Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has unveiled encouraging results from its ongoing exploration at Rupice Northwest (RNW), part of the Vares project in Bosnia & Herzegovina.
The westward exploration of RNW has revealed high-grade extensions of silver (Ag), zinc (Zn), lead (Pb), gold (Au), and copper (Cu), surpassing the projections of the July 2023 Rupice Mineral Resource Estimate (MRE).
Further enhancing the site's potential, structural analyses have identified faulting and folding at RNW's western boundary. This geological development has led to a vertically continuous domain of thickened high-grade mineralisation.
One of the standout results from the exploration includes a 33.4m stretch from RNW's step-out drilling to the west, showing an impressive 1,197g/t silver equivalent (AgEq) or 38.5% zinc equivalent (ZnEq).
This segment alone comprises 409g/t Ag, 11.7% Zn, 8.9% Pb, 2.6g/t Au, 1.2% Cu, 9% barium sulphate (BaSO4), and 0.2% antimony (Sb) in the BR-30-23 hole.
Moreover, the RNW extension of the Main Zone has recorded a 15.2m segment at 1,502g/t AgEq, 48.3% ZnEq. This includes 499g/t Ag, 7.7% Zn, 13.9% Pb, 4.2g/t Au, 2.2% Cu, 24.6% BaSO4, and 0.3% Sb in the BR-36-23 hole. A subsection of this, measuring 9.2m, registered an even higher 2,269g/t AgEq, 73% ZnEq.
Adriatic Metals has confirmed that exploration at RNW will continue with two diamond drill rigs in operation until the end of September.
The company is also gearing up for a resource update in the fourth quarter, which will reflect the recent exploration growth and the conversion of inferred resources to indicated status.
In addition to RNW, the company's 2023 exploration agenda includes target definition drilling at Semizova Ponikva and Droskovac-Brezik. The industry awaits the assay results from the recent drilling at Rupice West, which should further solidify Adriatic Metals' position in the region.
"Our most recent capital raise will enable us to expand and accelerate our exploration programme and continue this exploration through 2024. With this level of ongoing success, Adriatic continues to fully unlock the potential of the Rupice Mine and the Vares Project as well as prospective regional targets," said managing director Paul Cronin.