Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
21M OF HIGH-GRADE MINERALISATION INTERCEPTED 80M NORTHWEST OF THE RUPICE OREBODY
VARES PROJECT EXPLORATION HIGHLIGHTS
Exploration drilling continues at Rupice with high grade mineralisation identified in hole BR-02-21. The drill hole is located 80m northwest of the existing Rupice Mineral Resource.
· 21.1 metres at 576g/t AgEq or 17.8% ZnEq (296g/t Ag, 5.5% Zn, 3.7% Pb, 1.2g/t Au, 0.2% Cu, 80% BaSO4, 0.1% Sb) from 338.6 metres, including;
o 6.8 metres at 655g/t AgEq or 20.2% ZnEq (387g/t Ag, 6.2% Zn, 4.2% Pb, 0.8g/t Au, 0.2% Cu, 79% BaSO4, 0.1% Sb) from 339.2 metres
Paul Cronin, Adriatic's Managing Director and CEO, commented: "We have known for some time that Rupice is open along strike to the northwest, as well as down dip in the southern part of the orebody. We have not had the resources until recently to test those extents, due to resource and reserve definition, as well as geotechnical drilling commitments.
Rupice mineralisation appears to extend further northwest than we'd expected, so in case of continuing extensions to the northwest, we have made an application to extend our concession area boundary further in this direction.
The ongoing focus of the 2021 program is to continue systematically exploring around Rupice, with further step-out and in-fill drilling planned.
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is pleased to report on recent exploration results at the Company's flagship Vares Silver Project in Bosnia & Herzegovina.
Rupice continues to deliver significant intercepts with a high-grade mineralised intersection from a step-out drill hole 80m northwest of the existing Rupice orebody. See Figures 1 & 2, below.
The drilling program at Rupice will continue with three diamond core drill rigs focused on testing the extents of the Rupice orebody, both towards the north and as well as potential down dip extensions to the south.
Drilling is currently focused in the northern area surrounding the high-grade intersection encountered in drill hole BR-02-21 at Rupice. Due to the size of the step-out, it is yet to be determined whether this reported mineralisation is the extension of the previously defined Rupice orebody or a separate ore zone. The reported interval is a massive sulphide replacement of dolomitic breccia, which is analogous with the primary mineralisation style of the Rupice orebody.
As announced on 19 April 2021, exploration drilling recommenced at Rupice in Q2 2021 with a budget of £6.8m for this year. Progress on project-wide exploration drilling has been slower than expected, primarily due to the re-deployment of resources for the DFS geotechnical drilling for the proposed surface infrastructure around the Rupice underground portal. However, this work is now nearing completion.
Figure 1: Plan view map of the Rupice orebody and location of hole BR-02-21
Figure 2: Cross-section (A-A') through the Rupice deposit
For a link to the announcement with images see link: https://www.adriaticmetals.com/investors/asx-announcements/
** ENDS **
MARKET ABUSE REGULATION DISCLOSURE
The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging and authorising the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.
For further information please visit www.adriaticmetals.com or @adriaticmetals visit on Twitter; or contact:
|
Adriatic Metals PLC |
|
|
Paul Cronin / Thomas Horton |
Tel: +44 (0) 7866 913207 |
|
|
|
|
Canaccord Genuity Limited (Joint Corporate Broker) |
|
|
Jeremy Dunlop (Australia) |
Tel: +61 2 9263 2700 |
|
James Asensio (UK) |
Tel: +44 (0) 207 523 8000 |
|
|
|
|
RBC Capital Markets (Joint Corporate Broker) |
|
|
Marcus Jackson / Jamil Miah |
Tel: +44 (0) 20 7653 4000 |
|
|
|
|
Stifel Nicolaus Europe Limited (Joint Corporate Broker) |
|
|
Ashton Clanfield / Callum Stewart |
Tel: +44 (0) 20 7710 7600 |
|
|
|
|
Tavistock Communications Limited |
|
|
Charles Vivian |
Tel: +44 (0) 7977 297 903 |
|
|
|
|
The Capital Network |
|
|
Julia Maguire / Lelde Smits |
Tel: +61 2 8999 3699 |
|
|
|
COMPETENT PERSONS REPORT
The information in this report which relates to exploration results is based on information compiled by Mr Phillip Fox, who is a member of the Australian Institute of Geoscientists (AIG). Mr Fox is a consultant to Adriatic Metals PLC, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Fox consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.
