Adriatic Metals has brought in Paul Cronin, one of its founders, to run the company and progress its outstanding multi-metals project in Bosnia. As a founding shareholder, Cronin has intimate knowledge of the project and the jurisdiction and should be well placed to take it to the next level.
Cronin, along with young West Perth corporate finance whiz, Eric De-Mori and lawyer Miloš Bošnjakovic originally floated Adriatic on the back of its exceptional Bosnian assets that have produced drill numbers that are off the dial.
Company Chairman, Peter Bilbe, said that Paul’s passion for Adriatic was unrivalled.
Mr Cronin formerly held positions as an investment banker and fund manager with RMB Resources and he is also a director of Black Dragon Gold Corp and Global Atomic Fuels Corporation.
Adriatic’s Vareš project is located in central Bosnia and comprises a historical open-cut zinc-lead-barite and silver mine at the Veovača prospect and a higher-grade zinc polymetallic ore deposit defined at the Rupice prospect nearby.
The surrounding project area is also host to several regional geophysical targets and artisanal workings that look good for base metal exploration targeting.
Adriatic recently released a maiden mineral resource at its Rupice deposit totalling 9.4 million tonnes grading an exceptional 5.1% zinc, 3.3% lead, 1.8 g/t gold, 183 g/t silver, 0.6% copper and 31% barite.
The company also updated its Veovača resource recording 7.4 million tonnes grading 1.4% zinc, 0.9% lead, 0.1 g/t gold, 41 g/t silver and 13% barite. Adriatic’s exploration team has been busy churning out the metres northwest of Rupice too, with some impressive recent results that look like extending the newly defined resource there.
Drill intersections at Rupice have included 38 metres grading 6.2% zinc, 3.8% lead, 174g/t silver, 1.9g/t gold, 0.4% copper and 33% barite from 208m down-hole, including 12m @ 13.2% zinc, 7.8% lead, 154g/t silver, 2.4g/t gold, 0.6% copper from the same depth.
The hole also included what looks to be a second 20m-wide lode going 2% zinc, 2.8% lead, 96g/t silver, 0.3g/t gold and 0.6% copper from 254m.
According to the company, Rupice is Bosnia’s highest-grade polymetallic base metal resource, with significant precious metal credits and 80% of the estimate defined in the higher confidence “indicated” resource category.
With a depth of knowledge in banking and mining, it is hard to understand why Cronin did not take the chair when Adriatic first floated, but with a swag of shares to his name and a clear vested interest in the company, Cronin looks well placed now to take this remarkable project to the next level.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
