(Alliance News) - Adriatic Metals PLC on Tuesday said it remains on track to deliver progress at its flagship project, as it nears production at the asset.
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.
Project construction at Vares is over 60% complete and progressing rapidly, the company told investors on Tuesday, with both the lower and upper decline developments scheduled to reach ore in the second quarter of 2023.
The building of portals at the Vares Processing Plant is also "well underway", aided by zero lost time to injuries. First concentrate production is on track for the third quarter of 2023.
Meanwhile at Rupice Northwest, the company said it has continued to find high-grade thick massive sulphide intercepts, as step out and definition drilling looks to extend mine life at the main Rupice ore body.
As at December 31, the company had cash of USD60.4 million. Approximately 80% of capital expenditure was awarded, while the first USD30 million tranche of Orion Mine Finance debt was drawn down.
"I am highly encouraged with the successful exploration drilling programme over the past few months. Our drilling has produced outstanding results at Rupice NW and the high-grade mineralisation remains open along strike, up and down-dip. A substantial exploration budget has been approved by the Board for 2023, enabling us to rapidly expand and define these new zones of mineralisation for inclusion in mine planning and reserves. We believe this will clearly demonstrate that Vares is a Tier 1, world class asset with exceptional potential," said Managing Director Paul Cronin.
Adriatic Metals shares were trading 1.9% lower at 177.60 pence each in London on Tuesday morning.
By Holly Beveridge; Alliance News reporter
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Adriatic Metal. (ADT1)