(Alliance News) - Adriatic Metals PLC on Thursday said that a new elevated base and precious metals zone has been identified below the footwall of the Rupice Northwest deposit.
Chief Executive Paul Cronin hailed the "outstanding metal grades".
"We are excited to continue to drill this area, and we will announce further drill results once received," Cronin added.
The Bosnia & Herzegovina-focused exploration and development company noted promising first assays from the Lower Zone of the asset. It added that recent follow-up drilling confirmed "continuity of mineralisation and similar massive sulphide content".
The company said that in April, the gap separating the Rupice deposit from Rupice Northwest was narrowed to 50 metres.
Adriatic Metals said mineralisation at the gap is expected to thicken and maintain high grades as drilling progresses to the southwest, based on previous drill section trends.
Outcomes from the drilling are expected at the end of April and assays results are expected to be returned at the end of May. They will be included in a combined Rupice and Rupice Northwest mineral resource estimate, which will be announced in July.
Shares in Adriatic Metals were down 0.7% at 199.60 pence on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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Adriatic Metal. (ADT1)