TIDMADT1
RNS Number : 1631T
Adriatic Metals PLC
13 November 2023
13 November 2023
Adriatic Metals PLC
("Adriatic Metals" or the "Company")
RUPICE NORTHWEST DEPOSIT
EXPLORATION UPDATE
HIGHLIGHTS
-- Exploration drilling not included in the July 2023 Rupice
Northwest ('RNW') Mineral Resource Estimate ('MRE') has
successfully expanded the deposit westward.
-- Infill drilling has continued converting mineralization from
Inferred to Indicated levels of resource confidence, enhancing
mineralization grades and widths on sections.
-- A higher drilling density of 25m between holes on sections
with structural complexity improved the connectivity of high-grades
and defined the Western Fault Zone ('WFZ').
-- RNW Lower Zone step-out drilling west of the WFZ returned
significant high-grade gold and copper intercepts e.g., 4.3m at
2,544g/t AgEq or 95.0% ZnEq including 851g/t Ag, 32.5% Zn, 20.6%
Pb, 9.1g/t Au, 1.8% Cu, 5% BaSO(4) , 0.3% Sb in hole BR-38-23.
-- RNW Main Zone infill drilling improved grades and widths
in-between previously drilled holes e.g., 30m at 921g/t AgEq, 29.6%
ZnEq including 346g/t Ag, 9.3% Zn, 5.5% Pb, 1.0g/t Au, 0.5% Cu, 66%
BaSO (4) , 0.1% Sb in hole BR-53-23.
-- RNW Main Zone step-out drilling kept delivering significant
widths up to and along the WFZ e.g., 12.7m @ 867g/t AgEq or 27.9%
ZnEq including 285g/t Ag, 8.4% Zn, 6.5% Pb, 2.3g/t Au, 0.6% Cu,
<1% BaSO 4 in hole BR-39-23.
-- Significant high-grade mineralization has been added on two
drill sections only partially drilled at the time of the July 2023
RNW MRE.
-- The 2023 RNW exploration drilling program has been completed
with additional final drilling results to be reported in December
ahead of an updated RNW MRE expected in Q1 2024.
-- RNW drill rigs (3) have been reallocated to expand and infill
drill the northern and southern extents of the Rupice deposit. Both
areas are under-drilled and contain open-ended mineralization.
-- Regional exploration drilling across the Droskovac prospect
has been successful in defining a continuous Fe-Pb-Zn-Ag sulphide
zone below siderite (FeCO(3) ) mineralization. First returned assay
results are awaiting QAQC validation.
Paul Cronin, Adriatic's Managing Director and CEO,
commented:
"2023 exploration drilling across the Rupice Northwest ('RNW')
deposit has been successfully completed, marking an outstanding
year of rapid resource growth.
RNW has expanded westward and to the southeast, bringing it
closer to the Rupice deposit and access to underground mining. High
silver, zinc and lead grades continue at mineable widths with
elevated gold and copper grades.
Systematic infill drilling also reports thickening of the
deposit between pre-existing holes with grades equivalent or better
in areas drilled than in equivalent parts of the MRE. This material
increase in resources is in additional to the July 2023 Rupice MRE
inventory and showcases the robust nature of the deposit and scope
for ongoing growth.
Regionally, exploration drilling has focussed on the
Droskovac-Brezik prospect. Early drilling is confirming a base
metals zone beneath historic iron ore mining. Five holes have
intersected continuous iron, lead, zinc, silver rich massive
sulphide mineralization. An exciting project that will be
accelerated in 2024."
Click on, or paste, the following link into your web browser to
view the announcement in full:
http://www.rns-pdf.londonstockexchange.com/rns/1631T_1-2023-11-12.pdf
Presented below are select significant assay results from 15 of
20 RNW exploration drill holes completed since the July 2023 Rupice
MRE announcement and subsequent Exploration Update on 16 August
2023. Four (4) drill holes (BR-40-23, BR-43-23, BR-44-23 and
BR-45-23) were abandoned and redrilled due to ground conditions and
hole deviation. Hole BR-51-23 did not hit significant
mineralization at the extremity of the mineralized system on the
section. Details of all 19 holes are appended.
Drillhole Highlights
RNW Extension (New Mineralization)
Drillhole BR-39-23 is located 130m northwest of the Rupice
Mineral Resource ('RMR') and drilled up-dip of the previously
reported hole BR-36-23 (15.2m @ 1,502g/t AgEq, 48.3% ZnEq).
