(Alliance News) - Adriatic Metals PLC on Thursday said its drilling campaign at the Rupice Northwest section of the Vares silver project is still indicating high-grade sulphide mineralisation.
Adriatic Metals is a Gloucestershire, England-based precious and base metals developer with licences in Bosnia & Herzegovina and Serbia.
It said the current drilling campaign at Rupice NW in the Vares silver project in Bosnia & Herzegovina achieved its objective of identifying a new body of significant mineralisation to the north-west of the existing Rupice mineral resource.
The drilling continues from 2022 into the new year, aiming to fully define the mineralisation and attempt to connect the Rupice NW mineralisation to the main body of the Rupice mineralisation.
The announced intercepts are assay results from nine exploration drill holes, all of which are targeting Rupice NW, alongside the twelve already reported from 2022. Seven holes remain to be reported on from a total of twenty-eight completed holes in 2022.
Adriatic Metals said the drilling will continue until it has the means to release an updated Rupice mineral resource. Extensive drill testing is planned across newly identified areas in 2023, as it looks to further expand the mineral resource.
"I am delighted at the drilling success at Rupice NW which demonstrates that the mineralised system continues to expand and remains open along strike, up and down-dip. The ongoing success of the Rupice NW drilling campaign affirms Adriatic's growth strategy to achieve at least a 20 year mine life at Rupice," said Managing Director & Chief Executive Officer Paul Cronin.
"The sheer size of Rupice NW has meant that further drilling will be required to define the mineralised system. Drilling will therefore continue into 2023, to attempt to close-out mineralisation and connect Rupice NW to Rupice.
"A maiden resource for Rupice NW will be released once existing areas of defined mineralisation are closed-off and the scale of the mineralised system within Adriatic's tenement holdings has been fully realised."
Shares in Adriatic Metals were up 3.4% to 179.80 pence each in London on Thursday after midday.
By Greg Rosenvinge, Alliance News reporter
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Adriatic Metal. (ADT1)