Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF), the London-listed precious and base metals developer, has reported promising exploration results from its Rupice Northwest (RNW) site, part of the company's flagship Vares Silver Project in Bosnia & Herzegovina.
The latest drilling results from RNW have revealed high-grade extensions of silver (Ag), zinc (Zn), lead (Pb), gold (Au), and copper (Cu) to the west of the July 2023 Rupice Mineral Resource Estimate (MRE).
Notably, the discovery of faulting and folding at the western end of RNW has unveiled a vertical domain of thickened high-grade mineralisation, presenting new mining opportunities.
Among the highlights, RNW step-out drilling to the west has shown significant widths, with results such as 33.4m at 1,197g/t AgEq or 38.5% ZnEq, including specific concentrations in hole BR-30-23.
Another notable find was in hole BR-36-23, which reported 15.2m at 1,502g/t AgEq, 48.3% ZnEq.
Paul Cronin, Adriatic's managing director and chief executive, expressed his optimism about the findings.
"Additional exploration drilling, new geology, more tonnes at higher grades to the west of the current Rupice Northwest resource are adding significantly to the growth of Rupice,” he said.
“Faulting and folding have thickened and bent mineralization to vertical, with silver-gold-copper grades increasing in proximity to the deformation. Drilling will continue to define the western extent of RNW for a further resource update at the end of 2023.”
On a regional scale, exploration drilling is underway at the Semizova Ponikva prospect and will soon shift to the Droskovac-Brezik prospect.
Drilling at Rupice West concluded in July, uncovering high-grade zinc oxide mineralisation, though assay results are still pending.
"Our most recent capital raise will enable us to expand and accelerate our exploration programme and continue this exploration through 2024," Cronin added, emphasising Adriatic's commitment to unlocking the full potential of the Rupice Mine, the Vares Project, and other regional targets.
The recent exploration results encompass seven drilled holes, namely BR-30-23, BR-31B-23, BR-32-23, BR-33A-23, BR-34-23, BR-35-23, and BR-36-23.
Three other holes were abandoned due to ground conditions and hole deviation.
Adriatic Metals continues its exploration activities, focusing on further extending and infilling RNW. The company remains optimistic about the potential of the site and the broader Vares Silver Project, as evidenced by these promising exploration results.
Comprehensive drilling results can be read in Adriatic’s latest regulatory statement.