(Alliance News) - Adriatic Metals PLC on Wednesday said it remains confident of expanding the mine life of its Rupice deposit, as high-grade intercepts from exploration drilling continue to expand the north-west extension.
Adriatic Metals is a Cheltenham, England-based precious and base metals developer, with licences in Bosnia & Herzegovina and Serbia. The Rupice underground deposit comprises part of the Vares silver project, which is the company's flagship asset in Bosnia.
Current drilling at Rupice Northwest, which lies outside the company's current reserve and resource estimates, aims to confirm whether high-grade mineralisation at the existing Rupice Mineral Resource continues along strike to the north-west.
Adriatic Metals said on Wednesday that the most recent assay results from nine exploration drill holes confirm intercepted widths and grades equivalent to those at the existing resource.
Continuity between approximately 80-metre spaced sections has been established over a strike extent of 250 metres, it added.
Further drilling in the rest of the year will reduce this spacing to 40 metres between drill lines. By the end of the year, a drilling gap of less than 90 metres will separate the mineral resource from the adjacent Rupice Northwest mineralisation.
"The highly successful drilling campaign at Rupice Northwest further underpins Adriatic's strategy to increase the life of mine of Rupice to at least 20 years," said Managing Director & Chief Executive Officer Paul Cronin.
"The most encouraging aspect of the drilling results has been the consistency of not only the depths and widths of Rupice Northwest, but also the grades which are consistent with the reserve defined in the main Rupice orebody."
Results on six holes already drilled are yet to be delivered, while a further 2,500 metres of drilling is to be completed before the end of the year.
Adriatic Metals shares were trading 0.8% higher at 129.00 pence each in London on Wednesday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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Adriatic Metal. (ADT1)