MINEX Forum

Tag: Adriatic Metals

  • Adriatic Metals hails precious metals finds at Rupice

    Adriatic Metals hails precious metals finds at Rupice

    (Alliance News) – Adriatic Metals PLC on Wednesday gave an update on its Rupice northwest exploration which is part of the company’s Vares silver project.

    Adriatic Metals is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia.

    The company said it found 2.6 grams of gold per tonne, 409 grams of silver per tonne, about 12% zinc, 8.9% lead, 1.2% copper, 9% barium sulfate and 0.2% antimony in hole BR-30-23.

    Managing Director Paul Cronin said: “Additional exploration drilling, new geology, more tonnes at higher grades to the west of the current Rupice Northwest resource are adding significantly to the growth of Rupice. Faulting and folding have thickened and bent mineralization to vertical, with silver-gold-copper grades increasing in proximity to the deformation. Drilling will continue to define the western extent of RNW for a further resource update at the end of 2023.”

    Adriatic Metals rose 2.9% to 192.00 pence each on Wednesday morning in London.

     

  • Adriatic Metals proposes $30 million placing to fund exploration

    Adriatic Metals proposes $30 million placing to fund exploration

    Adriatic Metals PLC on Monday announced it intends to conduct a placing to raise $30.0 million to fund an expanded exploration programme at the Rupice and Rupice Northwest deposits in Bosnia & Herzegovina.

    Adriatic Metals is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. Shares in the firm closed down 1.7% at 169.40 pence on Monday in London.

    Monday’s placing price of £1.70 per share – or A$3.30 per CHESS depositary interest, representing such shares – represents a discount of 5.1% to the company’s average price share in the last 10 days on the Australian Securities Exchange.

    The total number of placing securities is expected to represent approximately 5.0% of the company’s existing share capital.

    Adriatic Metals said the proceeds of the placing will fund an expanded and accelerated exploration programme at Rupice and Rupice Northwest, including an additional 40,000 metres of drilling, and associated facilities and equipment. It will also contribute to the general working capital associated with exploration, as well as growth opportunities, general corporate purposes and fees.

    ‘Rupice and Rupice Northwest remain open and there are numerous regional targets such as Droskovac, SP1 and SP2 that have exciting prospects. We believe this exploration programme will deliver impactful results by more aggressively testing priority targets across our emerging high-grade polymetallic district,’ said Chief Executive Paul Cronin.

  • Adriatic Metals issues exploration update for Rupice Northwest deposit

    Adriatic Metals issues exploration update for Rupice Northwest deposit

    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.”