Veovaca Overview

  • Veovaca was mined between 1983-1987 and produced saleable Zn, Pb and Barite (BaSO4) concentrate delivered into European smelters.
  • Metallurgical test work program underway with Wardell Armstrong (UK).
  • Development scenarios to recommence mining operations being evaluated.
  • Existing pit serviced by sealed road that connects to a rail siding approx. 2.5km away.
  • CSA Global determined a conceptual 0.55% Zn Eq1 economic cut off using comparable Balkan mining operations.
  • 2018 JORC Resource2 of 4.4Mt with 80% classified as Indicated:

4.4Mt Veovaca Resource3

Inside – 2.7Mt (Ind+Inf) @ 2.1% Zn, 1.2% Pb, 19% BaSO4, 0.09g/t Au, 58g/t Ag

Outside* – 1.7Mt (Ind+Inf) @ 1.8% Zn, 1.1% Pb, 20% BaSO4

* Further drilling is required to include gold and silver into the resource model

Veovaca Long Section

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  • Recent drilling of 16 holes in 2017 with some of the better intersections annotated on the long section and tabled below.
    Recent drilling confirms the historical drill hole data and adds assays for silver and gold.
  • Sufficient silver and gold assays for the core of the deposit although additional drilling is required to the west and to the east in order to include silver and gold into all of the Mineral Resource estimate.
  • Concentrates produced between 1983-87 contained 1,176 g/t Ag. Post 1987 a separate Silver concentrate was produced.

Veovaca – Maiden Mineral Resource Estimate

The Mineral Resource estimate for the Veovaca deposit is shown in the following table. Mineral Resources were reported using a cut-off grade of 0.5% and 2.0% Zinc Equivalent, and separately for the deposit area where gold and silver assays were taken and used, and outside of the area where there are no assays for gold and silver. Further drilling is required for silver and gold to be included in the total Mineral Resource estimate.

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Veovaca Expansion Potential

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  • Geophysical IP ground surveys noted that subparallel chargeability anomalies extend from Veovaca deposit to ESE into Orti and Selishte prospect areas.
  • It was concluded that the geophysical anomalism probably indicates the existence of non-outcropping zinc- lead mineralisation at depth but this trend has not been followed up by drilling.
  • Geochemical survey was completed over area of 2km2 in immediate ESE extension of Veovaca deposit.