Drilling intercepted:
-- BR-39-23 (RNW Main Zone) - 12.7m @ 867g/t AgEq, 27.9% ZnEq
(285g/t Ag, 8.4% Zn, 6.5% Pb, 2.3g/t Au, 0.6% Cu, <1.0% BaSO 4 ,
0.3% Sb) from 164.0m ;
Drillhole BR-42-23 is located 130m northwest of the Rupice
Mineral Resource ('RMR') and drilled up-dip of BR-39-23. The drill
hole intercepted:
-- BR-42-23 (RNW Upper Zone) - 3.00m @ 348.0g/t AgEq, 11.19%
ZnEq (214.7g/t Ag, 1.17% Zn, 0.53% Pb, 0.24g/t Au, 0.75% Cu,
<1.0% BaSO 4 , 0.50% Sb) from 111.3m.
Drillhole BR-46-23 is located 55m northwest of the RMR and
drilled up-dip of previously reported hole BR-34-23 (3.10m @ 530g/t
AgEq, 17.0% ZnEq). The drill hole intercepted:
-- BR-46-23 (RNW Main Zone) - 9.30m @ 652.4g/t AgEq, 20.97% ZnEq
(262.3g/t Ag, 4.14% Zn, 2.54% Pb, 0.70g/t Au, 0.56% Cu, 61.2% BaSO
4 , 0.66% Sb) from 123.70m.
RNW Lower Zone - Extension (New Mineralization)
Drillhole BR-37-23 is located 115m northwest of the Rupice
Mineral Reserve ('RMR') and drilled down-dip of previously reported
hole BR-30-23 (7.70m @ 596g/t AgEq, 19.2% ZnEq). The drill hole
intercepted:
-- BR-37-23 (RNW Lower Zone) - 7.80m @ 843.9g/t AgEq, 27.13%
ZnEq (316.8g/t Ag, 6.13% Zn, 4.88% Pb, 2.44g/t Au, 1.11% Cu, 3.6%
BaSO 4 , 0.19% Sb) from 275.20m -
o including 3.70m @ 1,457.3g/t AgEq, 46.85% ZnEq (552.9g/t Ag,
9.83% Zn, 8.66% Pb, 4.55g/t Au, 1.87% Cu, 4.0% BaSO4, 0.26% Sb)
from 275.20m .
Drillhole BR-38-23 is located within the GAP area, 55m northwest
of the RMR and drilled down-dip of previously reported hole
BR-34-23 (4.50m @ 745g/t AgEq, 23.9% ZnEq). The drill hole
intercepted:
-- BR-38-23 (RNW Lower Zone) - 8.30m @ 1,625.5g/t AgEq, 52.26%
ZnEq (479.0g/t Ag, 17.76% Zn, 11.11% Pb, 4.86g/t Au, 1.08% Cu, 3.7%
BaSO 4 , 0.17% Sb) from 222.70m -
o including 4.30m @ 2,954.4g/t AgEq, 95.00% ZnEq (851.0g/t Ag,
32.48% Zn, 20.58% Pb, 9.11g/t Au, 1.84% Cu, 5.3% BaSO(4) , 0.25%
Sb) from 222.70m .
Drillhole BR-39-23 is located 130m northwest of the RMR and
drilled up-dip of previously reported hole
BR-36-23 (15.20m @ 1,502g/t AgEq, 48.3% ZnEq). The drill hole
intercepted:
-- BR-39-23 (RNW Lower Zone) - 10.70m @ 387.1g/t AgEq, 12.44%
ZnEq (111.8g/t Ag, 3.59% Zn, 4.53% Pb, 0.43g/t Au, 0.61% Cu, 1.9%
BaSO 4 , 0.06% Sb) from 201.00m .
Drillhole BR-42-23 is located 130m northwest of the RMR and
drilled up-dip of previously reported hole
BR-39-23 (10.70m @ 387.1g/t AgEq, 12.44% ZnEq). The drill hole
intercepted:
-- BR-42-23 (RNW Lower Zone) - 4.60m @ 615.5g/t AgEq, 19.79%
ZnEq (198.0g/t Ag, 3.50% Zn, 2.52% Pb, 2.62g/t Au, 0.58% Cu, 28.8%
BaSO 4 , 0.03% Sb) from 218.00m -
o including 1.90m @ 1,363.0g/t AgEq, 43.82% ZnEq (471.8g/t Ag,
8.29% Zn, 4.85% Pb, 5.76g/t Au, 1.36% Cu, 46.2% BaSO(4) , 0.07% Sb)
from 220.70m.
