Highlights
- 1Q23 and 2Q23 exploration objectives for Adriatic Metals’ Rupice Northwest (RNW) deposit were met and exceeded with:
? extension of mineralisation westward;
? extension of mineralisation to the south-west towards Rupice;
? definition of the high-grade RNW ‘Lower Zone’; and
? resolving RNW to be a separate but overlapping mineralised body.
- The RNW ‘Lower Zone’ continued to be confirmed as a copper gold rich body with high grade lead, zinc, silver and antimony and reduced barium.
- New significant assays from the RNW Lower Zone continued to be reported through the period e.g., 9.30 m @ 2624.8 g/t AgEq or 84.40% ZnEq including 816.6 g/t Ag, 28.90% Zn, 14.96% Pb, 6.85 g/t Au, 2.66% Cu, 7.3% BaSO4, 0.62% Sb in hole BR-22-23.
- Elevation in copper and gold in the western extent of RNW was also noted as on par with the RNW Lower Zone e.g., 13.00 m @ 3064.3 g/t AgEq or 98.53% ZnEq including 989.2 g/t Ag, 29.18% Zn, 22.19% Pb, 6.36 g/t Au, 4.25% Cu, 2.1% BaSO4, 1.21% Sb in hole BR-22-23.
- Drilling in the GAP between the Rupice and RNW deposits supports the mineralised bodies as overlapping rather than connecting, presenting opportunities in mine development.
- The RNW mineralisation extension into the GAP has returned high grades from narrow metal rich zones e.g., 8.30 m @ 1446.3 g/t AgEq or 45.50% ZnEq including 303.3 g/t Ag, 19.00% Zn, 7.94% Pb, 2.46 g/t Au, 3.05% Cu, 22.0% BaSO4, 0.37% Sb in hole BR-19-23.
- Infill drilling in 2Q23 demonstrated continuity in high grades and mineralisation thickness between previously drilled holes, de-risking RNW to an Indicated resource level of confidence.
- Sufficient high-quality representative drilling results have been returned to proceed to an updated Rupice Mineral Resource Estimate (MRE) in July 2023.
- As at end of June, Rupice, RNW and RNW Lower Zone remain open to resource expansion highlighting the outstanding and extensive nature of the polymetallic mineralised system and region.
- A fourth diamond drill rig commenced drilling at Rupice West in June to advance an aggressive regional exploration programme for new precious and base metals deposits.
Paul Cronin, Adriatic’s Managing Director and CEO, commented: “Exploration in 1Q23 and 2Q23 positioned Adriatic Metals for a major Rupice mineral resource update in July 2023. Drilling has demonstrated narrower but higher-grade zones of mineralisation and added quality base and precious metals rich tonnes peripheral to the thick centre of RNW. Extension drilling to the west and southwest of RNW saw strong increases in copper and gold grades as mineralisation narrowed, while retaining outstanding lead, zinc and silver grades. The expansion of the narrow but extremely high grade continuous RNW Lower Zone has added further value and opportunity to an already rich RNW mineralised system. By drilling at Rupice and RNW it is now clear that the mineralisations overlap each other at their peripheries. Therefore, there is an opportunity to develop both deposits simultaneously, with minimal additional development capital. Capping-off the resource extensions was the successful infill drilling between the 2022 RNW holes. Excellent consistency of widths, equivalent high grades, mineralisation continuity on section and along strike gives us confidence that the majority of drilled mineralisation will have an Indicated resource level of confidence. This will support a further significant expansion of reserves which are to be determined in parallel to an updated mine plan incorporating RNW. The Q323 drilling schedule will turn attention back to the main Rupice orebody with a focus on growing the Rupice resource beyond the current reserve, both up-dip and down-dip, using the knowledge gained from RNW. Exploration will also be in full swing with drill testing of Rupice West, Semizova Ponikva and Droskovac prospects. Drilling has started with a regional exploration dedicated 4th diamond drill rig.”