Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has reported high-grade intercepts from drilling at the Rupice Northwest project area, at its flagship Vares Silver Project in Bosnia & Herzegovina.
Latest results come from three exploration holes, out of five holes drilled this year to date.
Multiple sections containing high grades were reported in the assays, including highlight grades of up to 1,127 grams per tonne of silver equivalent (over a five-metre section).
“The results so far strongly indicate the continuity and width of the mineralisation being at least similar to those initially discovered at Rupice during our campaign in 2017-2019,” said Paul Cronin, Adriatic chief executive.
Cronin highlighted: "Rupice Northwest is a significant step-out from our existing 10-year LOM [life of mine] at Rupice.
“The combination of excellent exploration results, combined with increased productivity and efficiency of the drilling campaign, provides significant encouragement to our stated strategy of building a long life, high grade and high return mine at Vares.”
“Adriatic will continue to drill and expand this exciting new extension, while also completing our in-fill program to convert more Inferred resources into reserves.
“With both of these programmes yielding excellent results, our goal is to extend the mine life at Rupice well beyond the current 10 years with more high-grade material adding flexibility to the mine plan to maximise early returns.”
Cronin told investors that the company’s aim to bring Vares to the production stage rapidly remains on track and on budget.
In terms of its development work, the company said the lower decline has commenced and significant progress is being made on the first sections of the haul road, and foundation work has started at the Process Plant."
High-grade drill results
Drillholes BR-01-22, BR-02-22 and BR-03-22, were drilled some 90 metres northwest of the existing Rupice Mineral Resource.
Hole BR-03-22 encountered 30.9 metres of mineralisation measuring 851g/t AgEq and 27.4% zinc equivalent (ZnEq) – comprising: 233g/t Ag, 9.0% Zn, 6.1% Pb, 1.3g/t Au, 0.5% Cu, 67% BaSO4 & 0.1% Sb, from 239.5 metres.
Within BR-03-22, there was 23.5 metres at 993g/t AgEq, 31.9% ZnEq.
Hole BR-01-22 encountered 24.5 metres at 794g/t AgEq and 25.5% ZnEq – comprising: 343g/t Ag, 5.5% Zn, 3.7% Pb, 1.4g/t Au, 0.2% Cu, 75% BaSO4, 0.1% Sb, from 250.5 metres. Within that there was 17.5 metres at 915g/t AgEq, 29.4% ZnEq.
Also in BR-01-22, there was a separate 7.9 metres at 851g/t AgEq, 27.4% ZnEq including 5.0 metres at 1,127g/t AgEq, 36.2%, from 144 metres.
Hole BR-02-22 encountered 23.0 metres at 831g/t AgEq and 26.7% ZnEq – comprising: 281g/t Ag, 8.1% Zn, 5.7% Pb, 1.3g/t Au, 0.8% Cu, 38% BaSO4, 0.1% Sb, from 229.5 metres. Within that there was 15.6 metres at 1,176g/t AgEq, 37.8% ZnEq.