ABOUT ADRIATIC METALS
Adriatic Metals PLC ((ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Silver Project in Bosnia & Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.
The Vares Project Pre-Feasibility Study boasts robust economics of US$1,040 million post-tax NPV8, 113% post-tax IRR and a capex of US$173 million. Adriatic is the only publicly listed mining company exploring in Bosnia and is leveraging its first-mover advantage. The Company is well-funded and concurrent with the advancing Definitive Feasibility Study, continues to explore across its large, highly prospective 41km2 concession package.
Adriatic Metals completed the acquisition TSX-listed Tethyan Resource Corp. in Q4 2020, which contained the Raska Zinc-Silver Project in southern Serbia. The Company is exploring across its 99km2 highly prospective concession area, which includes around the formerly operating Kizevak and Sastavci polymetallic mines.
There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.
DISCLAIMER
Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "potential(s)"and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
APPENDIX 1- ASSAY TABLES
Table 1- Significant intercepts for reported drill holes
|
Hole ID |
From |
To |
Interval |
AgEq |
ZnEq |
Ag |
Zn |
Pb |
Au |
Cu |
BaSO4 |
Sb |
|
|
(m) |
(m) |
(m) |
(g/t) |
(%) |
(g/t) |
(%) |
(%) |
(g/t) |
(%) |
(%) |
(%) |
|
BR-02-21 |
338.6 |
359.7 |
21.1 |
576 |
17.8 |
296 |
5.46 |
3.70 |
1.22 |
0.18 |
80 |
0.08 |
|
including |
339.2 |
346.0 |
6.8 |
655 |
20.2 |
387 |
6.20 |
4.22 |
0.75 |
0.18 |
79 |
0.10 |
|
Notes 1. Significant intervals are estimated using a 50g/t Ag cut off and 5 metres consecutive internal dilution. Higher grade intervals have a 350g/t Ag cut off. 2. AgEq & ZnEq grades are based on the following metal prices as used in the 2020 PFS: $1900/oz gold, $24/oz silver, $2000/t lead, $2500/t zinc, $6500/t copper, $150/t barite & $6500/t antimony. 3. The following metal recoveries were derived from the 2020 PFS and cumulative recoveries of all concentrates were used: 92% silver, 97% zinc, 94% lead, 70% gold, 97% copper, 58% barite and 96% antimony. 4. The following metal payabilities were derived from the PFS and cumulative payabilities of all concentrates were used: 86% silver, 71% zinc, 84% lead, 76% gold, 21% copper, 99% barite and 17% antimony. 5. The silver equivalent calculation is as follows: AgEq = ((Au grade g/t /31.103 * Au recovery % * Au price $/oz) + (Ag grade g/t /31.103 * Ag recovery % * Ag price $/oz) + (Pb grade % /100 * Pb recovery % * Pb price $/t) + (Zn grade % /100 * Zn recovery % * Zn price $/t) + (Cu grade %/100 * Cu recovery % * Cu price $/t))/Ag price $/oz * 31.103 6. The zinc equivalent calculation is as follows: ZnEq = ((Au grade g/t /31.103 * Au recovery % * Au price $/oz) + (Ag grade g/t /31.103 * Ag recovery % * Ag price $/oz) + (Pb grade % /100 * Pb recovery % * Pb price $/t) + (Zn grade % /100 * Zn recovery % * Zn price $/t) + (Cu grade %/100 * Cu recovery % * Cu price $/t))/Zn price $/t *100 7. It is the opinion of Adriatic Metals and the Competent Person that all elements and products included in the metal equivalent formula have a reasonable potential to be recovered and sold.
