Drilling success continues at Kizevak

Hole ID	From (m)	To (m)	Interval (m)	Zn (%)	Pb (%)	Ag (g/t)	Au (g/t)
KZDD-015	0	0.3	0.3	Not Sampled
KZDD-015	0.3	1	0.7	0.28	0.602	14	0.204
KZDD-015	1	2	1	0.597	0.036	<1	0.006
KZDD-015	2	3	1	1.035	0.189	1	0.018
KZDD-015	3	4	1	0.717	0.355	3	0.03
KZDD-015	4	5	1	0.196	0.09	1	0.009
KZDD-015	5	6	1	1.12	0.481	4	0.054
KZDD-015	6	7	1	5.77	1.555	14	0.136
KZDD-015	7	8	1	0.378	0.211	2	0.057
KZDD-015	8	9	1	0.218	0.151	1	0.007
KZDD-015	9	10	1	0.219	0.092	<1	0.01
KZDD-015	10	11	1	0.468	0.27	2	0.042
KZDD-015	11	11.6	0.6	0.739	0.354	3	0.063
KZDD-015	11.6	13	1.4	0.031	0.015	<1	0.005
KZDD-015	13	15	2	0.078	0.032	<1	<0.005
KZDD-015	15	17	2	0.157	0.076	<1	0.008
KZDD-015	17	18.3	1.3	0.044	0.015	<1	0.007
KZDD-015	18.3	19	0.7	0.272	0.095	<1	0.005
KZDD-015	19	20.6	1.6	0.015	0.005	<1	0.011
KZDD-015	20.6	22	1.4	0.009	<0.005	<1	<0.005
KZDD-015	22	24	2	0.009	<0.005	<1	0.008
KZDD-015	24	25.3	1.3	0.019	<0.005	<1	<0.005
KZDD-015	25.3	26.6	1.3	0.216	0.082	1	0.022
KZDD-015	26.6	29	2.4	0.297	0.126	<1	0.032
KZDD-015	29	31	2	0.269	0.135	1	0.081
KZDD-015	31	32	1	0.459	0.195	3	0.099
KZDD-015	32	33	1	0.067	0.063	<1	0.012
KZDD-015	33	34	1	0.062	0.028	<1	0.01
KZDD-015	34	35	1	0.017	0.006	<1	0.006
KZDD-015	35	35.6	0.6	0.018	0.005	<1	<0.005
KZDD-015	35.6	36.9	1.3	0.021	<0.005	<1	<0.005
KZDD-015	36.9	38	1.1	0.012	<0.005	<1	<0.005
KZDD-015	38	40	2	0.013	<0.005	<1	<0.005
KZDD-015	40	42	2	0.015	<0.005	<1	<0.005
KZDD-015	42	44	2	0.016	<0.005	<1	<0.005
KZDD-015	44	46	2	0.014	0.011	<1	0.006
KZDD-015	46	47.6	1.6	0.12	0.075	<1	0.015
KZDD-015	47.6	48.5	0.9	1.255	0.571	7	0.158
KZDD-015	48.5	49.5	1	0.585	0.303	2	0.094
KZDD-015	49.5	50.5	1	0.52	0.261	2	0.069
KZDD-015	50.5	51.5	1	3.6	3.15	32	0.192
KZDD-015	51.5	52.5	1	3.58	1.6	21	0.132
KZDD-015	52.5	53.5	1	0.953	0.493	6	0.088
KZDD-015	53.5	54.5	1	0.564	0.404	4	0.053
KZDD-015	54.5	55.5	1	1.13	0.511	7	0.156
KZDD-015	55.5	56.5	1	0.486	0.234	3	0.112
KZDD-015	56.5	57.5	1	0.378	0.188	2	0.072
KZDD-015	57.5	58	0.5	0.372	0.13	1	0.021
KZDD-015	58	59	1	0.093	0.056	<1	0.033
KZDD-015	59	60	1	0.321	0.149	2	0.128
KZDD-015	60	61	1	0.952	0.557	5	0.087
KZDD-015	61	62	1	1.36	0.657	8	0.118
KZDD-015	62	63	1	1.93	0.854	13	0.228
KZDD-015	63	63.5	0.5	3.49	1.75	23	0.685
KZDD-015	63.5	64.5	1	0.237	0.125	<1	0.088
KZDD-015	64.5	65.5	1	1.36	0.611	7	0.171
KZDD-015	65.5	67	1.5	0.029	0.013	<1	0.027
KZDD-015	67	68	1	0.03	0.015	<1	0.007
KZDD-015	68	69	1	0.21	0.097	1	0.022
KZDD-015	69	70	1	0.084	0.039	1	0.012
KZDD-015	70	71	1	0.351	0.166	<1	0.035
KZDD-015	71	72	1	0.022	0.011	<1	0.007
KZDD-015	72	73	1	0.107	0.069	1	0.042
KZDD-015	73	74	1	0.2	0.086	1	0.027
KZDD-015	74	75	1	0.053	0.029	<1	0.014
KZDD-015	75	76	1	0.478	0.246	5	0.08
KZDD-015	76	77	1	0.112	0.041	<1	0.017
KZDD-015	77	78	1	0.102	0.029	1	0.053
KZDD-015	78	79	1	0.224	0.224	3	0.148
KZDD-015	79	80	1	4.59	1.99	33	0.271
KZDD-015	80	80.6	0.6	8.99	3.89	58	0.321
KZDD-015	80.6	81.3	0.7	12	5.7	82	0.509
KZDD-015	81.3	82	0.7	1.355	0.633	9	0.272
KZDD-015	82	84	2	0.207	0.072	<1	0.027
KZDD-015	84	86	2	0.012	<0.005	<1	<0.005
KZDD-015	86	87.5	1.5	0.015	0.012	<1	0.011
KZDD-015	87.5	88.5	1	0.117	0.085	<1	0.027
KZDD-015	88.5	89.3	0.8	0.019	<0.005	<1	<0.005
KZDD-015	89.3	91	1.7	0.009	<0.005	<1	<0.005
KZDD-015	91	93	2	0.012	<0.005	1	<0.005
KZDD-015	93	95	2	0.008	<0.005	<1	0.01
KZDD-015	95	96	1	0.006	<0.005	<1	<0.005
KZDD-015	96	97	1	0.01	<0.005	<1	0.007
KZDD-015	97	98	1	0.016	<0.005	<1	0.032
KZDD-015	98	98.6	0.6	0.016	<0.005	<1	<0.005
KZDD-015	98.6	100	1.4	0.017	<0.005	<1	<0.005
KZDD-015	100	102	2	0.009	<0.005	<1	0.007
KZDD-015	102	104	2	0.009	<0.005	<1	<0.005
KZDD-015	104	105	1	0.011	<0.005	<1	<0.005
KZDD-015	105	106	1	0.018	<0.005	<1	0.005
KZDD-015	106	108	2	0.014	<0.005	<1	<0.005
KZDD-015	108	109	1	0.013	<0.005	<1	<0.005
KZDD-015	109	110	1	0.013	<0.005	<1	<0.005
KZDD-015	110	112	2	0.013	<0.005	<1	<0.005
KZDD-015	112	114	2	0.015	<0.005	<1	<0.005
KZDD-015	114	115	1	0.013	<0.005	<1	<0.005
KZDD-015	115	116	1	0.012	<0.005	<1	0.006
KZDD-015	116	118	2	0.01	<0.005	<1	<0.005
KZDD-015	118	120	2	0.007	<0.005	<1	<0.005
KZDD-015	120	121.8	1.8	0.012	<0.005	<1	<0.005
KZDD-015	121.8	122.6	0.8	2.1	1.05	20	0.185
KZDD-015	122.6	123.5	0.9	0.024	0.015	<1	0.012
KZDD-015	123.5	124.5	1	0.012	<0.005	<1	0.007
KZDD-015	124.5	125.5	1	0.011	<0.005	<1	0.009
KZDD-015	125.5	126.5	1	0.013	<0.005	<1	0.005
KZDD-015	126.5	127.5	1	0.119	0.075	2	0.036
KZDD-015	127.5	129.5	2	0.063	0.039	<1	0.015
KZDD-015	129.5	131.5	2	0.008	<0.005	<1	0.008
KZDD-015	131.5	133.5	2	0.007	<0.005	<1	0.019
KZDD-015	133.5	135.5	2	0.007	<0.005	<1	0.006
KZDD-015	135.5	137.5	2	0.008	<0.005	<1	0.007
KZDD-016	0	1	1	0.571	0.301	6	0.045
KZDD-016	1	2	1	0.426	0.161	1	0.026
KZDD-016	2	3	1	0.255	0.009	<1	0.014
KZDD-016	3	5	2	0.041	0.008	<1	0.013
KZDD-016	5	7	2	0.06	0.047	<1	0.008
KZDD-016	7	8	1	0.974	0.523	3	0.117
KZDD-016	8	8.5	0.5	8.32	4.58	43	0.279
KZDD-016	8.5	9	0.5	1.205	0.747	7	0.198
KZDD-016	9	10	1	0.149	0.089	3	0.019
KZDD-016	10	10.7	0.7	0.098	0.043	<1	0.012
KZDD-016	10.7	11.2	0.5	0.137	0.014	1	0.005
KZDD-016	11.2	12	0.8	0.033	0.018	<1	<0.005
KZDD-016	12	13	1	0.082	0.055	1	0.01
KZDD-016	13	14	1	0.065	0.054	1	0.009
KZDD-016	14	14.6	0.6	0.036	0.03	<1	0.008
KZDD-016	14.6	16.6	2	0.038	0.02	1	0.006
KZDD-016	16.6	17.5	0.9	0.049	0.041	<1	0.005
KZDD-016	17.5	18	0.5	0.407	0.25	2	0.037
KZDD-016	18	18.6	0.6	1.615	0.837	6	0.121
KZDD-016	18.6	19.2	0.6	0.279	0.196	2	0.088
KZDD-016	19.2	20	0.8	0.926	0.482	5	0.087