Drillhole BR-45A-23 is located 130m northwest of the RMR and
drilled down-dip of currently reported hole BR-39-23 (10.70m @
387.1g/t AgEq, 12.44% ZnEq). The drill hole intercepted:
-- BR-45A-23 (RNW Lower Zone) - 6.50m @ 573.4g/t AgEq, 18.43%
ZnEq (277.5g/t Ag, 2.71% Zn, 2.51% Pb, 1.45g/t Au, 0.82% Cu, 7.7%
BaSO 4 , 0.18% Sb) from 235.50m .
RNW - Infill (Resource Definition)
Drillhole BR-37-23 is located 115m northwest of the RMR.
Drilling infilled between previously reported drill holes BR-30-23
(33.40m @ 1,197g/t AgEq, 38.5% ZnEq) and BR-27-22 (15.80m at
1,486.3g/t AgEq, 47.79% ZnEq) respectively. The drill hole
intercepted: -
-- BR-37-23 (RNW Upper Zone) - 7.20m @ 191.5g/t AgEq, 6.15% ZnEq
(70.1g/t Ag, 1.40% Zn, 0.71% Pb, 0.49g/t Au, 0.10% Cu, 8.7% BaSO 4
, 0.20% Sb) from 116.40m ;
-- BR-37-23 (RNW Main Zone) - 25.20m @ 1,281.2g/t AgEq, 41.19%
ZnEq (359.0g/t Ag, 14.41% Zn, 8.89% Pb, 2.75g/t Au, 1.77% Cu, 10.2%
BaSO 4 , 0.14% Sb) from 217.90m -
o including 12.15m @ 2,177.8g/t AgEq, 70.02% ZnEq (666.4g/t Ag,
24.94% Zn, 14.43% Pb, 5.23g/t Au, 1.84% Cu, 18.2% BaSO(4) , 0.20%
Sb) from 219.25m .
-- BR-37-23 (RNW Main Zone) - 10.00m @ 819.1g/t AgEq, 26.33%
ZnEq (309.2g/t Ag, 3.96% Zn, 4.87% Pb, 3.42g/t Au, 0.78% Cu, 6.0%
BaSO 4 , 0.09% Sb) from 248.00m .
Drillhole BR-38-23 is located within the GAP area, 55m northwest
of the RMR. Drilling infilled between previously and currently
reported drill holes BR-09-23 (16.60m at 327.1g/t AgEq, 10.52%
ZnEq) and BR-41-22 (17.20m at 233.0 g/t AgEq, 7.49% ZnEq)
respectively. Drilling intercepted:
-- BR-38-23 (RNW Main Zone) - 11.90m @ 458.8g/t AgEq, 14.75%
ZnEq (153.0g/t Ag, 4.21% Zn, 3.37% Pb, 0.86g/t Au, 0.45% Cu, 2.6%
BaSO(4) , 0.38% Sb) from 153.80m .
-- BR-38-23 (RNW Main Zone) - 13.50m @ 1,040.1g/t AgEq, 33.45%
ZnEq (622.6g/t Ag, 5.65% Zn, 3.89% Pb, 1.97g/t Au, 0.83% Cu, 6.5%
BaSO(4) , 0.27% Sb) from 191.50m.
Drillhole BR-40A-23 is located 115m northwest of the RMR.
Drilling infilled between previously reported drill holes BR-20-22
(30.30m at 932.0 g/t AgEq, 30.00% ZnEq) and BR-23-22 (28.90m at
695.0 g/t AgEq, 22.30% ZnEq) respectively. Drilling
intercepted:
-- BR-40A-23 (RNW Upper Zone) - 12.10m @ 171.2g/t AgEq, 5.50%
ZnEq (79.1g/t Ag, 0.73% Zn, 1.00% Pb, 0.19g/t Au, 0.14% Cu, 7.0%
BaSO(4) , 0.27% Sb) from 105.10m -
-- BR-40A-23 (RNW Main Zone) - 30.70m @ 908.1g/t AgEq, 29.23%
ZnEq (294.0g/t Ag, 9.41% Zn, 6.33% Pb, 1.20g/t Au, 0.43% Cu, 68.2%
BaSO(4) , 0.07% Sb) from 223.00m -
o including 6.00m @ 1,456.3g/t AgEq, 46.82% ZnEq (930.3g/t Ag,
8.99% Zn, 5.31% Pb, 1.35g/t Au, 0.24% Cu, 75.8% BaSO4, 0.07% Sb)
from 228.00m ;
o including 8.70m @ 1,077.1g/t AgEq, 34.63% ZnEq (165.3g/t Ag,
14.93% Zn, 10.99% Pb, 1.44g/t Au, 0.97% Cu, 47.3% BaSO(4) , 0.13%
Sb) from 245.00m.
