Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Thursday 28 November, 2019

Adriatic Metals

Rupice Expands with High Grade Intercepts

RNS Number : 9976U
Adriatic Metals PLC
28 November 2019
 

 

Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')

 

RUPICE CONTINUES TO EXPAND WITH HIGH GRADE PRECIOUS METAL INTERCEPTS AND FIRST INTERCEPTS AT JB ZONE

 

HIGHLIGHTS

•    Highest gold and silver grades in northern extension area with BR-22-19 returning an interval of:

•      6m @ 11.3g/t Au, 1,019g/t Ag, 13.1% Zn, 12.5% Pb, and 1.3% Cu from 238m

•    BR-27-19 and BR-41-19 extends southerly continuation of the Rupice mineralisation returning:

•      48m @ 0.72g/t Au, 70g/t Ag, 2.3% Zn, 2.0% Pb, 0.6% Cu and 58% BaSO4 from 240m including intervals of:

4m @ 1.69g/t Au, 175g/t Ag, 6.5% Zn, 4.6% Pb, 0.5% Cu, and 48% BaSO4 and 26m @ 79% BaSO4. (BR-27-19).

•      10m @ 0.51g/t Au, 58g/t Ag, 3.5% Zn, 3.6% Pb and 0.6% Cu from 248m including an interval of:

4m @ 0.70g/t Au, 86g/t Ag, 6.4% Zn, 5.9% Pb and 0.7% Cu, and

•      12m @ 1.15g/t Au, 253g/t Ag, 3.0% Zn, 1.8% Pb, 0.5% Cu and 56% BaSO4 from 262m (BR-41-19).

•   Rupice mineralisation now over 500m of strike length and remains open to the north into unexplored ground, and south towards the Jurasevac-Brestic prospect.

Adriatic Metals PLC (ASX: ADT & FSE:3FN) ('Adriatic' or the 'Company') is pleased to announce that it has received assay results from a number of drill holes from its programme at Rupice and Jurasevac-Brestic. Figures 1 and 2 illustrates a plan view of the drilling locations.

Paul Cronin, Adriatic's Managing Director and CEO commented, "Whilst our drilling of the extensions of the Rupice mineralisation has been restricted to just a few holes to the north and south while we awaited Forestry approval for access, our results continue to confirm that the mineralisation continues north into the new licence extension area, and south towards our Jurasevac-Brestic prospect over an open strike length of 500m.  The delay has given us the opportunity to improve our drill coverage to provide a better understanding of the geotechnical and structural characteristics of our deposit which has greatly assisted our mining studies and the Scoping Study".

 

OVERVIEW

In June the Ministry of Forestry, Agriculture and Water Management (Ministry) requested a change to the procedure by which the Company implements track construction and pad clearance in State forests of the Zenica-Doboj Canton with all areas of disturbance to be inspected by a committee of members of theMinistry and the Forestry Departments of Zavidovici, Kakanj and Vareš, with construction to commence only after Ministry approval.  Whilst the procedure is straightforward and not expected to cause any significant delays to field activities the formation of the committee has taken some time with the result that the Company has been restricted in stepping out its drill coverage to the north and south, with the majority of drilling confined to existing drill pads.

Step-out drilling to the south at Rupice was confined to two effective holes, BR-41-19 (Figure 3) the most southerly hole where mineralisation was intersected first in an upper lens returning high-grade base metal values of:

•    10m @ 3.5% Zn, 3.6% Pb, 0.6% Cu, 0.51g/t Au and 58g/t Ag from 248m including an interval of:

•    4m @ 6.4% Zn, 5.9% Pb, 0.7% Cu, 0.70g/t Au, and 86g/t Ag.

and a lower lens returning high-grade precious metals and barite of:

•    12m @ 1.15g/t Au, 253g/t Ag, 3.0% Zn, 1.8% Pb, 0.5% Cu and 56% BaSO4 from 262m.

Whilst 50m to the north these two lenses appear to merge together in BR-27-19 (Figure 4) which returned a wide intersection of:

•    48m @ 2.3% Zn, 2.0% Pb, 0.6% Cu, 0.72g/t Au, 70g/t Ag and 58% BaSO4 from 240m.

The mineralisation displayed some zonation with the upper section rich in barite with one of the best barite intersections of 28m @ 79% BaSO4, whilst the lower section was more base metal rich with an interval greater than 3% lead or zinc returning:

•    10m @ 4.1% Zn, 3.0% Pb, 0.4% Cu, 0.97g/t Au, 142g/t Ag and 40% BaSO4 from 270m

Significantly, this interval is many times thicker and higher grade than the nearby BR-18-19 which intersected 6m of mineralisation, and may represent another substantial thickening of the Rupice mineralisation as it extends to the south into untested ground towards the Jurasevac-Brestic prospect some 600m to the southeast. 