KZDD-016	20	21	1	0.043	0.05	1	0.005
KZDD-016	21	22	1	0.017	0.007	<1	0.005
KZDD-016	22	24	2	0.017	<0.005	<1	0.006
KZDD-016	24	26	2	0.053	0.02	<1	0.016
KZDD-016	26	28	2	0.017	<0.005	1	<0.005
KZDD-016	28	29	1	0.95	0.227	1	0.026
KZDD-016	29	30	1	1.335	0.59	6	0.05
KZDD-016	30	31	1	0.224	0.145	2	0.01
KZDD-016	31	32	1	0.027	<0.005	<1	0.006
KZDD-016	32	32.8	0.8	0.025	0.006	<1	<0.005
KZDD-016	32.8	33.3	0.5	1.19	0.616	5	0.079
KZDD-016	33.3	33.8	0.5	2.88	0.821	7	0.139
KZDD-016	33.8	34.5	0.7	0.672	0.294	2	0.02
KZDD-016	34.5	35.2	0.7	0.519	0.327	3	0.011
KZDD-016	35.2	35.9	0.7	0.74	0.467	4	0.021
KZDD-016	35.9	36.9	1	0.785	0.382	2	0.035
KZDD-016	36.9	38	1.1	0.505	0.271	3	0.03
KZDD-016	38	39	1	0.048	0.026	<1	0.005
KZDD-016	39	40	1	0.289	0.173	1	0.006
KZDD-016	40	41	1	0.081	0.036	2	0.013
KZDD-016	41	41.6	0.6	0.491	0.223	2	0.042
KZDD-016	41.6	42.1	0.5	0.873	0.413	4	0.058
KZDD-016	42.1	43	0.9	0.295	0.155	3	0.078
KZDD-016	43	43.5	0.5	0.074	0.039	<1	0.081
KZDD-016	43.5	44	0.5	0.023	0.021	<1	0.051
KZDD-016	44	45	1	0.482	0.189	2	0.041
KZDD-016	45	46	1	1.575	0.693	8	0.083
KZDD-016	46	47	1	0.266	0.139	2	0.031
KZDD-016	47	48	1	0.558	0.287	4	0.075
KZDD-016	48	49	1	0.014	<0.005	<1	0.011
KZDD-016	49	51	2	0.01	<0.005	<1	<0.005
KZDD-016	51	53	2	0.01	<0.005	<1	<0.005
KZDD-016	53	55	2	0.007	<0.005	<1	0.008
KZDD-016	55	57	2	0.006	<0.005	<1	0.008
KZDD-016	57	59	2	<0.005	<0.005	<1	<0.005
KZDD-016	59	67	8	Not Sampled
KZDD-016	67	69	2	0.007	<0.005	<1	0.009
KZDD-016	69	71	2	0.01	<0.005	<1	<0.005
KZDD-016	71	73	2	<0.005	<0.005	<1	<0.005
KZDD-016	73	75	2	0.01	<0.005	<1	0.008
KZDD-016	75	76	1	0.013	<0.005	<1	0.005
KZDD-016	76	77	1	0.016	0.015	1	0.014
KZDD-016	77	77.6	0.6	2.93	1.1	8	0.039
KZDD-016	77.6	78.1	0.5	0.028	0.009	<1	0.007
KZDD-016	78.1	78.9	0.8	1.975	0.876	9	0.04
KZDD-016	78.9	80	1.1	0.028	0.027	<1	0.016
KZDD-016	80	81	1	0.02	0.005	<1	0.008
KZDD-016	81	83	2	0.014	<0.005	<1	<0.005
KZDD-016	83	85	2	0.011	<0.005	<1	<0.005
KZDD-016	85	87	2	<0.005	<0.005	<1	<0.005
KZDD-016	87	89	2	0.022	<0.005	<1	<0.005
KZDD-016	89	91	2	0.017	<0.005	<1	0.008
KZDD-016	91	101.6	10.6	Not Sampled
KZDD-017	0	1	1	0.359	0.275	2	0.022
KZDD-017	1	2	1	0.566	0.057	1	0.011
KZDD-017	2	3	1	1.86	0.018	<1	0.007
KZDD-017	3	4	1	1.225	0.133	1	0.013
KZDD-017	4	5	1	1.305	0.009	1	0.005
KZDD-017	5	6	1	2.45	0.196	2	0.015
KZDD-017	6	7	1	2.37	0.072	1	0.011
KZDD-017	7	8	1	3.34	0.011	<1	0.006
KZDD-017	8	9	1	3.9	0.005	<1	0.007
KZDD-017	9	10	1	3.61	0.006	<1	0.014
KZDD-017	10	11	1	3.67	0.011	<1	0.005
KZDD-017	11	11.6	0.6	2.52	0.032	<1	0.014
KZDD-017	11.6	12.5	0.9	2.41	0.231	2	0.074
KZDD-017	12.5	13.5	1	2.59	0.226	2	0.094
KZDD-017	13.5	14.5	1	2.15	0.309	2	0.056
KZDD-017	14.5	15.5	1	2.48	0.137	<1	0.02
KZDD-017	15.5	16	0.5	3.22	0.031	<1	0.011
KZDD-017	16	16.7	0.7	1.625	0.364	3	0.064
KZDD-017	16.7	17.6	0.9	4.32	1.48	12	0.11
KZDD-017	17.6	18.5	0.9	2.32	0.391	3	0.116
KZDD-017	18.5	19.5	1	0.801	0.325	<1	0.037
KZDD-017	19.5	20.5	1	0.739	0.27	2	0.061
KZDD-017	20.5	21.5	1	0.528	0.17	<1	0.034
KZDD-017	21.5	22.5	1	0.376	0.203	1	0.022
KZDD-017	22.5	24.5	2	0.039	<0.005	<1	<0.005
KZDD-017	24.5	26.5	2	0.017	<0.005	<1	<0.005
KZDD-017	26.5	28.5	2	0.007	<0.005	<1	<0.005
KZDD-017	28.5	29.6	1.1	0.01	<0.005	<1	<0.005
KZDD-017	29.6	30.5	0.9	0.447	0.242	1	0.009
KZDD-017	30.5	31.3	0.8	1.71	0.18	1	0.041
KZDD-017	31.3	32	0.7	0.05	0.018	<1	0.013
KZDD-017	32	33	1	0.222	0.094	<1	0.013
KZDD-017	33	34	1	0.925	0.362	3	0.047
KZDD-017	34	35	1	0.561	0.422	3	0.037
KZDD-017	35	36	1	0.94	0.465	5	0.067
KZDD-017	36	37	1	0.51	0.301	4	0.084
KZDD-017	37	38	1	0.756	0.323	9	0.167
KZDD-017	38	38.9	0.9	0.63	0.221	4	0.072
KZDD-017	38.9	39.5	0.6	0.541	0.218	5	0.048
KZDD-017	39.5	40.3	0.8	5.47	1.94	23	0.157
KZDD-017	40.3	41	0.7	1.54	0.754	12	0.078
KZDD-017	41	42	1	2	0.816	11	0.119
KZDD-017	42	43	1	2.09	0.854	11	0.142
KZDD-017	43	43.6	0.6	2.8	1.845	23	0.245
KZDD-017	43.6	44.6	1	1.79	0.577	7	0.096
KZDD-017	44.6	45.5	0.9	1.24	0.968	11	0.08
KZDD-017	45.5	46.2	0.7	2.78	0.996	14	0.069
KZDD-017	46.2	47.6	1.4	0.095	0.038	<1	0.007
KZDD-017	47.6	48.4	0.8	0.11	0.067	<1	0.015
KZDD-017	48.4	49.4	1	1.965	1.09	12	0.195
KZDD-017	49.4	50.2	0.8	0.8	0.403	4	0.069
KZDD-017	50.2	51	0.8	1.44	0.851	9	0.11
KZDD-017	51	52	1	3.12	1.47	17	0.128
KZDD-017	52	52.8	0.8	0.804	0.488	6	0.031
KZDD-017	52.8	53.6	0.8	11.7	8.28	109	0.459
KZDD-017	53.6	54.3	0.7	7.93	7.09	81	0.377
KZDD-017	54.3	55	0.7	2.55	1.375	14	0.206
KZDD-017	55	56	1	2.34	1.14	13	0.187
KZDD-017	56	57	1	1.52	0.69	8	0.102
KZDD-017	57	58	1	4.97	1.145	11	0.093
KZDD-017	58	59	1	4.96	1.995	17	0.078
KZDD-017	59	60	1	4.44	2.14	19	0.116
KZDD-017	60	61	1	0.446	0.24	2	0.078
KZDD-017	61	62	1	0.474	0.232	4	0.12
KZDD-017	62	63	1	2.97	1.305	18	0.369
KZDD-017	63	64	1	2.42	1.065	11	0.135
KZDD-017	64	65	1	4.72	2.04	26	0.353
KZDD-017	65	67	2	0.024	0.008	<1	0.008
KZDD-017	67	69	2	0.017	<0.005	<1	0.007
KZDD-017	69	71	2	0.01	<0.005	<1	0.014
KZDD-017	71	73	2	0.01	0.005	1	0.02
KZDD-017	73	75	2	0.01	<0.005	<1	0.005
KZDD-017	75	77	2	0.012	0.005	<1	0.014
KZDD-017	77	79	2	0.011	<0.005	<1	0.011
KZDD-017	79	80.6	1.6	0.01	<0.005	<1	0.023
KZDD-017	80.6	81.3	0.7	0.038	0.012	<1	0.006
KZDD-017	81.3	82	0.7	0.036	0.011	1	0.008
KZDD-017	82	84	2	0.013	<0.005	<1	0.012
KZDD-017	84	86	2	0.015	<0.005	<1	0.017
KZDD-017	86	88	2	0.01	<0.005	<1	0.012
KZDD-017	88	90	2	0.007	<0.005	<1	0.005
KZDD-017	90	92	2	0.008	<0.005	<1	0.011
KZDD-018	0	33.5	33.5	Not Sampled
KZDD-018	33.5	35.5	2	0.006	<0.005	<1	0.019