Drillhole BR-41-23 is located 115m northwest of the RMR.
Drilling infilled between currently and previously reported drill
holes BR-38-23 (13.50m @ 1,040.1g/t AgEq, 33.45% ZnEq) and BR-34-23
(4.50m @ 745g/t AgEq, 23.9% ZnEq) respectively. Drilling
intercepted:
-- BR-41-23 (RNW Main Zone) - 17.20m @ 233.0g/t AgEq, 7.49% ZnEq
(78.1g/t Ag, 1.32% Zn, 1.16% Pb, 0.43g/t Au, 0.59% Cu, 7.1% BaSO(4)
, 0.17% Sb) from 154.50m.
Drillhole BR-43A-23 is located 115m northwest of the RMR.
Drilling infilled between currently reported drill holes BR-38-23
(11.9m @ 458.8g/t AgEq, 14.75% ZnEq) and BR-09-23 (11.8m @ 1,212g/t
AgEq, 39% ZnEq) respectively. Drilling intercepted:
-- BR-43A-23 (RNW Main Zone) - 11.10m @ 359.5g/t AgEq, 11.56%
ZnEq (207.2g/t Ag, 1.79% Zn, 1.46% Pb, 0.51g/t Au, 0.06% Cu, 5.4%
BaSO4, 0.52% Sb) from 206.50m.
Drillhole BR-44A-23 is located 115m northwest of the RMR.
Drilling infilled between previously reported drill holes BR-20-22
(30.30m at 932.0 g/t AgEq, 30.00% ZnEq) and BR-09-22 (28.90m at
695.0 g/t AgEq, 22.30% ZnEq) respectively. Drilling
intercepted:
-- BR-44A-23 (RNW Main Zone) - 21.60m @ 934.5g/t AgEq, 30.04%
ZnEq (194.6/t Ag, 13.47% Zn, 6.56% Pb, 1.35g/t Au, 0.76% Cu, 45.7%
BaSO(4) , 0.06% Sb) from 208.40m -
o including 8.10m @ 905.0g/t AgEq, 29.10% ZnEq (264.4g/t Ag,
11.34% Zn, 5.50% Pb, 1.35g/t Au, 0.29% Cu, 61.3% BaSO(4) , 0.04%
Sb) from 208.40m ;
o including 6.90m @ 1,331.1g/t AgEq, 42.80% ZnEq (214.9g/t Ag,
21.39% Zn, 10.91% Pb, 1.88g/t Au, 1.33% Cu, 31.4% BaSO(4) , 0.11%
Sb) from 220.50m .
Drillhole BR-45A-23 is located 130m northwest of the RMR.
Drilling infilled between currently and previously reported drill
holes BR-39-23 (12.70m @ 866.6g/t AgEq, 27.86% ZnEq) and BR-36-23
(15.20m @ 1,502g/t AgEq, 48.3% ZnEq) respectively. Drilling
intercepted:
-- BR-45A-23 (RNW Main Zone) - 21.10m @ 466.2g/t AgEq, 14.99%
ZnEq (204.1g/t Ag, 2.41% Zn, 2.17% Pb, 1.21g/t Au, 0.61% Cu, 9.2%
BaSO(4) , 0.25% Sb) from 166.00m -
o including 2.70m @ 2,243.5g/t AgEq, 72.14% ZnEq (1201.4g/t Ag,
7.52% Zn, 10.07% Pb, 7.31g/t Au, 1.25% Cu, 49.2% BaSO(4) , 0.34%
Sb) from 166.70m.
-- BR-45A-23 (RNW Main Zone) - 4.40m @ 502.8g/t AgEq, 16.16%
ZnEq (125.9g/t Ag, 6.46% Zn, 4.03% Pb, 0.85g/t Au, 0.66% Cu, 1.3%
BaSO(4) , 0.07% Sb) from 221.90m.
Drillhole BR-47-23 is located 115m northwest of the RMR.
