(Alliance News) - Adriatic Metals PLC on Tuesday said phased commissioning of the Vares processing plant in Bosnia & Herzegovina has started and will continue for approximately eight weeks.
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 expects first concentrate production in January, due to a delay in the delivery of equipment. However, Adriatic Metals said it will continue to stockpile ore while commissioning of the processing plant at the Vares silver mine is completed.
"The delay will provide an opportunity for an increased stockpile and improved grade management in the ramp-up to nameplate capacity," the company said.
An upgraded mineral resource estimate for the Rupice ore reserve is expected in the final quarter of the year, it said.
Adriatic Metals added that drilling on Rupice West and Semizova Ponikva regional targets was completed in the third quarter, with assay results expected in the final quarter.
Chief Executive Officer & Managing Director Paul Cronin said: "There has been significant progress across all areas of the Vares silver project in the last quarter. We are very pleased that the measures we have implemented at Rupice are really making an impact with significantly increased development rates and decreased cycle times. Crucially we are now stockpiling ore and preparing a structural geology drilling programme that will assist with future mine planning."
Shares in Adriatic Metals were down 1.2% at 172.40 pence each in London on Tuesday.
By Sabrina Penty, Alliance News reporter
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Adriatic Metal. (ADT1)