KZDD-018	35.5	37.5	2	0.008	<0.005	<1	0.007
KZDD-018	37.5	39.5	2	0.006	<0.005	<1	0.013
KZDD-018	39.5	41.5	2	0.006	<0.005	<1	0.007
KZDD-018	41.5	43.5	2	0.008	<0.005	<1	0.01
KZDD-018	43.5	44.2	0.7	0.232	0.119	1	0.082
KZDD-018	44.2	45	0.8	0.012	<0.005	<1	0.007
KZDD-018	45	46	1	0.015	<0.005	<1	0.01
KZDD-018	46	47	1	0.017	<0.005	<1	0.01
KZDD-018	47	48	1	0.361	0.265	4	0.121
KZDD-018	48	49.2	1.2	18.35	6.14	143	1.32
KZDD-018	49.2	50	0.8	4.03	2.02	37	0.815
KZDD-018	50	50.7	0.7	13.7	4.21	84	0.795
KZDD-018	50.7	52	1.3	1.935	0.823	10	0.215
KZDD-018	52	53	1	4.48	1.74	21	0.397
KZDD-018	53	54	1	2.89	1.14	13	0.366
KZDD-018	54	55	1	0.585	0.261	4	0.164
KZDD-018	55	56	1	2.49	1.235	17	0.299
KZDD-018	56	57	1	0.716	0.308	4	0.159
KZDD-018	57	58	1	2.14	1.28	15	0.296
KZDD-018	58	59	1	1.49	0.744	12	0.199
KZDD-018	59	60	1	2.36	0.99	12	0.196
KZDD-018	60	61	1	0.211	0.196	3	0.071
KZDD-018	61	62	1	0.797	0.296	3	0.125
KZDD-018	62	63	1	0.045	0.021	<1	0.025
KZDD-018	63	64	1	0.088	0.029	<1	0.081
KZDD-018	64	65	1	0.594	0.271	5	0.253
KZDD-018	65	66	1	0.59	0.417	5	0.232
KZDD-018	66	67	1	5.34	2.67	39	0.772
KZDD-018	67	68	1	12.65	2.71	39	0.579
KZDD-018	68	69	1	16.05	7.13	122	0.542
KZDD-018	69	70	1	3.72	2.03	26	0.427
KZDD-018	70	71	1	0.317	0.195	2	0.19
KZDD-018	71	72	1	0.453	0.166	2	0.199
KZDD-018	72	73	1	0.198	0.142	1	0.039
KZDD-018	73	75	2	0.03	0.022	<1	0.013
KZDD-018	75	77	2	0.011	<0.005	<1	0.008
KZDD-018	77	79	2	0.014	<0.005	<1	<0.005
KZDD-018	79	81	2	0.008	<0.005	<1	0.009
KZDD-018	81	83	2	0.009	<0.005	<1	<0.005
KZDD-018	83	95.8	12.8	Not Sampled
KZDD-018	95.8	97.8	2	0.008	0.008	<1	<0.005
KZDD-018	97.8	99.8	2	0.007	<0.005	<1	<0.005
KZDD-018	99.8	101.8	2	0.005	<0.005	<1	<0.005
KZDD-018	101.8	103.8	2	0.016	0.007	<1	<0.005
KZDD-018	103.8	105.8	2	0.013	<0.005	<1	0.006
KZDD-018	105.8	106.5	0.7	1.715	0.676	9	0.163
KZDD-018	106.5	107.1	0.6	1.96	0.916	14	0.215
KZDD-018	107.1	108	0.9	3.31	1.405	17	0.365
KZDD-018	108	109	1	0.619	0.332	4	0.057
KZDD-018	109	109.6	0.6	0.688	0.347	4	0.145
KZDD-018	109.6	110.1	0.5	8.13	3.21	37	0.391
KZDD-018	110.1	111	0.9	2.35	0.753	8	0.126
KZDD-018	111	112	1	3.91	1.885	21	0.126
KZDD-018	112	113	1	2.4	1.925	24	0.068
KZDD-018	113	114	1	2.87	1.89	38	0.067
KZDD-018	114	115	1	3.6	1.405	27	0.14
KZDD-018	115	116	1	1.21	0.34	4	0.084
KZDD-018	116	117	1	0.251	0.14	2	0.082
KZDD-018	117	117.9	0.9	0.391	0.216	1	0.181
KZDD-018	117.9	118.4	0.5	0.922	0.449	4	0.049
KZDD-018	118.4	119.05	0.65	17.95	5.55	81	0.306
KZDD-018	119.05	120	0.95	6.28	2.4	37	0.275
KZDD-018	120	121	1	9.49	11.3	262	0.25
KZDD-018	121	122	1	9.71	4.38	67	0.217
KZDD-018	122	123	1	6.66	2.95	34	0.149
KZDD-018	123	124	1	8.61	4.08	45	0.195
KZDD-018	124	125	1	2.02	0.94	10	0.103
KZDD-018	125	126	1	0.695	0.379	4	0.092
KZDD-018	126	127	1	1.145	0.493	5	0.067
KZDD-018	127	128	1	0.789	0.52	7	0.094
KZDD-018	128	129	1	2.61	1.27	11	0.146
KZDD-018	129	130	1	1.645	0.708	9	0.111
KZDD-018	130	131	1	0.334	0.164	<1	0.03
KZDD-018	131	132	1	0.437	0.247	2	0.065
KZDD-018	132	133	1	2.53	0.945	10	0.167
KZDD-018	133	133.8	0.8	1.165	0.588	5	0.172
KZDD-018	133.8	134.3	0.5	0.4	0.187	1	0.199
KZDD-018	134.3	135.3	1	2.44	1.165	14	0.197
KZDD-018	135.3	136.3	1	0.851	0.39	3	0.209
KZDD-018	136.3	137.3	1	0.052	0.038	<1	0.116
KZDD-018	137.3	138.3	1	1.65	0.753	7	0.27
KZDD-018	138.3	139.3	1	2.36	0.999	10	0.15
KZDD-018	139.3	140	0.7	0.071	0.029	1	0.007
KZDD-018	140	141	1	0.022	0.014	<1	0.014
KZDD-018	141	142	1	0.037	0.016	<1	0.017
KZDD-018	142	144	2	0.007	<0.005	<1	<0.005
KZDD-018	144	146	2	0.045	0.026	<1	0.01
KZDD-018	146	148	2	0.005	<0.005	<1	<0.005
KZDD-018	148	150	2	0.005	<0.005	<1	0.021
KZDD-018	150	152	2	<0.005	<0.005	<1	<0.005
KZDD-019	0	46	46	Not Sampled
KZDD-019	46	48	2	<0.005	<0.005	<1	<0.005
KZDD-019	48	50	2	<0.005	<0.005	<1	<0.005
KZDD-019	50	52	2	0.005	<0.005	<1	<0.005
KZDD-019	52	54	2	0.008	<0.005	<1	<0.005
KZDD-019	54	56	2	0.01	<0.005	<1	0.005
KZDD-019	56	57	1	0.008	<0.005	<1	0.012
KZDD-019	57	58	1	0.013	0.008	<1	0.009
KZDD-019	58	60	2	0.019	0.007	<1	0.008
KZDD-019	60	62	2	0.013	0.018	<1	0.01
KZDD-019	62	62.6	0.6	0.02	0.037	<1	0.019
KZDD-019	62.6	63.5	0.9	0.037	0.025	<1	0.028
KZDD-019	63.5	65	1.5	0.02	<0.005	<1	<0.005
KZDD-019	65	67	2	0.019	<0.005	<1	0.015
KZDD-019	67	69	2	0.01	<0.005	<1	0.012
KZDD-019	69	71	2	0.009	<0.005	<1	0.005
KZDD-019	71	73	2	0.01	<0.005	<1	0.01
KZDD-019	73	75	2	0.008	<0.005	<1	0.013
KZDD-019	75	77	2	0.006	<0.005	<1	0.007
KZDD-019	77	78.2	1.2	0.01	<0.005	<1	0.006
KZDD-019	78.2	79	0.8	0.298	0.112	1	0.064
KZDD-019	79	81	2	<0.005	<0.005	<1	0.005
KZDD-019	81	83	2	0.006	<0.005	<1	0.006
KZDD-019	83	85	2	<0.005	<0.005	<1	0.005
KZDD-019	85	87	2	<0.005	<0.005	<1	0.009
KZDD-019	87	89	2	0.005	<0.005	<1	<0.005
KZDD-019	89	159	70	Not Sampled
KZDD-020	0	39.1	39.1	Not Sampled
KZDD-020	39.1	41.1	2	0.005	<0.005	<1	0.012
KZDD-020	41.1	43.1	2	0.008	<0.005	<1	0.005
KZDD-020	43.1	45.1	2	0.006	<0.005	<1	0.006
KZDD-020	45.1	47.1	2	0.009	<0.005	<1	<0.005
KZDD-020	47.1	49.1	2	0.015	<0.005	<1	0.006
KZDD-020	49.1	49.6	0.5	1.105	2.89	19	0.14
KZDD-020	49.6	50.4	0.8	0.059	0.035	<1	0.025
KZDD-020	50.4	51.1	0.7	0.053	0.032	<1	0.016
KZDD-020	51.1	51.6	0.5	1.89	0.401	3	0.167
KZDD-020	51.6	53.6	2	0.01	0.006	<1	0.006
KZDD-020	53.6	55.6	2	0.005	<0.005	<1	<0.005
KZDD-020	55.6	56.7	1.1	0.008	<0.005	<1	0.007
KZDD-020	56.7	57.4	0.7	0.011	0.025	<1	0.006
KZDD-020	57.4	59.4	2	0.009	<0.005	<1	0.005
KZDD-020	59.4	60.4	1	<0.005	<0.005	<1	<0.005
KZDD-020	60.4	62.4	2	0.006	<0.005	<1	<0.005