Drilling infilled between previously reported drill holes BR-23-22
(28.90m at 695.0 g/t AgEq, 22.30% ZnEq) and BR-26-22 (21.10m at
527.5 g/t AgEq, 16.96% ZnEq) respectively. Drilling
intercepted:
-- BR-47-23 (RNW Main Zone) - 30.60m @ 843.1g/t AgEq, 27.11%
ZnEq (306.7g/t Ag, 8.35% Zn, 5.18% Pb, 0.93g/t Au, 0.45% Cu, 66.3%
BaSO(4) , 0.07% Sb) from 243.20m -
o including 9.60m @ 864.2g/t AgEq, 27.79% ZnEq (513.1g/t Ag,
4.49% Zn, 3.60% Pb, 0.65g/t Au, 0.18% Cu, 78.2% BaSO(4) , 0.05% Sb)
from 249.40m ;
o including 3.00m @ 1,106.2g/t AgEq, 35.57% ZnEq (192.6g/t Ag,
15.34% Zn, 11.15% Pb, 1.60g/t Au, 0.73% Cu, 47.4% BaSO(4) , 0.06%
Sb) from 263.80m ;
o including 3.40m @ 1,418.9g/t AgEq, 45.62% ZnEq (215.1g/t Ag,
22.20% Zn, 11.90% Pb, 1.73g/t Au, 1.95% Cu, 29.5% BaSO(4) , 0.27%
Sb) from 269.30m.
Drillhole BR-48-23 is located 130m northwest of the RMR.
Drilling infilled between previously reported drill holes BR-16-23
(8.20m @ 527.9g/t AgEq, 16.97% ZnEq) and BR-12-22 (12.3m at 797 g/t
AgEq, 25.6% ZnEq) respectively. Drilling intercepted:
-- BR-48-23 (RNW Upper Zone) - 4.60m @ 149.9g/t AgEq, 4.82% ZnEq
(73.2g/t Ag, 0.40% Zn, 0.38% Pb, 0.29g/t Au, 0.24% Cu, 7.4% BaSO(4)
, 0.17% Sb) from 80.20m ;
-- BR-48-23 (RNW Main Zone) - 20.70m @ 848.9g/t AgEq, 27.29%
ZnEq (195.6g/t Ag, 10.75% Zn, 6.70% Pb, 1.52g/t Au, 0.94% Cu, 21.7%
BaSO(4) , 0.08% Sb) from 180.50m -
o Including 7 .90m @ 1,329.9g/t AgEq, 42.76% ZnEq (293.6g/t Ag,
18.92% Zn, 9.54% Pb, 2.60g/t Au, 0.79% Cu, 42.2% BaSO(4) , 0.08%
Sb) from 182.50m ;
o including 6.30m @ 819.6g/t AgEq, 26.35% ZnEq (202.3g/t Ag,
9.41% Zn, 6.97% Pb, 1.11g/t Au, 1.60% Cu, 6.3% BaSO(4) , 0.14% Sb)
from 192.60m .
Drillhole BR-49-23 is located within the GAP area, 55m northwest
of the RMR. Drilling infilled between currently and previously
reported drill holes BR-09-23 (4.80m @ 355.6g/t AgEq, 11.43% ZnEq)
and BR-04-23 (2.90m @ 1,429.5g/t AgEq, 45.96% ZnEq) respectively.
Drilling intercepted:
-- BR-49-23 (RNW Main Zone) - 6.30m @ 644.8g/t AgEq, 20.73% ZnEq
(269.4g/t Ag, 2.71% Zn, 3.12% Pb, 2.23g/t Au, 0.28% Cu, 40.7%
BaSO(4) , 0.08% Sb) from 200.90m.
Drillhole BR-53-23 is located 180m northwest of the RMR.
Drilling infilled between previously reported drill holes BR-32-22
(23.00m @ 577.5 g/t AgEq, 18.57% ZnEq) and BR-29-22 (33.40m @ 662.7
g/t AgEq, 21.31% ZnEq) respectively. Drilling intercepted:
-- BR-53-23 (RNW Main Zone) - 10.00m @ 82.90g/t AgEq, 2.66% ZnEq
(37.7g/t Ag, 0.86% Zn, 0.36% Pb, 0.08g/t Au, 0.07% Cu, <1.0%
BaSO(4) , 0.05% Sb) from 211.00m .
-- BR-53-23 (RNW Main Zone) - 18.20m @ 143.2g/t AgEq, 4.60% ZnEq
(77.1g/t Ag, 1.42% Zn, 0.39% Pb, <0.01g/t Au, <0.01% Cu, 8.5%
BaSO(4) , 0.13% Sb) from 232.80m .
-- BR-53-23 (RNW Main Zone) - 6.00m @ 82.9g/t AgEq, 2.66% ZnEq
(55.1g/t Ag, 0.79% Zn, 0.18% Pb, <0.01g/t Au, <0.01% Cu, 2.6%
BaSO(4) , 0.02% Sb) from 261.00m .
