Adriatic Metals reports Vares exploration results

Highlights

• Exploration drilling northwest of the Rupice mineral resource continues to intercept additional high-grade mineralisation.
• Diamond drillhole BR-12-21, 145 m northwest of the existing Rupice mineral resource, intercepted:
  • 24.7 m at 514 g/t silver equivalent (AgEq) (181 g/t silver [Ag], 9% zinc [Zn], 4.6% lead [Pb], 0.9 g/t gold [Au], 0.3% copper [Cu], 67% barium sulfate [BaSO₄], 0.1% antimony [Sb]) from 295.1 m.
• BR-16-21 confirmed continuity within the zone of extension intercepting:
  • 7.1 m at 1123 g/t AgEq (662 g/t Ag, 11.3% Zn, 7.6% Pb, 3.4 g/t Au, 0.7% Cu, 62% BaSO₄, 0.3% Sb) from 350 m.
• BR-19-21 also confirmed continuity with:
  • 15.8 m at 508 g/t AgEq (280 g/t Ag, 4.8% Zn, 4% Pb, 1.9 g/t Au, 0.3% Cu, 74% BaSO₄, 0.1% Sb) from 346.2 m.

Geotechnical Drilling

A further 123 geotechnical drill holes have been completed since the 2021 DFS, underpinning the detailed engineering design and delivery of the Vares Silver Project. Geotechnical drilling activities will be nearing completion in the new year, increasing the drill rig availability for exploration.

Paul Cronin, Adriatic’s Managing Director and CEO, commented: “The extensional drilling completed to date demonstrates that excellent exploration potential still remains at Rupice. While extending the known mineralised zone by 145 m, BR-12-21 also shows a thickening of the massive sulfide mineralisation to the north. We plan for drilling to continue through winter, alongside the civil earth works underway for the Rupice Underground Mine surface infrastructure.

“Given the thickness and continuity demonstrated at Rupice Northwest, the recent drilling results, and ongoing exploration activities are expected to extend the current 10 year mine plan at Rupice, as well as offering potential optionality to alter the current mine plan to access the higher grade areas earlier in the mine life.

In addition, the documentation for the US$142.5 million debt component to the project finance package provided by Orion is progressing well and we expect to execute in the coming days, with closing remaining on track for end of February.”

The company continues to work with Zenica-Doboj Canton on its application to extend the Vares Project’s concession area boundary further northwest along strike. The annex to the concession agreement is expected to be concluded in 2Q22.

Read the article online at: https://www.globalminingreview.com/exploration-development/24122021/adriatic-metals-reports-vares-exploration-results/