KZDD-020	62.4	63.4	1	0.014	0.005	<1	0.006
KZDD-020	63.4	65.4	2	0.006	<0.005	<1	0.02
KZDD-020	65.4	67	1.6	<0.005	<0.005	<1	<0.005
KZDD-020	67	69	2	<0.005	<0.005	<1	<0.005
KZDD-020	69	71	2	<0.005	<0.005	<1	0.012
KZDD-020	71	73	2	<0.005	<0.005	1	0.009
KZDD-020	73	88.9	15.9	Not Sampled
KZDD-020	88.9	90.9	2	0.017	0.009	<1	0.018
KZDD-020	90.9	92.9	2	0.015	0.005	<1	0.018
KZDD-020	92.9	94.9	2	0.011	<0.005	<1	0.025
KZDD-020	94.9	96.9	2	0.01	<0.005	<1	0.013
KZDD-020	96.9	98.9	2	0.007	<0.005	<1	0.006
KZDD-020	98.9	99.5	0.6	0.017	0.011	<1	0.072
KZDD-020	99.5	100.2	0.7	0.058	0.053	<1	0.106
KZDD-020	100.2	100.8	0.6	0.181	0.248	2	0.058
KZDD-020	100.8	101.5	0.7	0.83	0.204	3	0.146
KZDD-020	101.5	102.4	0.9	2.29	1.01	11	0.206
KZDD-020	102.4	103	0.6	8.64	3.29	35	0.323
KZDD-020	103	103.8	0.8	11.4	3.73	40	1
KZDD-020	103.8	104.5	0.7	18.6	8.42	91	1.03
KZDD-020	104.5	105.25	0.75	22.2	8.49	99	0.694
KZDD-020	105.25	106	0.75	30.5	14.3	151	0.46
KZDD-020	106	106.7	0.7	24.2	10.05	100	0.246
KZDD-020	106.7	107.3	0.6	21.7	9.8	100	0.467
KZDD-020	107.3	108	0.7	5.56	3.26	35	0.622
KZDD-020	108	109	1	10.05	3.98	41	0.979
KZDD-020	109	110	1	10.95	3.14	33	0.367
KZDD-020	110	110.5	0.5	3.13	1.12	10	0.257
KZDD-020	110.5	112	1.5	0.428	0.543	4	0.216
KZDD-020	112	112.7	0.7	1.48	6.13	68	1.645
KZDD-020	112.7	113.5	0.8	1.19	1.455	19	0.626
KZDD-020	113.5	114.5	1	1.15	0.881	13	0.833
KZDD-020	114.5	115.5	1	0.622	0.326	1	0.207
KZDD-020	115.5	116.5	1	1.61	0.554	5	0.195
KZDD-020	116.5	117.3	0.8	0.795	0.421	3	0.164
KZDD-020	117.3	118	0.7	4.76	2.16	19	0.534
KZDD-020	118	119	1	7.24	4.21	42	0.684
KZDD-020	119	120	1	15.45	6.65	64	0.636
KZDD-020	120	120.6	0.6	11.65	4.91	45	0.347
KZDD-020	120.6	121.5	0.9	1.08	0.831	12	0.532
KZDD-020	121.5	122.5	1	0.31	0.141	4	0.424
KZDD-020	122.5	123.2	0.7	0.131	0.087	3	0.353
KZDD-020	123.2	123.9	0.7	0.352	0.177	1	0.917
KZDD-020	123.9	124.6	0.7	0.753	0.451	3	0.361
KZDD-020	124.6	125.5	0.9	1.355	0.378	18	0.42
KZDD-020	125.5	126	0.5	0.498	0.392	4	0.152
KZDD-020	126	127	1	0.217	0.29	<1	0.715
KZDD-020	127	128	1	0.106	0.097	<1	0.215
KZDD-020	128	128.5	0.5	1.7	0.606	5	0.425
KZDD-020	128.5	129.5	1	1.565	0.834	8	0.336
KZDD-020	129.5	130.1	0.6	3.85	3.6	46	0.651
KZDD-020	130.1	130.7	0.6	3.68	0.944	9	0.431
KZDD-020	130.7	131.5	0.8	0.58	0.322	4	0.334
KZDD-020	131.5	132	0.5	1.33	0.601	4	0.269
KZDD-020	132	133	1	2.07	0.829	9	0.424
KZDD-020	133	134	1	11.1	4.57	52	0.356
KZDD-020	134	135	1	2.85	1.015	8	0.259
KZDD-020	135	136	1	3.12	1.165	14	0.191
KZDD-020	136	137	1	4.34	2.13	24	0.279
KZDD-020	137	138	1	2.46	1.07	12	0.256
KZDD-020	138	139	1	1.015	0.41	1	0.112
KZDD-020	139	140	1	5.37	2.71	28	0.275
KZDD-020	140	141	1	1.975	0.932	10	0.18
KZDD-020	141	142	1	2.69	1.91	22	0.251
KZDD-020	142	143	1	0.393	0.159	2	0.057
KZDD-020	143	143.9	0.9	0.352	0.145	2	0.035
KZDD-020	143.9	144.8	0.9	1.36	0.645	9	0.257
KZDD-020	144.8	145.5	0.7	0.69	0.55	7	0.119
KZDD-020	145.5	146.5	1	0.428	0.493	5	0.087
KZDD-020	146.5	147.4	0.9	0.013	0.005	<1	0.013
KZDD-020	147.4	148	0.6	1.305	0.565	7	0.078
KZDD-020	148	149	1	1.265	0.569	9	0.124
KZDD-020	149	150	1	1.79	0.872	12	0.112
KZDD-020	150	151	1	0.347	0.159	3	0.014
KZDD-020	151	152	1	0.216	0.168	2	0.01
KZDD-020	152	153	1	0.632	0.373	6	0.052
KZDD-020	153	154	1	0.703	0.55	10	0.103
KZDD-020	154	155	1	0.026	0.007	1	0.009
KZDD-020	155	156	1	0.05	0.03	<1	0.014
KZDD-020	156	157	1	0.025	0.013	1	0.013
KZDD-020	157	157.5	0.5	1.885	0.767	17	0.047
KZDD-020	157.5	158.1	0.6	0.077	0.023	1	0.036
KZDD-020	158.1	159.4	1.3	0.199	0.11	1	0.017
KZDD-020	159.4	161	1.6	0.01	<0.005	<1	0.016
KZDD-020	161	163	2	0.009	<0.005	<1	0.006
KZDD-020	163	165	2	0.005	<0.005	<1	0.005
KZDD-020	165	167	2	0.006	<0.005	<1	0.005
KZDD-020	167	169	2	<0.005	<0.005	<1	0.007
KZDD-020	169	200.5	31.5	Not Sampled
KZDD-020	200.5	202.5	2	0.006	<0.005	<1	0.006
KZDD-020	202.5	204.5	2	<0.005	<0.005	<1	0.007
KZDD-020	204.5	206.5	2	<0.005	<0.005	<1	0.005
KZDD-020	206.5	208.5	2	<0.005	<0.005	<1	<0.005
KZDD-020	208.5	210.5	2	0.006	<0.005	<1	0.007
KZDD-020	210.5	211.5	1	<0.005	0.009	<1	0.028
KZDD-020	211.5	213.5	2	0.007	<0.005	<1	0.008
KZDD-020	213.5	215.5	2	0.01	<0.005	<1	<0.005

Section 1 Sampling Techniques and Data
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Drill core samples were collected from half cut PQ and HQ diametre core, where the core was sawn exactly in half along a pre-defined cutting line. Sample intervals were determined by the geologist and samples were placed into labelled and tagged sample bags prior to dispatch. A sample tag was also placed in the core box. A specific gravity sample was taken at 10 metre intervals, or at each change in lithology, using whole core prior to cutting and sampling for analysis. Specific gravity was measured using the Archimedes principle.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	For drill hole analyses, sample intervals were selected by the logging geologists based on geological criteria including presence of alteration and mineralisation, style of mineralisation and lithological contacts. Minimum sample lengths of 0.5 metres and maximum sample lengths of 2 metres were employed. Each sample weighed between 2 and 13 kg depending on the length of the sample and diametre of drill core. On silver-lead-zinc vein targets, sampling was only conducted on visually mineralised intervals, including 10 metres either side of the visually mineralised interval. On copper-gold porphyry targets, the entire hole was sampled.