-- BR-53-23 (RNW Main Zone) - 30.00m @ 921.0g/t AgEq, 29.61%
ZnEq (346.3g/t Ag, 9.29% Zn, 5.51% Pb, 1.01g/t Au, 0.45% Cu, 65.9%
BaSO(4) , 0.11% Sb) from 275.40m -
o including 5.00m @ 1,925.1g/t AgEq, 61.90% ZnEq (1615.0g/t Ag,
3.41% Zn, 3.34% Pb, 1.61g/t Au, 0.62% Cu, 77.2% BaSO(4) , 0.12% Sb)
from 278.00m ;
o including 5.40m @ 1215.8g/t AgEq, 39.09% ZnEq (138.5g/t Ag,
18.28% Zn, 13.93% Pb, 1.31g/t Au, 1.12% Cu, 41.5% BaSO(4) , 0.28%
Sb) from 299.00m .
RUPICE NORTHWEST EXPLORATION results
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) ("Adriatic"
or the "Company") is pleased to report on recent exploration
results at the Company's flagship Vares Silver Project in Bosnia
& Herzegovina.
As previously announced on the 16 August 2023, exploration
drilling intersected high-grade mineralization in drill holes
BR-30-23, BR-31B-23, BR-32-23, BR-33A-23, BR-34-23, BR-35-23 and
BR-36-23 from across RNW. These holes were located 55m to 280m
northwest of the existing RMR. Subsequently, the Company has
focused exploration activities on further extending and infilling
RNW with continued success.
Details within this announcement are from twenty (20) new drill
holes BR-37-23, BR-38-23, BR-39-23, BR-40-23, BR-40A-23, BR-41-23,
BR-42-23, BR-43-23, BR-43A-23, BR-44-23, BR-44A-23, BR-45-23,
BR-45A-23, BR-46-23, BR-47-23, BR-48-23, BR-49-23, BR-51-23,
BR-53-23 and BR-55-23. Significant assay results are detailed from
fifteen (15) of the drill holes - BR-37-23, BR-38-23, BR-39-23,
BR-40A-23, BR-41-23, BR-42-23, BR-43A-23, BR-44A-23, BR-45A-23,
BR-46-23, BR-47-23, BR-48-23, BR-49-23, BR-53-23 and BR-55-23.
Drill holes BR-40-23, BR-43-23, BR-44-23, BR-45-23 are abandoned
and contain no significant assays. Hole BR-51-23 was completed
without intercepting any significant mineralization.
Results represent drilling from four (4) drill sections being
extended westward and infill drilled between existing holes to an
Indicated resource level of confidence. Multiple mineralized bodies
are intersected including RNW Upper Zone, Main Zone and Lower Zone.
For clarity of reporting, significant assays are reported as being
'infill' (resource definition) or 'extension' (step-out). Infill
holes include BR-37-23, BR-38-23, BR-40A-23, BR-41-23, BR-43A-23,
BR-44A-23, BR-45A-23, BR-47-23, BR-48-23, BR-49-23 and BR-53-23.
Extension holes include BR-39-23, BR-42-23, BR-46-23 and
BR-55-23.
Section NW4960 (RNW)
Hole BR-53-23 was successful in infilling between holes BR-29-22
and BR-32-22, confirming the mineralization spatial and grade
continuity. Grades and thickness were higher than in adjacent
holes. The hole confirmed a series of stacked base metal horizons
on the hanging wall of the Main Zone previously defined in holes
either side of BR-53-23. Outcomes support an Indicated resource
level of confidence.
Section NW4880 (RNW)
Hole BR-37-23 twinned hole BR-30-23, infilling between
previously reported drillholes BR-30-23 and BR-27-23. The hole
infilled the RNW Main Zone along with RNW Lower Zone, confirming
that mineralization had been folded into an antiform abutting the
Western Fault Zone ('WFZ') and offset to the west.
Holes BR-40A-23, BR-44A-23 and BR-47-23 infilled and confirmed
mineralization continuity and high grade between previously
drilled, widely spaced holes in the barite and sulphide rich 'Main
Zone' of RNW. Mineralization is now at an Indicated resource level
of confidence.
Section NW4840 (RNW)
Six (6) holes were completed on this key section since the last
exploration announcement. Holes BR-39-23 (step-out), BR-42-23
(infill), BR-45A-23 (infill), BR-48-23 (infill) and BR-55-23
(infill) confirmed mineralization continuity and high grade between
previously drilled, widely spaced holes to an Indicated resource
level of confidence.
Hole BR-45A-23 twinned hole BR-39-23, infilling between
currently and previously reported drillholes BR-39-23 and BR-36-23
respectively. The hole closed a gap in the RNW Main Zone along with
RNW Lower Zone and confirmed that mineralization had been folded
into an antiform abutting the Western Fault Zone ('WFZ').
