Paul Cronin, Adriatic’s Managing Director and CEO, commented: “Exploration in 1Q23 and 2Q23 positioned Adriatic Metals for a major Rupice mineral resource update in July 2023.
Drilling has demonstrated narrower but higher-grade zones of mineralisation and added quality base and precious metals rich tonnes peripheral to the thick centre of RNW. Extension drilling to the west and southwest of RNW saw strong increases in copper and gold grades as mineralisation narrowed, while retaining outstanding lead, zinc and silver grades. The expansion of the narrow but extremely high grade continuous RNW Lower Zone has added further value and opportunity to an already rich RNW mineralised system. By drilling at Rupice and RNW it is now clear that the mineralisations overlap each other at their peripheries. Therefore, there is an opportunity to develop both deposits simultaneously, with minimal additional development capital. Capping-off the resource extensions was the successful infill drilling between the 2022 RNW holes. Excellent consistency of widths, equivalent high grades, mineralisation continuity on section and along strike gives us confidence that the majority of drilled mineralisation will have an Indicated resource level of confidence. This will support a further significant expansion of reserves which are to be determined in parallel to an updated mine plan incorporating RNW. The Q323 drilling schedule will turn attention back to the main Rupice orebody with a focus on growing the Rupice resource beyond the current reserve, both up-dip and down-dip, using the knowledge gained from RNW. Exploration will also be in full swing with drill testing of Rupice West, Semizova Ponikva and Droskovac prospects. Drilling has started with a regional exploration dedicated 4th diamond drill rig.”