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	For drill hole analyses, diamond drilling was used to obtain 2 to 13kg samples, prepared at ALS Bor, Serbia. The sample pulps were sent to ALS Rosia Montana, Romania by air freight for gold analysis by 30 gram fire assay with AA finish (code FA-AA23), and multi-element analyses were conducted by ALS Loughrea, Ireland using a highly oxidising digestion with ICP-MS finish (code ME-ICPORE).
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diametre, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	All holes were drilled by coring producing PQ and HQ diametre core and recovered using triple tube. Downhole surveys were recorded by the drillers every 30m downhole and at the end of each hole using a Reflex EZ-trac tool.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	All core was geotechnically logged to verify drillers blocks, record the run length, recovered length, core recovery (%), RQD and fracture index. Core recovery was maximised through drilling shorter drill runs in friable zones and zones of water loss. There is no observed relationship between sample recovery and grade.
Measures taken to maximise sample recovery and ensure representative nature of the samples.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Core samples were geologically logged to a level of detail that would support appropriate Mineral Resource estimation, mining and metallurgical studies. Basic geotechnical logging (RQD, fracture index, core recovery) was recorded and is sufficient for Mineral Resource estimation. Additional geotechnical logging would be required for mining studies. Core logging is qualitative and all core is photographed. All of the core (100%) is logged.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Core samples were sawn exactly in half.
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Not applicable, as all samples are core.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Collection of around 2-13kg of half core material with subsequent pulverisation of the total charge provided an appropriate and representative sample for analysis. Sample preparation was undertaken at the ALS laboratory in Bor, to industry best practice.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Industry best practice was adopted by ALS for laboratory sub-sampling and the avoidance of any cross contamination. Tethyan inserted blind blanks at a rate of one per batch of 20 samples, typically sequentially following a mineralised sample.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	At Kizevak, two composite samples were collected from mineralised quarter cut core, and were prepared and analysed at MMI Bor. Comparison between the exploration assays and the MMI Bor and Tethyan results demonstrate that sampling is representative of the in-situ material collected. Tethyan routinely assay pulp duplicates which show excellent repeatability (R=>0.9). Tethyan also collect half core duplicate samples in every third batch.
Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample size of 2-13 kg is appropriate to the grain size of the material being tested.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	The sample pulps were sent to ALS Rosia Montana, Romania by air freight for gold analysis by 30-gram fire assay with AA finish (code FA-AA23). Multi-element analyses were conducted by ALS Loughrea, Ireland using a highly oxidising digestion with ICP-MS finish (code ME-ICPORE). All techniques were appropriate for the elements being determined. Samples are considered a partial digestion when using an aqua regia digest.
For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	There was no reliance on determination of analysis by geophysical tools.
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Quality Control is monitored through the insertion of one certified reference material (CRM) sample and one blank sample per batch of 20 samples. One pulp duplicate sample is also inserted per batch. The QC results are monitored in real-time, and any failed batches are re-assayed prior to inclusion in the final drill database. Failed batches are determined if a blank sample assays three times the lower detection limit of the element of interest, or if a CRM assays greater than +/-3 standard deviations from the mean, or if two consecutive CRMs assay +/_ 2 standard deviations from the mean. It is considered that acceptable levels of accuracy and precision have been achieved.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	There has been no independent logging of significant intersections. Tethyan core was logged by geological staff and verified by the Exploration Manager. Tethyan's drilling has verified the position of historical mineralised intercepts although broader, lower grade intervals are observed relative to historic results. No historical core remains.
The use of twinned holes.	None of the reported holes are twin holes.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary logging, survey and geotechnical data was entered by the logging geologist into excel sheets per drill hole, and verified and merged with a master acQuire database by the data manager. Data verification includes visual verification by the Database Manager, checking of detailed geological logs against core observations, core photographs and analytical results by the Exploration Manager, and automated data verification using industry standard software. Data is stored on the Virtual Cloud and is regularly backed-up.
Discuss any adjustment to assay data.	No adjustments were necessary.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill collars were surveyed using Total Station to better than 0.05m accuracy. Downhole surveys were related back to the surveyed collar.
Specification of the grid system used.	UTM WGS Zone 34, Northern Hemisphere
Quality and adequacy of topographic control.	Topography is derived from public 1:25,000 scale mapping. It is considered sufficiently accurate for the Company's current exploration activities.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drill hole spacing is between 30 and 80 metres and is considered acceptable for reporting of exploration results. The data spacing and distribution is sufficient for this first-stage metallurgical test work, with the 2 test samples representing the currently recognised main mineralisation styles. .
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Not applicable as no Mineral Resource or Ore Reserve estimation has been completed.
Whether sample compositing has been applied.	Sample compositing was not applied for the drill hole reporting.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Holes were drilled at a high angle to mineralised structures. The true thickness of mineralised zones is estimated to vary between 70 to 95% of apparent width.
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	It is not considered that the drilling orientation has introduced a sampling bias.
Sample security	The measures taken to ensure sample security.	Chain of Custody of digital data is managed by the Company. Core samples were stored on site in a locked facility and dispatched to the laboratory using a laboratory courier, at which point the laboratory assumed custody of the samples. Samples were examined and photographed on receipt by the laboratory. All sample collection was controlled by digital sample control file(s) and hard-copy ticket books.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	There have been no audits or reviews of sampling techniques and data.

