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Adriatic Metals provides Vares exploration update

Published by
Global Mining Review,

Recent drilling at Rupice Northwest, an extension to the existing orebody continues to intercept thick, high-grade, massive sulfide mineralisation up-dip from previous intersections.

The current exploration drilling campaign at Rupice Northwest is designed to confirm whether the high-grade mineralisation at the existing Rupice mineral resource continues along strike to the North-West. The intercepts announced are assay results from three exploration holes out of five exploration holes completed in the year to date.

Drillholes BR-01-22, BR-02-22 and BR-03-22, located 90 m northwest of the existing Rupice mineral resource and drilled up-dip of previously reported holes BR-16-21 (7.1 m at 1123 g/t silver equivalent [AgEq]) and BR-19-21 (15.8 m at 508 g/t AgEq), intercepted:

  • BR-03-22: 30.9 m at 851 g/t AgEq, 27.4% zinc equivalent (ZnEq) (233 g/t Ag, 9% Zn, 6.1% lead [Pb], 1.3g/t gold [Au], 0.5% copper [Cu], 67% barium sulfate [BaSO4] and 0.1% antimony [Sb]) from 239.5 m.
    • Including 23.5 m at 993 g/t AgEq, 31.9% ZnEq (269 g/t Ag, 11.0% Zn, 7.3% Pb, 1.6 g/t Au, 0.6% Cu, 68% BaSO4 and 0.1% Sb) from 245 m.
  • BR-01-22: 24.5 m at 794 g/t AgEq, 25.5% ZnEq (343 g/t Ag, 5.5% Zn, 3.7% Pb, 1.4 g/t Au, 0.2% Cu, 75% BaSO4, 0.1% Sb) from 250.5 m.
    • Including 17.5 m at 915 g/t AgEq, 29.4% ZnEq (386 g/t Ag, 6.8% Zn, 4.4% Pb, 1.7g /t Au, 0.3% Cu, 77% BaSO4 and 0.1% Sb) from 256 m.
  • BR-02-22: 23 m at 831 g/t AgEq, 26.7% ZnEq (281 g/t Ag, 8.1% Zn, 5.7% Pb, 1.3 g/t Au, 0.8% Cu, 38% BaSO4 and 0.1% Sb) from 229.5 m.
    • Including 15.6 m at 1,176 g/t AgEq, 37.8% ZnEq (408 g/t Ag, 11.5% Zn, 8.2% Pb, 1.8 g/t Au, 1.1% Cu, 52% BaSO4 and 0.1% Sb) from 233.5 m.
  • BR-01-22: 7.9 m at 851 g/t AgEq, 27.4% ZnEq (380 g/t Ag, 2.9% Zn, 5.5% Pb, 1.5 g/t Au, 0.6% Cu, 77% BaSO4 and 0.4% Sb) from 141.4 m.
    • Including 5 m at 1127g/t AgEq, 36.2% ZnEq (546 g/t Ag, 4.4% Zn, 7.0% Pb, 1.9 g/t Au, 0.8% Cu, 76% BaSO4 and 0.5% Sb) from 144 m.

2022 exploration works

Exploration step-out drilling is currently focused on Rupice Northwest, where additional assays are pending from recently completed holes that have intercepted massive sulphide mineralisation within the extension area.

The resource definition and in-fill drilling programmes are also progressing well which, when completed, will lead to an updated mineral resource estimate planned for 4Q22. All three drill rigs will then be available to focus on additional Rupice Northwest and other planned exploration targets within close proximity to the Rupice orebody.

With the new drilling contractor delivering results with significantly improved advance rates, the company plans to complete approximately 22 000 m of exploration and infill drilling by the end of the year, with a continued focus on adding to the existing 10 years of mine life by systematically exploring around Rupice and the greater Vares project.

Paul Cronin, Adriatic’s Managing Director and CEO, commented: “Rupice Northwest is a significant step-out from our existing 10 year LOM at Rupice. The combination of excellent exploration results, combined with increased productivity and efficiency of the drilling campaign, provides significant encouragement to our stated strategy of building a long life, high grade and high return mine at Vares. The results so far strongly indicate the continuity and width of the mineralisation being at least similar to those initially discovered at Rupice during our campaign in 2017 – 2019.

“Adriatic will continue to drill and expand this exciting new extension, while also completing our in-fill programme to convert more inferred resources into reserves. With both of these programmes yielding excellent results, our goal is to extend the mine life at Rupice well beyond the current 10 years with more high-grade material adding flexibility to the mine plan to maximise early returns.

“In addition to the success of the drilling campaigns, our aim of brining the Vares Project to production stage rapidly continues to progress on track and on budget. The lower decline has commenced, significant progress is being made on the first sections of the haul road, and foundation work has started at the Process Plant.”

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