|
||||||||||||
Table 2 - Collar information for reported drill holes
|
Hole ID |
Easting (m) |
Northing (m) |
Elevation (m) |
Depth (m) |
Azimuth (°) |
Inclination (°) |
|
BR-02-21 |
6519128 |
4895185 |
1073 |
387.6 |
230.5 |
-58 |
|
Note: Coordinates are shown using Gauss Kruger MGI Balkan Zone 6 |
||||||
Table 3 - Assay data for reported drill holes
|
Hole |
From (m) |
To (m) |
Interval (m) |
Ag (g/t) |
Zn (%) |
Pb (%) |
Au (g/t) |
Cu (%) |
BaSO4 (%) |
Sb (%) |
|
BR-02-21 |
0.0 |
217.5 |
217.5 |
Interval not sampled |
||||||
|
BR-02-21 |
217.5 |
219.0 |
1.5 |
<1 |
0.04 |
0.01 |
0.01 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
219.0 |
221.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
221.0 |
223.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
223.0 |
225.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
225.0 |
227.0 |
2.0 |
<1 |
0.07 |
0.01 |
0.01 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
227.0 |
229.0 |
2.0 |
<1 |
0.03 |
0.01 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
229.0 |
230.5 |
1.5 |
Interval not sampled |
||||||
|
BR-02-21 |
230.5 |
231.5 |
1.0 |
<1 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
231.5 |
232.2 |
0.7 |
Interval not sampled |
||||||
|
BR-02-21 |
232.2 |
234.2 |
2.0 |
<1 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
234.2 |
235.0 |
0.8 |
Interval not sampled |
||||||
|
BR-02-21 |
235.0 |
237.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
237.0 |
239.0 |
2.0 |
<1 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
239.0 |
241.1 |
2.1 |
Interval not sampled |
||||||
|
BR-02-21 |
241.1 |
242.6 |
1.5 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
<0.005 |
|
BR-02-21 |
242.6 |
242.8 |
0.2 |
Interval not sampled |
||||||
|
BR-02-21 |
242.8 |
244.0 |
1.2 |
<1 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
244.0 |
246.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
246.0 |
248.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
248.0 |
250.0 |
2.0 |
<1 |
<0.005 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
250.0 |
251.0 |
1.0 |
<1 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
251.0 |
305.6 |
54.6 |
Interval not sampled |
||||||
|
BR-02-21 |
305.6 |
307.0 |
1.4 |
<1 |
0.05 |
0.04 |
<0.005 |
<0.005 |
<1 |
0.02 |
|
BR-02-21 |
307.0 |
308.0 |
1.0 |
<1 |
0.22 |
0.05 |
<0.005 |
<0.005 |
<1 |
0.04 |
|
BR-02-21 |
308.0 |
309.5 |
1.5 |
<1 |
0.07 |
0.02 |
<0.005 |
<0.005 |
<1 |
0.02 |
|
BR-02-21 |
309.5 |
311.0 |
1.5 |
<1 |
0.03 |
0.02 |
<0.005 |
<0.005 |
<1 |
