Eastern Mining, part of the British research and development company Adriatic Metals Company, has provided 20 million Euros for 2020 year to continue activities on the Vares mineral exploration project, Indikator.ba reports.
This was said at the company’s celebration of the successful 2019 completion on Friday evening, at the Holiday Hotel in Sarajevo, which brought together 170 representatives of business partners, authorities, various institutions and other stakeholders associated with the project.
Milos Bosnjakovic, a member of the Board of Adriatic Metals and director of Eastern Mining, expressed satisfaction that the project in Vares, through research at the sites of Veovaca and Rupica, shows the they are optimistic about the future. Since 2017, Eastern Mining has completed more than 33,000 meters of exploratory drilling with 150 wells, expanding the known area of mineralization (lead, zinc and barite ores) and defining some of the highest quality polymetallic interceptions globally.
Several wells have been tested for precious metals and mineralization of exceptional quality have been identified.
The focus of activities in 2020 will be on further geological exploration of existing concessions and the wider regional area with the aim of increasing confirmed ore reserves and extending the life of the new mine.
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.