Section 2: Reporting of Exploration Results
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Adriatic Metal's subsidiary, Tethyan Resource Corp has rights to exploration on four contiguous exploration licences in southwest Serbia, located 250km from Belgrade and collectively referred to as the "Raska District". Drill holes KZDD-015 to KZDD-020 which are the subject of this press release are located on exploration licence 2345 "Kizevak". Licence 2345 "Kizevak" and 2346 "Sastavci" Exploration licences 2345 "Kizevak" and 2346 "Sastavci" are owned 100% by EFPP d.o.o., a private Serbian company. Licence 2345 covers an area of 1.8km² and licence 2346 covers an area of 1.4km². On 01 April 2020, Tethyan Resource Corp announced that it had entered into an arms-length agreement to purchase 100% of EFPP d.o.o. on 31 January 2020. The First Closing initially consists of a cash payment of €525,000 to acquire 10% of EFPP d.o.o. At any time within 12 months of First Closing, Tethyan Resource Corp may elect to acquire the remaining 90% of shares of EFPP d.o.o. on the Second Closing by: · Paying €1,375,000 to EFPP d.o.o.; · Granting to the Sellers a 2% Net Smelter Return over the Licences; · Issuing a total of 4 million ordinary shares of Adriatic, to be issued in four equal tranches of 1 million shares, with the first tranche issued on the Second Closing and each additional tranche issued each six months thereafter; and · Paying a deferred cash payment of €500,000 on the two-year anniversary of First Closing. There are no known native title interests, historical sites, wilderness or national park or environmental settings within the above licence holding. Royalties A non-negotiable 5% Net Smelter Return is payable to the Serbian government for metallic raw materials.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Licence 2345 "Kizevak" and 2346 "Sastavci" are both in good standing and are in the first of a three-year exploration period. Both licences expire on 16.10.2022 and may be extended on application for a further six years prior to submission of an application for an Exploitation Licence. There are no known impediments to obtaining a licence to operate in the area.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Raska District has an extended exploration history, summarised below: · 1929-1932: Selection Trust Ltd conducted prospecting and developed underground drives for exploration sampling at Kizevak. · 1957-1958: Rudnik Bel Brdo company completed five drill holes at Kizevak, total metreage not known. · 1960-1964: Geozavod (Yugoslav state) completed 1:100,000 scale mapping and scout drilling (details not known). · 1973-2005: The Geoinstitut (Yugoslav state company) explored the Kizevak, Sastavci and Karadak prospects. At Kizevak, Geoinstitut completed 172 core drill holes totalling 26,727 metres and 29 adits with cross drifts for exploration sampling totalling 7,820m. Open pit mining occurred between 1986 and 2000 and produced 2Mt. At Sastavci, 30 drill holes (7113m) and three adits with cross drives (2626m) were completed leading to small scale open pit mining totalling 40kt of production in 1986. Six core holes (1068m) and 804m of adits and cross drives were completed at Karadak but no mining took place. A foreign resource estimate was reported in 1994 by the Geoinstitut as a combined estimate for the Kizevak, Sastavci and Karadak prospects in the A+B+C1+C2 categories in accordance with Yugoslav GKZ reporting requirements, for 8Mt at 45 g/t silver, 5.06 % zinc and 2.96 % lead. i. "Report on exploration for lead and zinc at the Kizevak-Karadak area in 1994" dated 1995 and authored by Mr B. Rudulovi ć (Izveštaj o istraživanju olova i cinka u podru č ju Ki ž evak - Karadak u 1994. godini). ii. Yugoslav GKZ mineral resource estimates were always stated as "reserves" and classified according to the A+B+C1+C2 or "alphabetical" classification, which was derived from the Russian system and is still applied throughout many countries in southeast Europe. The reserves had to be approved by the official Commission for Ore Reserves. The A, B, C1 and C2 categories reflect the levels of confidence in the actual tonnage exploited from a reserve, with confidence levels being - 95%, 80%, 70% and 35% respectively. Henley (2004) and others have evaluated the alphabetical classification system with respect to the compliant codes in Canada and Australia, and concluded that A+B is comparable to "measured", C1 to "indicated" and C2 to "inferred" in internationally acceptable codes for reporting resources. However, these comparisons are only an approximation, and cannot be considered as equivalents. iii. The Company is not treating the foreign estimate as current mineral resources or reserves and considers the foreign estimate to represent an exploration project that requires verification. iv. The foreign estimate is considered to be a useful guide to exploration but the company is not treating the foreign estimate as current mineral resources or ore reserves as defined by the JORC Code. The Company has reviewed and digitised original hard copy drill data, geology logs and assay data, but has not had access to drill core or core photographs; descriptions of sampling, sample preparation or analytical methodology; quality control data; core recovery data; downhole or collar survey data; or sample security information. v. The foreign estimate was based on the results of core drilling and underground sampling completed by the Geoinstitut between 1973-1994. It was estimated using the polygonal method assuming an open pit mining scenario and prevailing metal prices at the time. vi. No more recent estimates or data relevant to the foreign estimate are available to the Company except for the results of KSEDD001 to KSEDD014 drilled by Tethyan Resources during 2018-2019. vii. To verify the foreign estimate as mineral resources in accordance with Appendix 5A (JORC Code) the Company intends to perform geological mapping, geophysical surveys and core drilling. An initial 3000m of core drilling is planned to verify the presence and grade of mineralisation, and the results will be used to plan additional exploration programs to facilitate future mineral resource estimation in accordance with the JORC Code, if warranted. viii. The exploration work is proposed over a 12 month period commencing on the First Closing and enduring to the Second Closing, at which point the Company will elect whether or not to proceed with the option agreement with EFPP. The Company intends to fund this work using current cash resources. ix. The foreign estimate is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration that the foreign estimate will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. · 2005-2008: no work known to have occurred at the Kizevak-Sastavci prospects. · 2004-2007: Phelps Dodge explored the Rudnica copper-gold porphyry including seven core holes for at least 1310 m. · 2007-2009: Euromax drilled one hole at the Rudnica copper-gold porphyry · 2009-2015: Farmakom d.o.o. a private Serbian company explored the Kizevak, Sastavci and Rudnica prospects licences. Work completed not known. · 2016-2018: Licence 2176 "Kremice" was granted to Taor do.o.., a private Serbian company, who completed a desk-based remote sensing study prior to being acquired by Tethyan Resource Corp on 03.07.2018. · 2016: Licence 2150 "Raska" was granted to Deep Research d.o.o. · 2019: Licence 2345 "Kizevak" and 2346 "Sastavci" were granted to EFPP d.o.o.
Geology	Deposit type, geological setting and style of mineralisation.	Mineralisation in the Raska District is hosted in andesite volcanics and volcaniclastics, intruded by coeval diorite dykes and post-mineral diorite and quartz latite dykes. The volcanic sequence unconformably overlies a serpentinised ophiolitic melange. A massive, grey to red limestone unit is juxtaposed against the andesite package to the south of the Kizevak prospect. The Kizevak, Sastavci and Karadak deposits are intermediate sulphidation, polymetallic (Ag-Pb-Zn) epithermal vein arrays hosted in an extensional fault setting. Kizevak occurs over a total strike length of >1.3km. Approximately 200m of the known strike length is within exploration licence 2176 "Kremice" which is the southeast extension of the past producing Kizevak open pit mine. Sastavci mineralisation has been defined by historical drilling over a strike length of 1.2km within a 250m wide zone, which contains several sub-parallel veins and lenses. Karadak has been defined by historical drilling over a strike length of 400m within one to four sub-parallel veins. Mineralisation comprises <1 to >5m thick, massive to semi-massive sulphide veins with broad (10-40m thick) zones of crackle breccia and stockwork veins in the hanging walls. All veins are composed of galena-sphalerite-pyrite-bournonite-chalcopyrite-tetrahedrite with intergrowths of Pb-As sulfosalts and quartz-carbonate (rhodochrosite) gangue. The veins are occasionally milled and brecciated as a result of fault reactivation, which forms clay rich, unconsolidated mineralised zones. Mineralisation is associated with an intense pyrite-clay (illite-smectite), magnetite destructive alteration. The Rudnica and Kremice Porphyry prospects are copper-gold porphyry deposits which display stockwork A, B and C-type veins composed of variable quartz, pyrite, chalcopyrite and magnetite. Stockwork veins are dominantly hosted within an early diorite porphyry intrusion (P10), an intermediate diorite dyke (P20) and country rocks (serpentinite and andesite). A late diorite dyke (P30) crosscuts mineralisation. At Rudnica, a 50 to 80m thick, gold-mineralised, copper-poor, leached and oxidised cap overlies a 10-50 m thick supergene copper enrichment zone (chalcocite blanket), which overprints the deeper hypogene mineralisation. Mineralisation has been defined over 400 by 250 m, to a depth of 550m below surface, and is open in most directions. At Kremice, mapping has defined an area of 450 by 450m with stockwork A and B type quartz-pyrite ± magnetite veins within a 1200 by 600 m soil anomaly.
Drill hole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o downhole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Drilling data for the reported drill holes is included in Tables 1-3 of Appendix 1 in this document.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Significant intercepts were truncated by applying a lower cut-off grade of 1% Pb+Zn (see below assumptions for ZnEq calculation) and maximum internal dilution of 5m. No top-cutting was applied. Significant intercepts were reported as weighted averages.
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Short lengths of high-grade results were defined as >5% Pb+Zn and maximum internal dilution of 5m. Results are shown in Table 1 of the main reporting document.
The assumptions used for any reporting of metal equivalent values should be clearly stated.	ZnEq grades are based on the following metal prices: $1850/oz gold, $22/oz silver, $1900/t lead, $2350/t zinc, and the following metal recoveries were used on the basis of preliminary testing inclusive of smelter charges and payabilities: 75% silver, 85% lead and 85 % zinc. Gold recovery of 80% was estimated as there have been no gold recovery tests conducted to date. The zinc equivalent calculation is as follows: ZnEq = 100(((Au grade g/t Au recovery %Au price $/g)+((Ag grade g/t Ag recovery %)Ag price $/g)+((Pb grade % Pb recovery %)Pb price ($/t)/100)+((Zn grade % Zn recovery %)*Zn price ($/t)/100))/Zn price ($/t).
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. 'downhole length, true width not known').	Only downhole lengths are reported, true widths are not known. True widths are estimated as between 75 and 90% of the apparent width.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Relevant maps and diagrams are included in the body of the report. Metallurgical test work results being reported do not require maps and diagrams.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All assay tables for all reported holes are included in the main reporting document.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No substantive exploration data not already mentioned in the announcement or in this table have been used.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further drilling will be undertaken for exploration along strike and down dip, the nature of which is dependent on exploration success and funding. Further drilling will be undertaken for geotechnical and metallurgical purposes, to include locked cycle tests, bulk samples and variability testing
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Diagrams have been included in the body of this announcement.