0.02 |
|
BR-02-21 |
311.0 |
313.0 |
2.0 |
<1 |
1.37 |
0.46 |
0.01 |
0.03 |
<1 |
0.06 |
|
BR-02-21 |
313.0 |
315.0 |
2.0 |
<1 |
0.03 |
0.02 |
<0.005 |
<0.005 |
<1 |
0.02 |
|
BR-02-21 |
315.0 |
316.0 |
1.0 |
<1 |
0.05 |
0.03 |
<0.005 |
<0.005 |
<1 |
0.02 |
|
BR-02-21 |
316.0 |
318.0 |
2.0 |
<1 |
0.01 |
0.01 |
<0.005 |
<0.005 |
<1 |
0.02 |
|
BR-02-21 |
318.0 |
320.0 |
2.0 |
<1 |
0.01 |
<0.005 |
0.01 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
320.0 |
321.0 |
1.0 |
<1 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
321.0 |
323.0 |
2.0 |
1 |
0.03 |
0.01 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
323.0 |
325.0 |
2.0 |
3 |
0.02 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
325.0 |
327.0 |
2.0 |
4 |
0.04 |
<0.005 |
<0.005 |
0.01 |
<1 |
0.01 |
|
BR-02-21 |
327.0 |
328.4 |
1.4 |
<1 |
0.03 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
328.4 |
329.0 |
0.6 |
4 |
0.03 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
329.0 |
331.0 |
2.0 |
14 |
0.03 |
<0.005 |
<0.005 |
0.02 |
<1 |
0.02 |
|
BR-02-21 |
331.0 |
333.0 |
2.0 |
18 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
333.0 |
335.0 |
2.0 |
61 |
0.01 |
<0.005 |
<0.005 |
0.01 |
<1 |
0.02 |
|
BR-02-21 |
335.0 |
337.0 |
2.0 |
32 |
0.01 |
<0.005 |
<0.005 |
0.01 |
<1 |
0.02 |
|
BR-02-21 |
337.0 |
338.6 |
1.6 |
22 |
0.01 |
0.09 |
<0.005 |
0.01 |
<1 |
0.02 |
|
BR-02-21 |
338.6 |
339.2 |
0.6 |
133 |
3.71 |
2.42 |
0.96 |
0.14 |
78 |
0.09 |
|
BR-02-21 |
339.2 |
340.0 |
0.8 |
369 |
6.41 |
3.84 |
0.58 |
0.16 |
80 |
0.14 |
|
BR-02-21 |
340.0 |
341.0 |
1.0 |
375 |
6.63 |
4.75 |
0.77 |
0.17 |
80 |
0.14 |
|
BR-02-21 |
341.0 |
342.0 |
1.0 |
354 |
7.21 |
4.37 |
0.76 |
0.15 |
76 |
0.11 |
|
BR-02-21 |
342.0 |
343.0 |
1.0 |
542 |
6.39 |
5.01 |
0.88 |
0.27 |
77 |
0.12 |
|
BR-02-21 |
343.0 |
344.0 |
1.0 |
337 |
7.59 |
5.10 |
0.65 |
0.15 |
77 |
0.08 |
|
BR-02-21 |
344.0 |
345.0 |
1.0 |
339 |
3.58 |
2.64 |
0.54 |
0.14 |
88 |
0.06 |
|
BR-02-21 |
345.0 |
346.0 |
1.0 |
391 |
5.63 |
3.72 |
1.07 |
0.18 |
78 |
0.07 |
|
BR-02-21 |
346.0 |
347.0 |
1.0 |
163 |
1.13 |
1.56 |
0.33 |
0.10 |
91 |
0.02 |
|
BR-02-21 |
347.0 |
348.0 |
1.0 |
280 |
2.43 |
2.82 |
0.70 |
0.17 |
88 |
0.03 |
|
BR-02-21 |
348.0 |
349.0 |
1.0 |
350 |
2.82 |
3.30 |
1.12 |
0.21 |
85 |
0.05 |
|
BR-02-21 |
349.0 |
350.0 |
1.0 |
319 |
3.44 |
4.14 |
1.27 |
0.23 |
83 |
0.05 |
|
BR-02-21 |
350.0 |
351.0 |
1.0 |
254 |
7.85 |
4.93 |
1.35 |
0.22 |
77 |
0.06 |
|
BR-02-21 |
351.0 |
352.0 |
1.0 |
227 |
5.99 |
4.49 |
1.37 |
0.18 |
78 |
0.05 |
|
BR-02-21 |
352.0 |
353.0 |
