Adriatic Metals achieves key milestone at Vares
Adriatic Metals (ASX:ADT) has provided an update on its Vares Project in Bosnia.
The Federal Ministry of Mining within the Federation of Bosnia & Herzegovina (FERMI), has provided written acknowledgement of the completion of the Reserves Elaborat for the Veovaca deposit, which is within the broader Vares Project.
ADT drilled 16 confirmation holes at the Veovaca deposit in 2017, which was an operational open pit mine in the past. The company defined a JORC 2012 resource at the site off the back of the drilling, which contained 7.3m tonnes at a 0.5% zinc equivalent cut off.
Under the terms of its Concession Agreement, ADT is required to complete the conditions of the Exploitation Permit by May 2020. If satisfied, the company will be granted with a license tenure at the site until 2038, which may be further extended by ADT for a period of 10 years.
In addition to the Reserve Elaborat, ADT is required to submit the following:
- Environmental Impact Study
- In-principle Site Plan and a Mining Plan
- Land Access Agreements
- Urban Planning Permit
The company is now expediting these conditions, and expects to receive the Exploitation Permit by Q4 2019.
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
Because ADT is the principle private land owner at Veovaca, it does not foresee any complications in completing the above requirements.
The Concession Agreement covers Veovaca I & II and Rupice-Jurasavec Brestic, with the granting of the Exploitation Agreement to extend the licence tenure on all Fields to May 2038 by default.
The company concluded its update by touching on its Reserve Elaborat for Rupice-Jurasavec Brestic, which it plans to complete in H1-2019 following its current drilling program.
Upon receiving the Exploitation Permit, ADT will submit a Main Mining Plan (Feasibility Study) and apply for a Water Management Permit. These permits, once approved, will result in an Operations Permit being issued.
ADT CEO Geraint Harris commented on the strong update, “The acceptance of the Reserve Elaborate for Veovaca is a major milestone in the permitting of the Vares Project. Whilst exploration continues at Rupice we are working to align the permitting time-lines for all fields.
“We are privileged to have a strong support of government at all levels in Bosnia, as well as our local community in Vares, as has been demonstrated by the recent approval of the land expansion of the Concession by the Vares Municipality,” he said.