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Hole ID	Easting (m)	Northing (m)	Elevation (m)	Depth (m)	Azimuth (°)	Inclination (°)
KZDD-015	475854	4792976	741	137.6	215	-54.1
KZDD-016	475868	4792932	752	101.6	203.4	-54.7
KZDD-017	475939	4792897	756	140.6	218.9	-54.1
KZDD-018	475804	4793006	734	155.6	236.3	-53.6
KZDD-019	475717	4793195	710	163.3	250.9	-54.6
KZDD-020	475787	4793091	718	237.2	240.9	-54.4
KZDD-021	476005	4792814	779	128.5	207.6	-56.1
SSDD-002	476687	4796557	1000	374.7	31.9	-55.5
Note: Coordinates are shown using the UTM WGS84 projection, Zone 34 Northern Hemisphere

Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Drill core samples were collected from half cut PQ and HQ diametre core, where the core was sawn exactly in half along a pre-defined cutting line. Sample intervals were determined by the geologist and samples were placed into labelled and tagged sample bags prior to dispatch. A sample tag was also placed in the core box. A specific gravity sample was taken at 10 metre intervals, or at each change in lithology, using whole core prior to cutting and sampling for analysis. Specific gravity was measured using the Archimedes principle.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	For drill hole analyses, sample intervals were selected by the logging geologists based on geological criteria including presence of alteration and mineralisation, style of mineralisation and lithological contacts. Minimum sample lengths of 0.5 metres and maximum sample lengths of 2 metres were employed. Each sample weighed between 2 and 13 kg depending on the length of the sample and diametre of drill core. On silver-lead-zinc vein targets, sampling was only conducted on visually mineralised intervals, including 10 metres either side of the visually mineralised interval. On copper-gold porphyry targets, the entire hole was sampled.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	For drill hole analyses, diamond drilling was used to obtain 2 to 13kg samples, prepared at ALS Bor, Serbia. The sample pulps were sent to ALS Rosia Montana, Romania by air freight for gold analysis by 30 gram fire assay with AA finish (code FA-AA23), and multi-element analyses were conducted by ALS Loughrea, Ireland using a highly oxidising digestion with ICP-MS finish (code ME-ICPORE).
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diametre, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	All holes were drilled by coring producing PQ and HQ diametre core and recovered using triple tube. Downhole surveys were recorded by the drillers every 30m downhole and at the end of each hole using a Reflex EZ-trac tool.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	All core was geotechnically logged to verify drillers blocks, record the run length, recovered length, core recovery (%), RQD and fracture index. Core recovery was maximised through drilling shorter drill runs in friable zones and zones of water loss. There is no observed relationship between sample recovery and grade.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Core samples were geologically logged to a level of detail that would support appropriate Mineral Resource estimation, mining and metallurgical studies. Basic geotechnical logging (RQD, fracture index, core recovery) was recorded and is sufficient for Mineral Resource estimation. Additional geotechnical logging would be required for mining studies. Core logging is qualitative and all core is photographed. All of the core (100%) is logged.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
	The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Core samples were sawn exactly in half.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Not applicable, as all samples are core.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Collection of around 2-13kg of half core material with subsequent pulverisation of the total charge provided an appropriate and representative sample for analysis. Sample preparation was undertaken at the ALS laboratory in Bor, to industry best practice.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Industry best practice was adopted by ALS for laboratory sub-sampling and the avoidance of any cross contamination. Tethyan inserted blind blanks at a rate of one per batch of 20 samples, typically sequentially following a mineralised sample.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	At Kizevak, two composite samples were collected from mineralised quarter cut core, and were prepared and analysed at MMI Bor. Comparison between the exploration assays and the MMI Bor and Tethyan results demonstrate that sampling is representative of the in-situ material collected. Tethyan routinely assay pulp duplicates which show excellent repeatability (R=>0.9). Tethyan also collect half core duplicate samples in every third batch.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample size of 2-13 kg is appropriate to the grain size of the material being tested.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	The sample pulps were sent to ALS Rosia Montana, Romania by air freight for gold analysis by 30-gram fire assay with AA finish (code FA-AA23). Multi-element analyses were conducted by ALS Loughrea, Ireland using a highly oxidising digestion with ICP-MS finish (code ME-ICPORE). All techniques were appropriate for the elements being determined. Samples are considered a partial digestion when using an aqua regia digest.
	For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	There was no reliance on determination of analysis by geophysical tools.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Quality Control is monitored through the insertion of one certified reference material (CRM) sample and one blank sample per batch of 20 samples. One pulp duplicate sample is also inserted per batch. The QC results are monitored in real-time, and any failed batches are re-assayed prior to inclusion in the final drill database. Failed batches are determined if a blank sample assays three times the lower detection limit of the element of interest, or if a CRM assays greater than +/-3 standard deviations from the mean, or if two consecutive CRMs assay +/_ 2 standard deviations from the mean. It is considered that acceptable levels of accuracy and precision have been achieved.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	There has been no independent logging of significant intersections. Tethyan core was logged by geological staff and verified by the Exploration Manager. Tethyan's drilling has verified the position of historical mineralised intercepts although broader, lower grade intervals are observed relative to historic results. No historical core remains.
	The use of twinned holes.	None of the reported holes are twin holes.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary logging, survey and geotechnical data was entered by the logging geologist into excel sheets per drill hole, and verified and merged with a master acQuire database by the data manager. Data verification includes visual verification by the Database Manager, checking of detailed geological logs against core observations, core photographs and analytical results by the Exploration Manager, and automated data verification using industry standard software. Data is stored on the Virtual Cloud and is regularly backed-up.
	Discuss any adjustment to assay data.	No adjustments were necessary.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill collars were surveyed using Total Station to better than 0.05m accuracy. Downhole surveys were related back to the surveyed collar.
	Specification of the grid system used.	UTM WGS Zone 34, Northern Hemisphere
	Quality and adequacy of topographic control.	Topography is derived from public 1:25,000 scale mapping. It is considered sufficiently accurate for the Company's current exploration activities.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drill hole spacing is between 30 and 80 metres and is considered acceptable for reporting of exploration results. The data spacing and distribution is sufficient for this first-stage metallurgical test work, with the 2 test samples representing the currently recognised main mineralisation styles. .
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Not applicable as no Mineral Resource or Ore Reserve estimation has been completed.
	Whether sample compositing has been applied.	Sample compositing was not applied for the drill hole reporting.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Holes were drilled at a high angle to mineralised structures. The true thickness of mineralised zones is estimated to vary between 70 to 95% of apparent width.
Orientation of data in relation to geological structure	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	It is not considered that the drilling orientation has introduced a sampling bias.
Sample security	The measures taken to ensure sample security.	Chain of Custody of digital data is managed by the Company. Core samples were stored on site in a locked facility and dispatched to the laboratory using a laboratory courier, at which point the laboratory assumed custody of the samples. Samples were examined and photographed on receipt by the laboratory. All sample collection was controlled by digital sample control file(s) and hard-copy ticket books.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	There have been no audits or reviews of sampling techniques and data.

Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Adriatic Metal's subsidiary, Tethyan Resource Corp has rights to exploration on four contiguous exploration licences in southwest Serbia, located 250km from Belgrade and collectively referred to as the "Raska District". Drill holes KZDD-015 to KZDD-020 which are the subject of this press release are located on exploration licence 2345 "Kizevak". Licence 2345 "Kizevak" and 2346 "Sastavci" Exploration licences 2345 "Kizevak" and 2346 "Sastavci" are owned 100% by EFPP d.o.o., a private Serbian company. Licence 2345 covers an area of 1.8km² and licence 2346 covers an area of 1.4km². On 01 April 2020, Tethyan Resource Corp announced that it had entered into an arms-length agreement to purchase 100% of EFPP d.o.o. on 31 January 2020. The First Closing initially consists of a cash payment of €525,000 to acquire 10% of EFPP d.o.o. At any time within 12 months of First Closing, Tethyan Resource Corp may elect to acquire the remaining 90% of shares of EFPP d.o.o. on the Second Closing by: · Paying €1,375,000 to EFPP d.o.o.; · Granting to the Sellers a 2% Net Smelter Return over the Licences; · Issuing a total of 4 million ordinary shares of Adriatic, to be issued in four equal tranches of 1 million shares, with the first tranche issued on the Second Closing and each additional tranche issued each six months thereafter; and · Paying a deferred cash payment of €500,000 on the two-year anniversary of First Closing. There are no known native title interests, historical sites, wilderness or national park or environmental settings within the above licence holding. Royalties A non-negotiable 5% Net Smelter Return is payable to the Serbian government for metallic raw materials.
