February 6 (SeeNews) - Bosnia's Zenica-Doboj Canton has awarded a urban planning permit to UK-based Adriatic Metals to expand the existing concessions at the company's Vares project, the exploration and development company said on Wednesday.
The company will now proceed towards applying to the regulators of Bosnia's Federation entity for the exploration permit, Adriatic Metals said in a statement.
Adriatic Metals is an ASX-listed zinc polymetallic explorer and developer via its 100% interest in the Vares project which comprises a historic open cut zinc/lead/barite and silver mine at Veovaca and Rupice, an advanced proximal deposit which exhibits exceptionally high grades of base and precious metals.
The company has identified lands at Rupice as key drill targets, as additional drilling could identify some extensions to the mineralisation or indicate potential for new discoveries. Once the company is granted with the exploration permit, it will be able to carry out ground disturbing exploration including drilling.
"This once again proves that Bosnia & Herzegovina is open for business and very willing to work with companies like Adriatic who wish to explore for minerals in a responsible manner. Our drilling crews have been persevering through recent heavy snowfall and this decision paves the way for our Exploration Permit and then drilling on our highly prospective new Concession areas", Adriatic’s CEO, Geraint Harris, said.
The exploration Concession covers two polymetallic projects near Vares, some 50 km north of Sarajevo.