Adriatic Metals (ASX: ADT) has received assay results for the first hole completed in its 2018 drilling campaign at the Rupice zinc-polymetallic exploration permit in Bosnia, encountering its “highest-grade and thickest intercept” to-date.
The westerly direction hole was drilled down-dip and down-plunge of high-grade mineralisation intersected last year.
Adriatic’s first assay result from the 15,000m 2018 program showed 64m at 4.6 grams per tonne gold, 537g/t silver, 0.9% copper, 7.7% lead, 10.8% zinc and 46% barium sulfate from 214m.
The assay also included a 24m section from 248m at 6.4g/t gold, 754g/t silver, 1.6% copper, 14.7% lead, 20.2% zinc and 39% barium sulfate.
Adriatic chief executive Geraint Harris welcomed the results of the first hole at Rupice.
“The results from (first-completed hole) BR-2-18 are exciting in a number of respects: firstly, we have revealed the continuation of thick mineralisation on a 80m step-out hole, which has the potential to add significant tonnes to any future resource,” he said.
“Secondly we have assays confirming that this extension has grade continuity in excess of the exceptionally high-grade precious and base metals content of BR-1-17, which make these some of the highest grade polymetallic results on the ASX.”
The company, which had a market capitalisation of A$25.5 million today, reported the step-out hole had “thickening” mineralisation as it plunged to the north-northeast.
The 2017 drill hole Mr Harris highlighted, which the first-completed 2018 hole was an extension from, featured 64m at 5.1% lead, 8.5% zinc, 1% copper, 374g/t silver and 2.3g/t gold, and 49m at 54% barium sulfate.
Adriatic’s cut-off grade for the 2017 hole had been greater than 1% lead and zinc.
The company stated it was waiting on results from another 2018 hole that targeted the mineralisation even further down-plunge.
Juresvac Brestic zone results
Last month, Adriatic shared it had sampled dumps at Juresvac Brestic zone (JB zone) region within Rupice, which includes the Jurasevac adit.
Adriatic today reported results from the program had confirmed “a significant gold grade”.
One notable assay taken from surface at Jurasevac graded 12.25% lead, 19.4% zinc, 0.84% copper, 186g/t silver and 2.59g/t gold.
Other assays were taken from surface and 0.5m and 0.6m below ground.
Mr Harris compared the mineralisation found at the JB zone with explored northern zone at Rupice.
“The presence of high-grade gold in the dumps at Jurasevac gives us further confidence in the JB Zone as a high-grade polymetallic deposit in a style similar to Rupice,” he said.
The company described the Jurasevac mineralisation as of a similar “tenor” to Rupice, arguing it therefore “provides confidence that the source of mineralisation may be related in both zones”.
“Our first holes at JB zone are currently underway and the drilling target coincides with a strong geochemical soil anomaly and a significant gradient array IP (GAIP) signature,” Mr Harris said.
Adriatic securities were up 30% to $A0.255 by late afternoon trade.