1.0 |
195 |
5.77 |
3.43 |
1.37 |
0.18 |
81 |
0.04 |
|
BR-02-21 |
353.0 |
354.0 |
1.0 |
251 |
6.58 |
4.04 |
1.72 |
0.21 |
79 |
0.07 |
|
BR-02-21 |
354.0 |
355.0 |
1.0 |
272 |
8.10 |
4.84 |
2.03 |
0.24 |
76 |
0.11 |
|
BR-02-21 |
355.0 |
356.0 |
1.0 |
245 |
7.44 |
3.42 |
1.89 |
0.20 |
78 |
0.09 |
|
BR-02-21 |
356.0 |
357.0 |
1.0 |
266 |
5.62 |
2.75 |
1.72 |
0.19 |
82 |
0.06 |
|
BR-02-21 |
357.0 |
358.0 |
1.0 |
261 |
5.11 |
2.77 |
1.38 |
0.15 |
83 |
0.08 |
|
BR-02-21 |
358.0 |
359.0 |
1.0 |
253 |
5.25 |
3.40 |
1.77 |
0.22 |
80 |
0.09 |
|
BR-02-21 |
359.0 |
359.7 |
0.7 |
267 |
4.66 |
2.87 |
2.88 |
0.16 |
63 |
0.11 |
|
BR-02-21 |
359.7 |
361.0 |
1.3 |
1 |
0.17 |
0.05 |
0.01 |
<0.005 |
2 |
0.02 |
|
BR-02-21 |
361.0 |
362.0 |
1.0 |
7 |
0.17 |
0.06 |
0.01 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
362.0 |
364.0 |
2.0 |
1 |
0.03 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
364.0 |
365.9 |
1.9 |
2 |
0.01 |
<0.005 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
365.9 |
367.0 |
1.1 |
34 |
0.02 |
0.01 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
367.0 |
369.0 |
2.0 |
11 |
0.03 |
0.01 |
<0.005 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
369.0 |
371.0 |
2.0 |
<1 |
0.02 |
0.03 |
0.01 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
371.0 |
373.0 |
2.0 |
<1 |
0.03 |
0.01 |
0.05 |
<0.005 |
<1 |
0.01 |
|
BR-02-21 |
373.0 |
375.0 |
2.0 |
6 |
0.15 |
0.23 |
0.09 |
0.04 |
<1 |
0.03 |
|
BR-02-21 |
375.0 |
377.0 |
2.0 |
10 |
0.75 |
0.69 |
0.07 |
0.08 |
<1 |
0.06 |
|
BR-02-21 |
377.0 |
378.4 |
1.4 |
12 |
0.42 |
0.46 |
0.06 |
0.53 |
<1 |
0.38 |
|
BR-02-21 |
378.4 |
379.3 |
0.9 |
63 |
8.88 |
2.46 |
0.12 |
1.22 |
3 |
1.00 |
|
BR-02-21 |
379.3 |
381.0 |
1.7 |
<1 |
0.05 |
0.03 |
0.05 |
0.01 |
<1 |
0.02 |
|
BR-02-21 |
381.0 |
383.0 |
2.0 |
9 |
0.39 |
0.30 |
0.05 |
0.23 |
<1 |
0.21 |
|
BR-02-21 |
383.0 |
384.6 |
1.6 |
<1 |
0.03 |
0.01 |
0.05 |
<0.005 |
<1 |
0.01 |
APPENDIX 2: JORC TABLES
|
Section 1 Sampling Techniques and Data |
||
|
(Criteria in this section apply to all succeeding sections.)
|
||
|
Criteria |
JORC Code Explanation |
Commentary |
|
Sampling techniques |
Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. |
PQ3 and HQ3 diamond core was cut in half to provide a sample for assay typically weighing around 4-6kg. Samples were submitted to the ALS facility in Bor, Serbia for industry standard analytical analysis.
|
|
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. |
The half core and weight of the sample is sufficiently representative.
