TIDMADT1
RNS Number : 9540A
Adriatic Metals PLC
07 June 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
VARES PROJECT NEW CONCESSION AREA EXPLORATION PERMIT +
PROJECT-WIDE GEOPHYSICAL SURVEY RESULTS
HIGHLIGHTS
- Exploration Permit received for the new concession areas granted in Q3 2020
- 41km(2) of concession area now permitted for exploration (formerly 9 km(2) )
- Exploration Permit allows drilling and channel sampling to commence
- Close-spaced, project-wide Geophysical Survey completed and data analysis ongoing
- Initial analysis of the Geophysical Survey data identifies an
alteration corridor with a strike length of 22km across the Vares
Project
Adriatic's CEO and Managing Director, Paul Cronin, commented
:
"We thank the Federal Ministry of Energy, Mining and Industry
for their support in awarding us the Exploration Permit for the New
Concession Areas. We look forward to commencing our exploration
activities across this 32km2 of newly permitted ground in due
course. In addition, I am especially excited with the initial
results from the Radiometric Survey, which have better identified
the size and continuity of the known alteration system through the
Vares Project. The edges of this alteration corridor are strongly
correlated with previously identified mineralisation and our
existing exploration targets. This has identified exciting new
target areas, which we will follow up with further field work and
update the market in due course."
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce
it has received the exploration permit for the 32km(2) of new
concession areas, which were awarded in September 2020. In
addition, the Company has provided initial results from the recent
heliborne magnetics and radiometric survey.
RECEIVED EXPLORATION PERMIT
On 02 September 2020 the Company announced it has been awarded
three new concession areas totally 32km(2) , namely; Semizova
Ponikva, Brezik and Vares East (collectively, the "New Concession
Areas"), as outlined in blue in Figure 1. At the time this was the
largest mineral concession granted in Bosnia & Herzegovina.
Adriatic has now received the Exploration Permit on the New
Concession Areas ("Exploration Permit"), which gives the Company
the right to explore using invasive exploration techniques, such as
drilling and channel sampling. This increases the total concession
area permitted for exploration from 9km(2) to 41km(2) ("Expanded
Concession Area").
Preliminary exploration activities were conducted ahead of the
application for the New Concessions Areas in 2020. This consisted
of soil and rock chip geochemistry and field mapping. This work
identified a number of prospective targets, which are covered in
the Vares Project Geology Presentation, as announced on 19 April
2021. This presentation can be downloaded from the Company website:
https://www.adriaticmetals.com/investors/corporate-presentations/
To view Figure 1. Map of the Vares Project Mineral Concession
Area, Showing the New Exploration Permit Areas in Blue
For a link to the announcement with images see link:
https://www.adriaticmetals.com/investors/asx-announcements/
GEOPHYSICAL SURVEY
Exploration work completed on the Vares Project to date has
identified a number of high-priority targets and prospects
("Existing Exploration Targets"), as covered in the Vares Project
Geology Presentation. These are also marked in blue and yellow on
the maps in Figures 1 to 3 below. With a lack of geophysical data
across the Expanded Concession Area to date, a close-spaced,
heliborne radiometric and magnetics survey ("Geophysical Survey")
was conducted in April this year and an initial analysis of the
results has been completed.
The analysis increases the Company's understanding of the Vares
Project's mineralising system, as well as further supports these
Existing Exploration Targets as areas of high interest that
necessitate further exploration. In addition, the Geophysical
Survey has highlighted a number of other potential blind targets
across the Expanded Concession Area, which the Company will
investigate further.
Radiometric Survey
The radiometric survey results have identified a large
alteration system, which is consistent with the Company's prior
understanding of the mineralising system from field observations
and historical geological mapping. However, the radiometric data
has better defined the size and continuity of this alteration
system and shows a prospective corridor that runs centrally through
almost the entire 22km of the Expanded Concession Area's strike
length.
