Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has updated investors on its exploration work in the Rupice Northwest project area, part of the larger Vares project in Bosnia, where it has shown a continuation of high-grade mineralisation.
Drill results from the current and ongoing campaign have achieved the company’s objective of identifying a new body of significant mineralization to the northwest of the existing Rupice mineral resource, Adriatic said in a statement.
Next, the drill programme seeks to fully define the mineralisation and attempt to confirm whether the newly discovered NW mineralisation connects to the main body of Rupice mineralisation.
The company intends that drilling will continue up to the point at which a new updated mineral resource statement can be released.
"I am delighted at the drilling success at Rupice NW which demonstrates that the mineralised system continues to expand and remains open along strike, up and down-dip. The ongoing success of the Rupice NW drilling campaign affirms Adriatic's growth strategy to achieve at least a 20 year mine life at Rupice," said Adriatic chief executive Paul Cronin in a statement.
“The sheer size of Rupice NW has meant that further drilling will be required to define the mineralized system. Drilling will therefore continue into 2023, to attempt to close-out mineralisation and connect Rupice NW to Rupice.
“A maiden resource for Rupice NW will be released once existing areas of defined mineralisation are closed-off and the scale of the mineralised system within Adriatic's tenement holdings has been fully realised," he added.
Among the highlight drill results was BR-14-22, drilled up-dip of previously reported holes, featuring an intercept of 45.90 metres (m) at 701.0 grams per ton (g/t) silver equivalent (AgEq), including 13.80m at 1,147.0 g/t AgEq.
Another highlight hole was BR-16-22, also up-dip, which intercepted 19.40m at 681.0 g/t AgEq, including 10.50m at 1,132.0 g/t AgEq.
More detailed drill results are available in the statement.