No calibration of any equipment was required as all samples were sent for assay by a commercial laboratory. |
|
|
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. |
PQ3 and HQ3 diamond core was used to obtain nominally 1m samples from which 4-6kg of material was pulverised to produce sample for fire assay, ICP-MS and X-ray Fluorescence (XRF). |
|
|
Drilling techniques |
Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
|
BR-02-21 was diamond drilled from the surface using PQ3 and HQ3 diameter core. PQ3: 0m-90m; HQ3: 90m-383.4m. Drilling was undertaken by GeoAVAS from Bosnia & Herzegovina using a crawler mounted Atlas Copco diamond core rig capable of drilling to depths of 800 m (HQ). The rig drilled HQ3 and core held in the core barrel by a stainless steel "split" inner tube. The use of the inner tube ensured that all core maintained its orientation prior to removal into the core trays. Drill core was stored in suitable core boxes and racked inside at the Vares Processing Plant office-warehouse complex. BR-02-21 was surveyed downhole generally at or around 30 m intervals. Deviation from the setup azimuth and inclination were not material over the entirety of the drilled interval,), both of which deviated at the heavily faulted and fractured Jurassic-Triassic contact zone. |
|
Drill sample recovery |
Method of recording and assessing core and chip sample recoveries and results assessed. |
All core was logged for geology and RQD with recovery in the mineralised and sampled zone greater than 90%. The PQ3 and HQ3 diameter and sampling of half core ensured the representative nature of the samples. There is no observed relationship between sample recovery and grade, and with little to no loss of material there is considered to be little to no sample bias. |
|
Measures taken to maximise sample recovery and ensure representative nature of the samples. |
||
|
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
||
|
Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
Diamond drill core samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Not all drill holes penetrated the massive sulphide mineralisation, but all were used to guide the geological interpretations supporting the Mineral Resource estimates. |
|
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
|
All core is photographed, and logging is qualitative. |
|
|
The total length and percentage of the relevant intersections logged. |
All core is logged. |
|
|
Sub-sampling techniques and sample preparation |
If core, whether cut or sawn and whether quarter, half or all core taken. |
The diamond core was cut in half using a diamond saw. Nominally 1 in 30 samples was cut in quarters, and both halves analysed (for purposes of field duplicates). |
|
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. |
Not applicable, as all samples are core. |
|
|
For all sample types, the nature, quality and appropriateness of the sample preparation technique. |
Collection of around 4-6kg of half core material with subsequent pulverisation of the total charge provided an appropriate and representative sample for analysis. Sample preparation was undertaken at the ALS laboratory in Bor, to industry best practice. |
|
|
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. |
Whole rock blanks and certified standards (~1 in 15) were introduced to the sample run to ensure laboratory QAQC. Additionally, industry best practice was adopted by ALS for laboratory sub-sampling and the avoidance of any cross contamination. |
|
|
Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. |
The half core sampling is considered a reasonable representation of the in-situ material. Nominally 1 in 30 samples were cut in quarters, and both halves analyses (for purposes of field duplicates). |
|
|
Whether sample sizes are appropriate to the grain size of the material being sampled. |
Sample size of around 4-6kg is considered to be appropriate to reasonably represent the material being tested. |
|
|
Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
Analyses were undertaken at the accredited laboratory of ALS in Bor, Serbia which has full industry certification. Multi elements were assayed by an ICP-AES technique following a four-acid digest. Gold was determined using a fire assay on a nominal 50g charge. Barite was determined from a lithium borate fusion followed by dissolution and ICP-AES analysis. Total sulphur was determined by Leco. All techniques were appropriate for the elements being determined. Samples are considered a partial digestion when using an aqua regia digest. |
|
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
There was no reliance on determination of analysis by geophysical tools. |
|
|
Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
