Adriatic Metals’ exciting Rupice prospect in Bosnia just made a major leap forward, with regulatory authorities accepting the company’s “geological reserves” statement for the Rupice-Juraševac-Brestic project and hence, paving the way for the issue of 09′:*UL˚µ Exploitation and future Operating Permits to develop the deposit.
The “ore reserves” document called a “Reserve Elaborat”, is in effect, a non-JORC compliant resource estimate, with supporting technical work packages defining the occurrence of economic quantities of lead, zinc, barite, gold, silver and copper.
Under Bosnian law, once economic quantities of any metal are defined by a company, it must apply to add those to the existing Concession Agreement, by way of “Concession Annexe”.
According to the company, this is a major milestone, because any further additions to the Concession Agreement via Annexe, are automatically applied to all other exploration fields already owned by Adriatic.
This would include not only the Rupice-Juraševac-Brestic project but also the Veovaca I & II project areas, that already hold a JORC-compliant mineral resource of 4.44 million tonnes grading 1.96% zinc, 1.11% lead, 58g/t silver, 0.09g/t gold and 20% barite, The West news portal reports.