Middle Island Resources has struck a multi-metal jackpot with a set of blockbuster channel sampling results from its Bobija project in Serbia.
The results from four one-metre channels stretching over a total of 157 metres, revealed thick, high-grade zones of gold, silver, copper, lead and zinc mineralisation across the floor of the historic open pit.
The company says the samples, which were excavated using a diamond saw to ensure precision, also demonstrated wide, consistent zones of mineralisation rather than narrow high-grade spikes - a feature that hints at bulk-mining potential.
Among the standout hits was a 47-metre long channel grading 1.9 grams per tonne gold, a solid 228.8g/t silver, 0.56 per cent copper, 2.18 per cent lead and 2.99 per cent zinc. Another 38-metre trench delivered 1.78g/t gold, 119.1g/t silver, 0.23 per cent copper, 2.73 per cent lead and 2.73 per cent zinc.
Adding to the buzz, individual samples peaked at an impressive 8.25g/t gold, 499g/t silver, 2.46 per cent copper, 16.7 per cent lead and 9.41 per cent zinc.
More than 10 per cent of samples also lit up with elevated barium values. Barite, a barium sulphate mineral, often accompanies precious and base metals mineralisation in the Bobija system, serving as a useful signpost to guide exploration efforts.
Remarkably, this is the first modern exploration work done by anyone since 2017 within the Bobija mine area and represents the first time gold has been systematically assayed in the pit.
Historic operators largely overlooked the precious yellow metal, which means the updated results could point to a significant new layer of value in what was once a barite and base metals operation.
Middle Island Resources non-executive chairman Daniel Raihani said: “Excellent initial results within the Bobija pit support our view that this former open pit mine still hosts a significant gold-silver-base metal deposit.”
Hot on the heels of the ground sampling, the company has now also completed an initial reverse circulation drilling campaign comprising of 11 holes for 816 metres, with assays due later this month. The program is designed to extend the already know surface mineralisation and test for continuity at depth beneath the old pit.
Middle Island’s activities mark first boots-on-the-ground in Serbia by the company since locking in an all-scrip deal in August to acquire 100 per cent of Australian explorer Konstantin Resources.
The takeover, worth 475 million Middle Island shares and 100 million options, handed Middle Island the keys to a rich Serbian portfolio covering 620 square kilometre along Serbia's richly endowed Western Tethyan Belt - one of the planet’s most prolific mineral provinces.
This vast geological corridor, formed by the collision of ancient continents stretches across Southeast Europe and the Balkans. The region has given rise to an extraordinary endowment of porphyry and epithermal systems renowned for their bounty of gold, copper and base metals - the very same style of deposits that Middle Island is now chasing at its Bobija prospect.
Lying in the heart of the Western Tethyan Mineral Province, Bobija is within striking distance of several world-class operations including Zijin Mining’s monster Cukaru Peki copper-gold mine, DPM Metals’ high-grade Coka Rakita gold project and Rio Tinto’s globally significant Jadar lithium-borate deposit.
Originally explored decades ago by the Yugoslav State for barite, lead and zinc, the site also bears striking geological parallels to the celebrated Vares polymetallic mine just across the border in Bosnia-Herzegovina.
Developed by Adriatic Metals, Vares hosts a hefty 20.9 million tonnes grading 1.1 grams per tonne gold, 153g/t silver, 0.4 per cent copper, 2.8 per cent lead and 4.3 per cent zinc.
However, in a move that sent ripples through the market, DPM Metals swooped on the asset in September, sealing a blockbuster US$1.25 billion (A$1.93 billion) cash-and-stock deal - a powerful reminder of the region’s soaring appetite for high-grade polymetallic projects.
Bobija’s holding spans six licences, including three exploration permits already granted and two mining licences under option. For now, the company’s sights are firmly set on the historic mine area, where mineralisation appears to sit right at surface.
Historic drilling by Reservoir Minerals and Nevsun Resources in 2017 backs up this working theory. Those companies picked up broad zones of shallow polymetallic mineralisation at the mine, hinting at something much bigger lurking below.
With drill assays now pending, the company appears on the cusp of defining a substantial polymetallic resource in a tier-one jurisdiction. If the pending results can match the tenor and thickness of the channel samples, Bobija could quickly become Middle Island’s flagship and one of Serbia’s most exciting new multi-metal plays.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By James Pearson