Hole BR-42-23 extended mineralization westward by 58m up-dip and
to the southwest. Hole BR-51-23 drilled 35m up dip from BR-42-23
without intersecting any significant mineralized interval.
Mineralization in the redomained Lower Zone narrows to only a few
metres, is generally massive sulphide at significant grades e.g.
BR-42-23 reporting 198.0g/t Ag, 3.50% Zn, 2.52% Pb, 2.62g/t Au,
0.58% Cu, 28.8% BaSO 4 , 0.03% Sb.
Section NW4800 (RNW)
This is the current best-drilled section closest to the RMR and
is within the area referred to as the Rupice-RNW GAP. Rupice and
RNW are interpreted to overlap across this area. Holes BR-38-23
(infill), BR-41-23 (infill), BR-43A-23 (infill) and BR-49-23
(infill) confirm mineralization continuity and high grade between
previously drilled, widely spaced holes to an Indicated resource
level of confidence. Close-spaced drilling confirms mineralization
to have been folded into an antiform abutting the WFZ.
Hole BR-46-23 extended RNW Upper Zone mineralization 28m up-dip
from previously reported drillhole BR-34-23. The significant
mineralization is interpreted to be associated with the WFZ and
being stratabound.
Figure 1: Plan view of Rupice and location of drill collars from
recent drilling activity
Note 1: Sections A-A', B-B', C-C' and D-D' offset to southeast
of section lines to not obscure drill holes traces.
2023 Exploration Works
Currently reported assays will be included in an updated 2023
Rupice resource estimate which is expected in Q1 2024. Final assays
from 2023 RNW drilling to be included in MRE update will be
reported in December 2023.
Focus in Q4 2023 has been to complete the 2023 drilling campaign
at RNW. This has been achieved with successful addition of a
further section of drilling added at the southeastern end of RNW
(waiting on assay return) bringing RNW further into overlap with
Rupice. Definition of the WFZ and the splitting of mineralization
into coherent RNW Main (east of WFZ) and Lower Zones (west of WFZ)
has been achieved. Outcomes from the improved structural definition
will translate into a more continuous distribution of
mineralization, greater tonnage and grade consistency in the next
update of the RNW MRE.
Conversion of the majority of RNW mineralization from an
Inferred to Indicated level of risk has been achieved, improving on
an already high percentage of Indicated level mineralization
reported in the July 2023 Rupice MRE. A minor percentage of
Inferred level mineralization remains at the peripheries of RNW and
in areas where due to unavailability of suitable drilling
platforms, windows of Inferred mineralization will remain for
future conversion.
As of November, three (3) diamond drill rigs are focused on
Rupice Main into 2024. Drilling on Rupice Main is focussed on the
northern and southern extremities of mineralization remaining to be
infilled and extended. Areas being drilled are dominantly Inferred
resource in the July 2023 Rupice MRE with opportunity for extension
up-dip and down-dip. Diamond drilling aims to achieve a nominal 40m
x 30m mineralized intercept spacing between holes. The same
disciplined and systematic drilling methodology successfully
adopted at RNW will be continued across Rupice. Early results from
drilling suggest greater mineralization and grade continuity in
areas drilled, with stratigraphic and structural controls being
better defined.
Diamond drilling across the Droskovac prospect was commenced in
August, continued through Q3 and into Q4 with one drill rig. Five
drill holes have been completed. The drilling has been successful
in intersecting a zone of pyrite hosted base and precious metals
below the historic Droskovac siderite iron orebody. pXRF results
confirm significant results for Fe, Ag, Pb, Zn and Cu. First
external assay results have been received and are being validated.
Detailed outcomes from Droskovac will be released once all assays
have been received, validated, interpreted and placed into
geological context. The opportunity of Droskovac being revived as
both an underground iron, base and precious metals project is being
reviewed. Significant thicknesses of high-grade iron occurring as
siderite (FeCO(3) ) have been intersected above the base and
precious metals zone intersected in Adriatic Metals drill
holes.
Extensive planning for 2024 was in progress in Q3 and continues
through Q4. The major focus in the Vares district for 2024 remain
the expansion RNW, Rupice and developing the Droskovac project to a
first resource estimate stage. Greenfields project advancement is
also planned at Brezik (extension of Droskovac) and Vares East. A
return for further follow-up of 2023 exploration outcomes at Rupice
West and Semizova Ponikva is also planned.