Mineral tenement and land tenure status	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Licence 2345 "Kizevak" and 2346 "Sastavci" are both in good standing and are in the first of a three-year exploration period. Both licences expire on 16.10.2022 and may be extended on application for a further six years prior to submission of an application for an Exploitation Licence. There are no known impediments to obtaining a licence to operate in the area.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Raska District has an extended exploration history, summarised below: · 1929-1932: Selection Trust Ltd conducted prospecting and developed underground drives for exploration sampling at Kizevak. · 1957-1958: Rudnik Bel Brdo company completed five drill holes at Kizevak, total metreage not known. · 1960-1964: Geozavod (Yugoslav state) completed 1:100,000 scale mapping and scout drilling (details not known). · 1973-2005: The Geoinstitut (Yugoslav state company) explored the Kizevak, Sastavci and Karadak prospects. At Kizevak, Geoinstitut completed 172 core drill holes totalling 26,727 metres and 29 adits with cross drifts for exploration sampling totalling 7,820m. Open pit mining occurred between 1986 and 2000 and produced 2Mt. At Sastavci, 30 drill holes (7113m) and three adits with cross drives (2626m) were completed leading to small scale open pit mining totalling 40kt of production in 1986. Six core holes (1068m) and 804m of adits and cross drives were completed at Karadak but no mining took place. A foreign resource estimate was reported in 1994 by the Geoinstitut as a combined estimate for the Kizevak, Sastavci and Karadak prospects in the A+B+C1+C2 categories in accordance with Yugoslav GKZ reporting requirements, for 8Mt at 45 g/t silver, 5.06 % zinc and 2.96 % lead. i. "Report on exploration for lead and zinc at the Kizevak-Karadak area in 1994" dated 1995 and authored by Mr B. Rudulovi ć (Izveštaj o istraživanju olova i cinka u podru č ju Ki ž evak - Karadak u 1994. godini). ii. Yugoslav GKZ mineral resource estimates were always stated as "reserves" and classified according to the A+B+C1+C2 or "alphabetical" classification, which was derived from the Russian system and is still applied throughout many countries in southeast Europe. The reserves had to be approved by the official Commission for Ore Reserves. The A, B, C1 and C2 categories reflect the levels of confidence in the actual tonnage exploited from a reserve, with confidence levels being - 95%, 80%, 70% and 35% respectively. Henley (2004) and others have evaluated the alphabetical classification system with respect to the compliant codes in Canada and Australia, and concluded that A+B is comparable to "measured", C1 to "indicated" and C2 to "inferred" in internationally acceptable codes for reporting resources. However, these comparisons are only an approximation, and cannot be considered as equivalents. iii. The Company is not treating the foreign estimate as current mineral resources or reserves and considers the foreign estimate to represent an exploration project that requires verification. iv. The foreign estimate is considered to be a useful guide to exploration but the company is not treating the foreign estimate as current mineral resources or ore reserves as defined by the JORC Code. The Company has reviewed and digitised original hard copy drill data, geology logs and assay data, but has not had access to drill core or core photographs; descriptions of sampling, sample preparation or analytical methodology; quality control data; core recovery data; downhole or collar survey data; or sample security information. v. The foreign estimate was based on the results of core drilling and underground sampling completed by the Geoinstitut between 1973-1994. It was estimated using the polygonal method assuming an open pit mining scenario and prevailing metal prices at the time. vi. No more recent estimates or data relevant to the foreign estimate are available to the Company except for the results of KSEDD001 to KSEDD014 drilled by Tethyan Resources during 2018-2019. vii. To verify the foreign estimate as mineral resources in accordance with Appendix 5A (JORC Code) the Company intends to perform geological mapping, geophysical surveys and core drilling. An initial 3000m of core drilling is planned to verify the presence and grade of mineralisation, and the results will be used to plan additional exploration programs to facilitate future mineral resource estimation in accordance with the JORC Code, if warranted. viii. The exploration work is proposed over a 12 month period commencing on the First Closing and enduring to the Second Closing, at which point the Company will elect whether or not to proceed with the option agreement with EFPP. The Company intends to fund this work using current cash resources. ix. The foreign estimate is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration that the foreign estimate will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. · 2005-2008: no work known to have occurred at the Kizevak-Sastavci prospects. · 2004-2007: Phelps Dodge explored the Rudnica copper-gold porphyry including seven core holes for at least 1310 m. · 2007-2009: Euromax drilled one hole at the Rudnica copper-gold porphyry · 2009-2015: Farmakom d.o.o. a private Serbian company explored the Kizevak, Sastavci and Rudnica prospects licences. Work completed not known. · 2016-2018: Licence 2176 "Kremice" was granted to Taor do.o.., a private Serbian company, who completed a desk-based remote sensing study prior to being acquired by Tethyan Resource Corp on 03.07.2018. · 2016: Licence 2150 "Raska" was granted to Deep Research d.o.o. · 2019: Licence 2345 "Kizevak" and 2346 "Sastavci" were granted to EFPP d.o.o.
Geology	Deposit type, geological setting and style of mineralisation.	Mineralisation in the Raska District is hosted in andesite volcanics and volcaniclastics, intruded by coeval diorite dykes and post-mineral diorite and quartz latite dykes. The volcanic sequence unconformably overlies a serpentinised ophiolitic melange. A massive, grey to red limestone unit is juxtaposed against the andesite package to the south of the Kizevak prospect. The Kizevak, Sastavci and Karadak deposits are intermediate sulphidation, polymetallic (Ag-Pb-Zn) epithermal vein arrays hosted in an extensional fault setting. Kizevak occurs over a total strike length of >1.3km. Approximately 200m of the known strike length is within exploration licence 2176 "Kremice" which is the southeast extension of the past producing Kizevak open pit mine. Sastavci mineralisation has been defined by historical drilling over a strike length of 1.2km within a 250m wide zone, which contains several sub-parallel veins and lenses. Karadak has been defined by historical drilling over a strike length of 400m within one to four sub-parallel veins. Mineralisation comprises <1 to >5m thick, massive to semi-massive sulphide veins with broad (10-40m thick) zones of crackle breccia and stockwork veins in the hanging walls. All veins are composed of galena-sphalerite-pyrite-bournonite-chalcopyrite-tetrahedrite with intergrowths of Pb-As sulfosalts and quartz-carbonate (rhodochrosite) gangue. The veins are occasionally milled and brecciated as a result of fault reactivation, which forms clay rich, unconsolidated mineralised zones. Mineralisation is associated with an intense pyrite-clay (illite-smectite), magnetite destructive alteration. The Rudnica and Kremice Porphyry prospects are copper-gold porphyry deposits which display stockwork A, B and C-type veins composed of variable quartz, pyrite, chalcopyrite and magnetite. Stockwork veins are dominantly hosted within an early diorite porphyry intrusion (P10), an intermediate diorite dyke (P20) and country rocks (serpentinite and andesite). A late diorite dyke (P30) crosscuts mineralisation. At Rudnica, a 50 to 80m thick, gold-mineralised, copper-poor, leached and oxidised cap overlies a 10-50 m thick supergene copper enrichment zone (chalcocite blanket), which overprints the deeper hypogene mineralisation. Mineralisation has been defined over 400 by 250 m, to a depth of 550m below surface, and is open in most directions. At Kremice, mapping has defined an area of 450 by 450m with stockwork A and B type quartz-pyrite ± magnetite veins within a 1200 by 600 m soil anomaly.
Drill hole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o downhole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Drilling data for the reported drill holes is included in Tables 1-3 of Appendix 1 in this document.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Significant intercepts were truncated by applying a lower cut-off grade of 1% Pb+Zn (see below assumptions for ZnEq calculation) and maximum internal dilution of 5m. No top-cutting was applied. Significant intercepts were reported as weighted averages.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Short lengths of high-grade results were defined as >5% Pb+Zn and maximum internal dilution of 5m. Results are shown in Table 1 of the main reporting document.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	ZnEq grades are based on the following metal prices: $1850/oz gold, $22/oz silver, $1900/t lead, $2350/t zinc, and the following metal recoveries were used on the basis of preliminary testing inclusive of smelter charges and payabilities: 75% silver, 85% lead and 85 % zinc. Gold recovery of 80% was estimated as there have been no gold recovery tests conducted to date. The zinc equivalent calculation is as follows: ZnEq = 100(((Au grade g/t Au recovery %Au price $/g)+((Ag grade g/t Ag recovery %)Ag price $/g)+((Pb grade % Pb recovery %)Pb price ($/t)/100)+((Zn grade % Zn recovery %)*Zn price ($/t)/100))/Zn price ($/t).
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. 'downhole length, true width not known').	Only downhole lengths are reported, true widths are not known. True widths are estimated as between 75 and 90% of the apparent width.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Relevant maps and diagrams are included in the body of the report. Metallurgical test work results being reported do not require maps and diagrams.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All assay tables for all reported holes are included in the main reporting document.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No substantive exploration data not already mentioned in the announcement or in this table have been used.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further drilling will be undertaken for exploration along strike and down dip, the nature of which is dependent on exploration success and funding. Further drilling will be undertaken for geotechnical and metallurgical purposes, to include locked cycle tests, bulk samples and variability testing
Further work	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Diagrams have been included in the body of this announcement.