BR-30-19 drilled to test up-dip of BR-27-19 deviated significantly from its intended target but interestingly intersected 14m of spilite the first volcanic rocks observed at Rupice (Figure 4).

Step-out drilling at Rupice to the north was confined to two holes with BR-22-19 (Figure 5) intersecting two zones of mineralisation; a high-grade interval which has the highest gold and silver values in the northern extension zone returning:

•    6m at 11.27g/t Au, 1,019g/t Ag, 13.1% Zn, 12.5% Pb, and 1.3% Cu from 238m.

and a wider (lower) interval returning:

•    18m at 0.15g/t Au, 22g/t Ag, 1.1% Zn, 0.6% Pb, and 0.1% Cu from 260m.

The most northerly hole BR-25-19 (Figure 6) confirmed further and open extensions of the Rupice mineralisation intersecting two thick zones of mineralisation which returned:

•    14m at 0.33g/t Au, 130g/t Ag, 1.6% Zn, 1.4% Pb, and 0.2% Cu from 246m, and

•    26m at 0.11g/t Au, 18g/t Ag, 0.7% Zn, 0.6% Pb, and 0.3% Cu from 302m.

 

The remainder of the drill holes at Rupice were drilled from existing pads to give better definition to the central part of the Rupice deposit, and for the first time BR-24-19 (Figure 7) drill tested the very northern extents of the PDP3D IP anomaly and whilst not optimally positioned did intersect limited mineralisation on the fringe of the modelled chargeability anomaly, and significantly beneath a radiolarian chert which until recently was considered to be the foot wall to the mineralisation.  From south to north drill hole BR-35-19 (Figure 8), BR-29-19 (Figure 9), BR-31-19 (Figure 10), BR-21-19, BR-26-19, BR-33-19 and BR-42-19 (Figure 11), BR-36-19 (Figure 12), BR-28-19 and BR-32-19 (Figure 13), and BR-40-19 (Figure 14), variously tested the extensions of mineralisation intersected in earlier holes in areas of structural complexity with geological logging confirming the presence of a number of late stage brittle faults which strongly control the mineralisation. 

Drilling at the Jurasevac-Brestic prospect commenced with BJB-1-19 (Figure 15), BJB-2-19 (Figure 16) and BJB-3-19 and BJB-4-19 (Figure 17) drilled into the PDP3D IP anomaly.  Drilling intersected a sequence of brecciated sediments very similar to that seen at the Rupice deposit with visible pyrite, and minor lead and zinc mineralisation over average widths of 8m.

Drilling continues at both the Rupice deposit and the Jurasevac-Brestic prospect. 

The mineralised intervals of the drill holes are shown in Tables 1 to 3 with further information in Appendix 1.

 

For further information please visit  www.adriaticmetals.com,  @AdriaticMetals on Twitter, 

or contact:

 

Adriatic Metals Plc

Tel: +44 (0)20 7993 0066

Paul Cronin / Emma Chetwynd Stapylton




Blytheweigh (IR/PR Contact)

Tel: +44 (0)20 7138 3204

Camilla Horsfall / Megan Ray




Tamesis Partners LLP

Richard Greenfield

Tel: +44 (0) 203 882 2868

 

ABOUT ADRIATIC METALS

Adriatic Metals PLC (ASX:ADT) ("Adriatic" or "Company") is an ASX-listed precious and base metals explorer and developer via its 100% interest in the Vareš Project in Bosnia & Herzegovina. The Project comprises a historic open cut mine at Veovača and brownfield exploration at Rupice, an advanced proximal deposit which exhibits exceptionally high grades of base and precious metals. Adriatic's short-term aim is to expand the current JORC resource at high-grade Rupice deposit, as well as conduct exploration on a number of other prospects within the expanded Concession. Adriatic has attracted a world class team to expedite its exploration efforts and to rapidly advance the Company into the development phase and utilise its first mover advantage and strategic assets in Bosnia. 

COMPETENT PERSONS REPORT

The information in this report which relates to Exploration Results is based on information compiled by Mr Robert Annett, who is a member of the Australian Institute of Geoscientists (AIG).  Mr Annett is a consultant to Adriatic Metals PLC, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".  Mr Annett consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

DISCLAIMER

Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "potential(s)"and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

 

Use the following link to view the full announcement including figures and tables.

https://www.investi.com.au/api/announcements/adt/82ccc90f-8b8.pdf


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
NRAKMMZMLRRGLZG

a d v e r t i s e m e n t