Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said it is continuing to hit high-grade intercepts at Rupice Northwest, which lies outside the current reserve and resource estimates at its Vares project in Bosnia and Herzegovina.
Thick, high-grade massive sulphide mineralisation up-dip and down-plunge from previously reported intersections are being hit consistently by the drilling, it said in a statement, with good showings of silver and zinc in particular.
The latest assay results are from nine exploration drill holes out of 19 completed in the year to date and designed to test if the existing mineralisation extends to the northwest.
Exploration is ongoing and Adriatic said that by the end of the year a drilling gap of less than 90 metres (m) will separate the main resource from Rupice Northwest.
A maiden resource estimate for Rupice Northwest is scheduled for the first quarter of 2023.
Paul Cronin, Adriatic's CEO, said: "The highly successful drilling campaign at Rupice Northwest further underpins Adriatic's strategy to increase the life of mine of Rupice to at least 20 years.
“The most encouraging aspect of the drilling results has been the consistency of not only the depths and widths of Rupice Northwest, but also the grades which are consistent with the reserve defined in the main Rupice orebody.
"Assay results on six holes already drilled are still to be delivered and a further 2,500m of drilling is to be completed before the end of 2022.”