The radiometrics survey was designed principally to map
alteration. Figure 2 shows a manipulation of the potassium (K),
thorium (Th) and uranium (U) ratios to enhance the potassium
component. The alteration corridor is defined by the potassium-rich
alteration hotspots, shown as light blue/turquoise shades in Figure
2. Initial observations are that the known Resources and Existing
Exploration Targets identified to date on the Vares Project, in
general lie along the edges of these potassium-rich alteration
hotspots. These edges, which are highlighted with a white and black
dotted line in Figure 2, are where alteration conditions appear to
be most suited to massive sulphide-style mineralisation. This
exciting initial observation not only explains the distribution of
the Existing Exploration Targets but also indicates a number of new
areas of interest that are yet to be explored.
To view Figure 2, please click here. Radiometric Elemental
Ratios - RGB: (U/Th2)*K, K2/Th, K2/U
For a link to the announcement with images see link:
https://www.adriaticmetals.com/investors/asx-announcements/
Magnetics Survey
From the extensive knowledge the Company has gained to date from
developing the mineral resources at Rupice and Veovaca, the initial
results from the magnetics survey confirm that structural
complexity combined with favourable stratigraphy is associated with
the mineralising system.
Regional anomalous rock chip samples taken in late 2020 on the
western part of the Vares East concession area correlate well with
structural complexities as seen in Figure 3. In addition to these
areas, the magnetic survey has highlighted a number of additional
areas of structural interest on the Expanded Concession Area.
Likewise in the Rupice / Borovica area, a series of near east-west
structural features are observed in the magnetic survey, which
correspond to the existing structural and geological model for this
part of the concession area.
To view Figure 3, please click here. VIAS Magnetics
For a link to the announcement with images see link:
https://www.adriaticmetals.com/investors/asx-announcements/
NOTE: VIAS = Vertical Integration of the Analytical Signal:
Analytical Signal (AS) is square root of the sum of the square of
the three directional derivatives (vertical, horizontal X &
Y).
Survey Technical Specifications & Service Providers
The heliborne survey was flown by German-based Terrascan
Airborne on a 75m spaced, north-south flight lines, with additional
tie lines totalling 1,541 line kilometres. Additional data
processing and 3D inversion modelling was completed by David
McInnes form Montana GIS, Australia.
Radiometric Spectrometer MEDUSA System, 4 litre CsI crystal, 1024 Multichannel analyser
reducing to 256 channels in processing, sampling interval
1 Hz
Magnetometer Scintrex CS3 magnetometer, 10 Hz sampling interval, towed
with 30m cable length
---------------------------------------------------------------
Magnetometer Base Station GEM GSM19 Overhauser, 1 Hz sampling interval
---------------------------------------------------------------
Data Acquisition System Geoduster DAS with Kroum counter for magnetometer
---------------------------------------------------------------
Navigation Integrated GPS Inertial Measurement System Magnetic Heading
Sensors, 1 Hz sampling Interval
---------------------------------------------------------------
Altimeter Freeflight Radar Altimeter TRI 3000, 1Hz Sampling interval
---------------------------------------------------------------
Platform AS350 B2 Helicopter
---------------------------------------------------------------
Authorised by, and for further information please contact:
Paul Cronin
Managing Director & CEO
info@adriaticmetals.com
**S **
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) 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 NPV(8) , 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 41km(2) 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
99km(2) 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.
ABOUT TERRASCAN AIRBORNE
Terrascan Airborne was founded in 2008 in Germany as the
airborne geophysical arm of the ground and borehole geophysical
company Terratec Geophysical Services active since 1989. Terrascan
Airborne is specialised in high resolution magnetic and radiometric
airborne surveys using light aircraft, helicopter and UAV in Europe
and Africa.
ABOUT MONTANA GIS
Montana GIS under a wholly owned subsidiary under Montana
Drafting and design PTY LTD, providing survey planning, data
collection, quality control, processing and modelling, and
interpretation and targeting services to the exploration and mining
industry since 1996.
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.
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