BELGRADE (Serbia), December 3 (SeeNews) – UK-based Adriatic Metals has discovered a mineralised gold zone at the Sastavci project in Serbia, it said on Thursday.
Adriatic's first drill hole at Sastavci confirmed the presence of polymetallic mineralisation at surface and also resulted in the discovery of a gold-bearing sheeted pyrite-arsenopyrite vein zone at depth, the company said in a statement.
The gold bearing zone in the SSDD-002 drill hole is significant as it is located approximately 500 metres south of a gold soil anomaly associated with vuggy silica and silica-flooded andesite representing a possible high-sulphidation type gold target, which has never been drill tested, Adriatic Metals said.
"Our first true exploration holes at the Raska project in Serbia have shown the potential scale of this high grade, shallow deposit. At Sastavci our first hole encountered strong near surface mineralisation, but the additional gold intercept has added further excitement to this historically significant deposit," Adriatic's Managing Director and CEO Paul Cronin said in the statement.
Adriatic also reported assay results from seven diamond core holes at its Kizevak project, located 3.5 km south of Sastavci, which continued to yield thick zones of polymetallic mineralisation.
"With both Kizevak and Sastavci to be fully tested, our recent LIDAR and micro gravity survey's offer significant possibilities for targeted expansion. We are delighted that this acquisition is demonstrating such value for our shareholders at such an early stage in its development," Cronin noted.
In May, Adriatic executed a binding letter agreement to acquire the entire capital of Tethyan Resource, which holds the exploration license of Kizevak.
The Kizevak project is situated on an exploration license held by Tethyan’s Serbian subsidiary Taor d.o.o. and is located 1 km southeast along strike from a past-producing open pit zinc-lead mine.