Adriatic Metals is continuing to score goals at its flagship Vares silver project, extending the known mineralisation whilst pressing ahead to identify yet more resources from its 42 square kilometres concession package in Bosnia and Herzegovina.
The precious and base metals explorer – headquartered in the UK and listed in financial markets in London, Australia and the United States – has released fresh assay results from last year’s 28-hole drill program at the Rupice NW deposit at Vares.
Those assays confirm continuing high-grade thick massive sulphide intercepts at Rupice NW.
Highlights include 11.8m going 1,669.4 grams per tonne silver equivalent and 53.68 per cent zinc equivalent from 226m, 43.2m at 671g/t silver equivalent and 21.6 per cent zinc equivalent from 256.8m and 6m going 1432.8 g/t silver equivalent and 46.07 per cent zinc equivalent from 281.4m.
The development of the Vares project is already well down the development path. It is fully funded to production, which is expected to start in the third quarter of this year.
A definitive feasibility study shows robust economics of US$1,062 million post-tax net present value, a stunning 134 per cent internal rate of return and a capex of US$168 million.
An updated JORC mineral resource estimate in August 2020 put the polymetallic mineral resources of Rupice, including Rupice NW, at 12 million tonnes.
However, Adriatic wants more.
In total, 23,700m of diamond drilling from 86 holes using four drill rigs, is planned for Rupice NW and regional targets this year, in addition to geophysical surveys, soil sampling and mapping.
Particular attention will be paid to an area Adriatic calls “the Gap” – the zone that separates Rupice NW and Rupice. The aim is close-off mineralisation at the two deposits and issue an updated Rupice mineral resource estimate.
Adriatic Managing Director and CEO, Paul Cronin said: “Rupice NW is delivering outstanding results that will continue to grow the Rupice mineralisation inventory and life of mine. Today’s new exploration results validate the continuity, grade and thickness of Rupice NW, with the added bonus of multiple expanding mineralised horizons.”
Cronin argues new geological and mineralisation models has provided powerful tools in visualising new opportunities and a detailed roadmap of drilling targets.
Adriatic says the very first drill hole at the Gap in February intersected massive sulphide mineralisation and an extensive mineralised footwall zone.
Assay results from that hole are still pending.
The campaign will also include infilling mineralisation to an Indicated resource level of confidence and closing-out mineralisation that is currently open up-dip and down-dip on every section.
Moreover, concurrent with the project’s ongoing construction activities, Adriatic says it will continue to explore across its highly prospective landholding in Bosnia and Herzegovina to fulfil its ambition of making Vares the hub for multiple Adriatic mines. In addition to drill testing regional prospects, Cronin says the company will commence systematic grassroots exploration of Vares East with the aim of supplementing Rupice production with new regional ore sources.
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By Matt Birney