Supporting all work is the current active involvement of
technical specialists in the understanding and definition of
lithogeochemisty, structural, geophysical and basin-analysis
(sedimentology) research. The work is commissioned to pull together
a detailed knowledge of mine-scale and regional scale controls on
mineralization working together with the Adriatic Metals
Exploration team. Scott Halley (MinMap) is retained for ongoing
lithogechemical modelling; Elizabeth Thompson (Transition Elements)
for structural synthesis; David McInnes (Montana Geoscience) for
geophysics; and Petrostrat (UK) has completed a scope of work for
defining the Rupice regional sedimentary basin model. Specialist
knowledge growth is also supported through partnerships with
regional Universities providing MSc students focused on
characterizing mineralization styles and controls at the
mine-scale.
Moving into 2024, the Exploration team are gearing up to
implement hyperspectral logging, linked to AI processed spectral,
lidar and lithogeochemical analysis, coupled with onsite digital
ore microscopy. A merging of technologies to interpret faster
bigger, more complex data sets to drive the discovery of new
opportunities.
Figure 2: Regional geology & tenement map of current and
future exploration areas
q
Figure 3: Cross-section (A-A') through BR-53-23
Figure 4: Cross-section (B-B') through BR-37-23, BR-40A-23,
BR-44-23 and BR-47-23
Figure 5: Cross-section (C-C') through BR-39-23, BR-42-23,
BR-45A-23, BR-48-23, BR-51-23 and BR-55-23
Figure 6: Cross-section (D-D') through BR-38-23, BR-41-23,
BR-43A-23, BR-46-23 and BR-49-23
Figure 7: Long-section of Rupice looking southwest.
-ends-
MARKET ABUSE REGULATION DISCLOSURE
The information contained within this announcement is deemed by
the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended ("UK
MAR"), and Article 7 of the Market Abuse Regulation (EU) No.
596/2014 ("EU MAR"). The person responsible for arranging and
authorising the release of this announcement on behalf of the
Company is Paul Cronin, Managing Director and CEO.
Authorised by Paul Cronin, Managing Director & CEO
For further information please visit: www.adriaticmetals.com ;
email: info@adriaticmetals.com , @AdriaticMetals on Twitter; or
contact:
Adriatic Metals PLC
Paul Cronin / Klara Kaczmarek Via Buchanan
Buchanan Tel: +44 (0) 20 7466
5000
Bobby Morse / Oonagh Reidy adriatic@buchanan.uk.com
Morgans Corporate Limited
Rob Douglas / Sam Warriner / Mitch Duffy Tel: +61 7 3334 4888
RBC Capital Markets
James Agnew / Jamil Miah Tel: +44 (0) 20 7653
4000
Stifel Nicolaus Europe Limited
Ashton Clanfield / Callum Stewart / Varun Tel: +44 (0) 20 7710
Talwar 7600
Citadel Magnus
Cameron Gilenko Tel: +61 2 8234 0100
COMPETENT PERSONS REPORT
The information in this report which relates to exploration
results is based on and fairly represents information and
supporting documentation compiled by Mr Sergei Smolonogov, who is a
member of the Australian Institute of Geoscientists (AIG). Mr
Smolonogov is an employee of Adriatic Metals PLC and has sufficient
experience relevant to the style of mineralization 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 Smolonogov 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 Silver Project is fully funded to production, which is
expected in January 2023. The 2021 Project Definitive Feasibility
Study shows robust economics of US$1,062 million post-tax NPV(8) ,
134% IRR and a capex of US$168 million. Concurrent with ongoing
construction activities, the Company continues to explore across
its highly prospective 44km(2) concession package.
The Mineral Resource estimate for the Rupice underground deposit
comprising part of the Vares Silver Project was updated in
accordance with ASX Listing Rule 5.8 on 27 July 2023. The Company
confirms that it is not aware of any new information or data that
materially affects the information included in the previous
announcement and that all material assumptions and technical
parameters underpinning the estimate in the previous announcement
continue to apply and have not materially changed.
The Ore Reserve estimate for the Rupice deposit comprising part
of the Vares Silver Project was announced in accordance with ASX
Listing Rule 5.9 on 19 August 2021. The Company confirms that it is
not aware of any new information or data that materially affects
the information included in the previous announcement and that all
material assumptions and technical parameters underpinning the
estimate in the previous announcement continue to apply and have
not materially changed.
In accordance with ASX Listing Rule 5.19, the Company confirms
that the production targets and forecast financial information for
the Vares Project were first disclosed in accordance with ASX
Listing Rules 5.16 and 5.17 in the Company's announcement dated 19
August 2021. The Company confirms that all the material assumptions
underpinning the production target and the forecast financial
information in the previous announcement 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.
This information is provided by RNS, the news service of the
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END
DRLEAEFAFSLDFAA
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