herzegovina
- The Government of Zenica-Doboj Canton has now officially approved its application for a land extension to its concession agreement
- This now brings Adriatic’s total area of concessions to 40.78 square kilometres
- The company is also required to pay a concession fee of KM 481,800 (roughly A$400,471) to the government
- The added land coverage incorporates historical targets which have previously yielded highly encouraging results
- Adriatic plans to pursue exploration permits to follow up on these historical results
- Company shares are up 5.12 per cent and trading for $2.26 in early morning trade
Adriatic Metals (ADT) has added a further 32.12 square kilometres to its Vares Silver Project in Bosnia and Herzegovina.
The Government of Zenica-Doboj Canton has now officially approved its application for a significant land extension to its current concession agreement. This now brings Adriatic’s total area of concessions to 40.78 square kilometres.
Under the terms of the concession agreement, Adriatic has three fields which include the Veovaco I and II and Rupice-Jurasavac Brestic.
The company is also required to pay a concession fee of KM 481,800 (roughly A$400,471) to Zenic Doboj Canton.
“The approval of the concession is the result of months of very constructive work by our team in Bosnia, in conjunction with the local government agencies,” Managing Director and CEO Paul Cronin said.
“Our focus now will be to continue to identify the right structural, lithological and geo-chemical conditions that resulted in the high-grade Rupice silver deposit and explore for possible repeats of that mineralisation in the new concession area,” Paul added.
Importantly, the land coverage incorporates historical targets including an area between Veovaca and Rupice (Semizova Ponikva and Brezik), and to the east of current Veovaca concessions such as Vares East.
The Brezik-Droskovac concession hosts the Brezik iron-ore mine and the historical Droskovac iron-ore mine.
Droskovac has a historical A+C1 resource of 0.9 million tonnes at one per cent zinc and 2.9 per cent lead. This concession is along trend from the Veovaca West brownfield target which was previously mined for base metals.
In Vares East, historical exploration was conducted which returned positive results. Eastern Mining conducted a ground-truthing survey to assess these historical areas of interest. The survey yielded sample results including 23 per cent copper and 54g/t silver and up to 89 per cent barium sulphate.
Adriatic will use modern exploration techniques to follow up on these encouraging results.
Adriatic considers these concessions to be a high priority for further exploration and drilling. The company will actively pursue exploration permits following upcoming airborne geophysical surveys.
Company shares are up 5.12 per cent and trading for $2.26 in early morning trade.