- Adriatic Metals (ADT) has received an exploration permit for the new mineral concessions at its Vares Silver Project in Bosnia and Herzegovina
- The 32 square kilometre concessions were awarded last year and, at the time, was the largest granted in the country
- This permit allows Adriatic to explore the area using invasive exploration techniques, such as drilling and channel sampling
- On the market this morning Adriatic is up 9.80 per cent and is trading at $2.69 per share
Adriatic Metals (ADT) has received an exploration permit for its new 32 square kilometres of land at the Vares Silver Project in Bosnia and Herzegovina.
Last year, the company received approval for the land to expand its project, bringing Adriatic’s total area of concessions to 40.78 square kilometres.
At the time, this was the largest mineral concession granted in Bosnia & Herzegovina.
Adriatic has now been granted an exploration permit for this area, meaning it has the right to explore the area using invasive exploration techniques.
“We thank the Federal Ministry of Energy, Mining and Industry for their
support in awarding us the Exploration Permit for the New Concession
Areas,” CEO and Managing Director Paul Cronin said.
“We look forward to commencing our exploration activities across this 32km2 of newly permitted ground in due course.”
Additionally, the company has also reported the initial results from its recent heliborne magnetics and radiometric survey.
Results from the survey have found a large alteration system, which is consistent with Adriatic’s prior understanding of the mineralising system from field observations and historical geological mapping.
It identified an alteration corridor with a strike length of 22 kilometres across Vares.
“I am especially excited with the initial results from the Radiometric Survey, which have better identified the size and continuity of the known alteration system through the Vares Project,” Mr Cronin said.
“The edges of this alteration corridor are strongly correlated with previously identified mineralisation and our existing exploration targets. This has identified exciting new target areas, which we will follow up with further field work and update the market in due course.”
On the market this morning, Adriatic is up 9.80 per cent and is trading at $2.69 per share at 11:52 am AEST.