Certified Reference Material ("CRM") appropriate for the elements being analysed were added at a rate better than 1 in 15. All results reported by ALS on the CRMs were better than 2 standard deviations (2SD), it is considered that acceptable levels of accuracy have been achieved. Additional lab checks were sent to SGS in Bor. To date,154 samples were submitted for check assaying from within the mineralised drill intercepts. The check assays correlated within tolerance to the original ALS assays. |
|
|
Verification of sampling and assaying |
The verification of significant intersections by either independent or alternative company personnel. |
There has been no independent logging of mineralised intervals, however, it has been logged by several company personnel and verified by senior staff. |
|
The use of twinned holes. |
None of the reported holes are twin holes. |
|
|
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
Data is stored on the Virtual Cloud and at various locations including Vares, Bosnia & Herzegovina and Cheltenham, UK. And is managed by gDat data solutions in an acQuire database, which is regularly backed-up. |
|
|
Discuss any adjustment to assay data. |
No adjustments were necessary. |
|
|
Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. |
Sampling sites were surveyed using Total Station to better than 0.05m accuracy in the local BiH coordinate system. |
|
Specification of the grid system used. |
The grid system used MGI 1901 / Balkans Zone 6. |
|
|
Quality and adequacy of topographic control. |
The topographic surface of the immediate area was generated from a LiDAR survey to an accuracy of approximately 0.05m. It is considered sufficiently accurate for the Company's current activities. |
|
|
Data spacing and distribution |
Data spacing for reporting of Exploration Results. |
Results from a single drill hole is being reported. All samples were collected at 2m intervals down hole. |
|
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
Drill hole spacing is deemed sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource classifications applied. |
|
|
Whether sample compositing has been applied. |
Sample composite was not employed. |
|
|
Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. |
The drill hole is considered to be reasonably orthogonal to the interpreted dip of the mineralisation, or close to it. |
|
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
It is not considered that the drilling orientation has introduced a sampling bias, as the drilling is considered to be orthogonal to the strata bound mineralisation, or close to it. |
|
|
Sample security |
The measures taken to ensure sample security. |
Chain of Custody of digital data is managed by the Company. Physical material was stored on site and, when necessary, delivered to the assay laboratory. Thereafter laboratory samples were controlled by the nominated laboratory. All sample collection was controlled by digital sample control file(s) and hard-copy ticket books. |
|
Audits or reviews |
The results of any audits or reviews of sampling techniques and data. |
A Site and Laboratory (ALS and SGS, Bor) visit was made by Dr Belinda van Lente, an employee of CSA Global in January 2018. There were no material issues found for the 2017 drill campaign. |
|
Section 2: Reporting of Exploration Results |
||
|
(Criteria listed in the preceding section also apply to this section)
|
||
|
Criteria |
JORC Code explanation |
Commentary |
|
Mineral tenement and land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. |
The Rupice deposit is located within the Company's 100% owned Concession, No. 04-18-21389-1/13, located 13km west of Vares in Bosnia. There are no known material issues with any third party other than normal royalties due to the State.
|
|
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The Concession is in good standing with the governing authority and there is no known impediment to the Concession remaining in force until 2038 (25 years), subject to meeting all necessary reporting requirements. |
|
|
Exploration done by other parties |
Acknowledgment and appraisal of exploration by other parties. |
Modern exploration commenced with the work of Energoinvest in the late 1960s. During 1968-1969 underground development of 455m of drives and cross cuts were made, and 11 surface trenches dug for a total length of 93.5mm. Between 1980 and 1989, 49 holes were drilled for an advance of 5,690.8m. Sample material from all of these programs was routinely analysed for lead, zinc, and barite, and on occasion silver and gold. The deposit was the subject of a number of reserve estimates in the 1980s. This work is documented in many reports which are certified by those geoscientists and Institutes that undertook the work.
