The Exploration Concession covers two main advanced polymetallic projects located near the town of Vareš, which is approximately 50km north by sealed road from Sarajevo, the capital city of Bosnia & Herzegovina. Both the Veovaca and Rupice Projects have had varying degrees of historical exploration and exploitation, and several prospects within the existing Exploration Concession and in the nearby region also indicate encouraging signs warranting further exploration.
Adriatic, through its wholly owned BiH subsidiary company, Eastern Mining doo (Eastern Mining) owns 100% of one Concession which extends over the entirety of the Veovaca deposit deﬁned to date. Eastern Mining is the ﬁrst company to undertake any exploration at the deposit and in the surrounding Vares District since the late 1980s.
Adriatic has compiled historical exploration activities for the Concession and surrounding areas and entered this data into a database. Exploration by Adriatic has focused on activities at the Rupice and Veovaca areas within the Concession, including geophysical programs (induced polarisation) and drilling of the historical resource at Veovaca and the advanced Rupice project. Limited exploration activities have been completed in the area immediately surrounding the Rupice prospect.
The Veovaca Project is an historic open cut zinc, lead, barite and silver mine which operated between 1983 and 1987, and ultimately shut down due to emerging hostilities in the region. The Company completed a 16 hole, 1,381 metre diamond drilling program at the Veovaca Project in 2017 to confirm historical results and support a JORC compliant resource of 4.4 mt at a 2% cut-off. Although CSA Global recommends a 0.5% cutoff in terms of JORC, the Company feels that the 2% cutoff and lower tonnage better reflects the Project in terms of potential economics. More detail on the Veovaca Project and the JORC resource is outlined in the Independent Geologist’s Report.
The Rupice Project is an advanced exploration project which exhibits exceptionally high grades of base and precious metals, and is located approximately 17km North West of the Veovaca Project. The Company completed an 8 hole, 1,458 metre diamond drilling program at the Rupice Project in 2017, to confirm the historical results and the presence of precious metals with the base metals. More detail on the Rupice Project is outlined in the Independent Geologist’s Report.