Zinc polymetallic explorer Adriatic Metals has come out swinging just weeks after listing on the ASX.
The company has produced 10 encouraging grab samples taken from the waste dump around a historic adit at the Perth listed company’s Vareš Project in Bosnia and Herzegovina.
The adit falls within Adriatic’s 100%-owned Rupice Exploration Licence, where drilling is currently underway at the Rupice North and JB Zone.
The Vareš project includes an historic open cut zinc/lead/barite and silver mine at Veovaca and Rupice, and an advanced proximal deposit exhibiting high grades of base and precious metals.
Surface samples from the Jurasevac prospect, which were assayed in the Serbian mining centre of Bor, provided some startling results including 12.3% lead, 19.4% zinc, 0.8% copper and 186 parts per million silver.
Other results incuded 9.2% lead, 14.8% zinc, 0.3% copper, 231ppm silver and 12.2% lead, 9.8% zinc, 3.3% copper and 339ppm silver.
A sample result over half a metre returned 7.1% lead, 4.4% zinc, 4.8% copper and 118ppm silver.
The 10 samples of dump material were taken from five sites in an area of 5m X 5m with collection at the corners of the grid and the centre from surface and 500 millimetres and 700 millimetres below surface.
None of the samples were tested for gold.
The company’s short-term objective is to expand the JORC resource at Veovaca and to complete an in-fill drilling program at the Rupice prospect, which is 15 kilometres northwest of Veovaca on the western slope of Kiprovac Ridge.
Drill samples from Rupice North are currently being assayed and drilling is underway at the adjacent JB Zone with a second rig that arrived recently.
The company expects sample results to be available in the coming weeks.
Adriatic Metals’ Chief Executive Officer, Geraint Harris said: “The grab samples collected at the Jurasevac adit are high grade, and when combined with our recent geophysics and geochemistry, are further support of our current drill plan for the JB Zone at Rupice.
“We are pleased with the progress of our drilling, and subject to confirmation of assay results for BR-2-18, may look to accelerate our drill program.”
Adriatic appears to have found some smoke and it will be interesting to see how much fire it can ultimately produce in this mineral rich region. The existence of impressively high grade samples near surface, coupled with some exceptional historic drill results is cause for excitement for now.
By Matt Birney