The work is considered to be of a standard equal to that prevalent within today's exploration industry. |
|
Geology |
Deposit type, geological setting and style of mineralisation. |
The host rocks at Rupice comprises Middle Triassic limestone, dolostone, calcareous and dolomitic marl, and a range of mostly fine-grained siliciclastic rocks including cherty mudstone, mudstone, siltstone and fine-grained sandstone. The main mineralised horizon is a brecciated dolomitic unit that dips at around 50o to the northeast and has been preferentially mineralised with base, precious and transitional metals. The Triassic sequence and has been intensely deformed both by early stage ductile shearing and late stage brittle faulting. The Rupice polymetallic mineralisation consists of sphalerite, galena, barite and chalcopyrite with gold, silver, tetrahedrite, boulangerite and bournonite, with pyrite. The majority of the high-grade mineralisation is hosted within the brecciated dolomitic unit, which is offset and cut by northwest striking, westerly dipping syn-post mineral faulting. This faulting displaces the mineralised body up to 20 metres in places. Thickening of the central portion of the orebody occurs where these faults flexure and deform. Mineralised widths up to 65 metres true thickness are seen in the central portion of the orebody. To date, the massive sulphide mineralisation at Rupice has a defined strike length of 650 metres, with an average true-width thickness of around 20 metres. However, mineralisation at Rupice still remains open towards the north and down-dip to the south. |
|
Drill hole information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o downhole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
Drilling data for the reported drill holes is included in Tables 1-3 of Appendix 1 in this document. |
|
Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. |
Significant intercepts were truncated by applying a lower cut-off grade of 50g/t Ag (see below assumptions for AgEq & ZnEq calculations) and maximum internal dilution of 5m. No top-cutting was applied. Significant intercepts were reported as weighted averages. |
|
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
Short lengths of high-grade results were defined as >350g/t Ag and maximum internal dilution of 5m. Results are shown in Table 1 of the main reporting document. |
|
|
The assumptions used for any reporting of metal equivalent values should be clearly stated. |
Equivalent explanations are described in the body of the text. |
|
|
Relationship between mineralisation widths and intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. |
Only downhole lengths are reported, true widths are not known. |
|
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. |
The majority of the high-grade mineralisation is hosted within the brecciated dolomitic unit, which is offset and cut by northwest striking, westerly dipping syn-post mineral faulting. This faulting displaces the mineralised body up to 20 metres in places. Thickening of the central portion of the orebody occurs where these faults flexure and deform. Mineralised widths up to 65 metres true thickness are seen in the central portion of the orebody. To date, the massive sulphide mineralisation at Rupice has a defined strike length of 650 metres, with an average true-width thickness of around 20 metres. However, mineralisation at Rupice still remains open towards the north and down-dip to the south. Recent drilling by Eastern Mining was mostly inclined at between 70o and 80 o to the southwest, perpendicular to the deposit strike, and intersected the mineralisation reasonably orthogonally. |
|
|
If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. 'downhole length, true width not known'). |
Only downhole lengths are reported, true widths are not known. |
|
|
Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Relevant maps and diagrams are included in the body of the report. Metallurgical test work results being reported do not require maps and diagrams. |
|
Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
All assay tables for all reported holes are included in the main reporting document. |
|
Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
No substantive exploration data not already mentioned in the announcement or in this table have been used.
|
|
Further work |
The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). |
Further drilling will be undertaken for exploration along strike and down dip, the nature of which is dependent on exploration success and funding. Further drilling will be undertaken for geotechnical and metallurgical purposes, to include locked cycle tests, bulk samples and variability testing Additional drilling is recommended to improve geological confidence to upgrade the resource to higher confidence categories (i.e. from Inferred Mineral Resource to Indicated Mineral Resource, and from Indicated Mineral Resource to Measured Mineral Resource to aid in future Ore Reserve estimates (in future Feasibility Studies). |
|
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
