Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) chief executive Paul Cronin speaks to Proactive after announcing that the precious and base metals developer has increased the resource estimate for its Rupice silver-zinc-lead-gold deposit in Bosnia and Herzegovina by 93%. Cronin gives an overview of how the increase in the resource has been achieved and what it means for the future of the Vares project.
The announcement comes after extensive drilling and hard work at the site in central Bosnia. He also discusses the recently-released Q2 quarterly update, which revealed that construction at the site is around 85% complete with most costs locked away and contingencies released. Despite a slight increase in project costs, Cronin sees them as acceptable considering the high inflation throughout much of the world. He expects plant construction to complete soon with commercial operations beginning in November, and notes that ore is already being stockpiled at the site. Asked whether he believes that the project is on the home straight, Cronin says that "I'm feeling like we're on the home straight... this is a huge milestone."
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Adriatic Metals PLC is a United Kingdom-based precious and base metals explorer and developer. The Company owns the Vares Project in Bosnia and Herzegovina, and the Raska Project in Serbia. The Companyâs flagship Vares Project is located in the municipality of Vares, within the Zenica-Doboj canton, approximately 50 kilometers (km) north of the Bosnian capital of Sarajevo. The Company conducts exploration activities, including definition drilling with diamond core drill rigs operating at each target. The Company holds the Kizevak and Sastavci exploration licenses relating to the Raska Project. Kizevak and Sastavci are two past-producing zinc, lead and silver open pit mines located within the Raska District. The Company, through its wholly owned subsidiary, Eastern Mining d.o.o., owns 100% of the 42 square kilometers (km2) Vares Project concession.