Adriatic Metals secured the long-awaited Urban Planning Permit from Zenica-Doboj Canton with respect to expanded concession in highly prospective new areas in Bosnia & Herzegovina. The news sent the stock price to trade in the green zone with an intra-day price change of +1.935% on 6 February 2019.
In the announcement to Australian Securities Exchange, Adriatic Metals Plc (ASX: ADT) declared that it has successfully received the Urban Planning Permit which reflects the strong support from governmental as well as commercial stakeholders.
The permit is required to undertake exploration activities at expanded Concession area at Rupice, and Veovaca prospect within the company’s 100% owned Vareš Project in Bosnia & Herzegovina. At Rupice, the area reportedly includes the land where the company has identified key drill targets for mineralisation or where historical or recent data indicates the potential for discoveries.
Adriatic now intends to immediately apply to the Federal Regulators for the Exploration Permit, which is a technically-focussed procedure.
Chief Executive Officer of Adriatic, Geraint Harris stated that this exploration permit has proven that Bosnia & Herzegovina is open for business and very willing to work with companies like Adriatic. Mr Harris added that exploration permitting step had been achieved through close cooperation between Adriatic’s BiH team and the significant number of governmental and commercial stakeholders involved in the process.
The report read that the expanded Concession provides all necessary access to the prospective targets, and once the Exploration Permit is granted, it will enable the Company to carry out ground disturbing exploration including drilling. These activities will be focussed on Rupice North, Brestic-Jurasavac and over the significant Gradient Array Induced Polarisation (GAIP) geophysical anomalies which are sub-parallel to Rupice and also those IP chargeability anomalies nearby to Veovaca.
In the south of the expanded Concession at Rupice, historical exploration yielded positive results from trenching, underground development and a limited amount of drilling, told Adriatic. It included the exploration work at Siroki- Radakovac, Ceo-Sutjeska, Kraljeva, Kraljeva Jama and Zakruzje
Besides Rupice, the company plans to undertake exploration at Veovaca including the entirety of the significant base metal prospects of Orti, Seliste and Mekuse where historical exploration had yielded positive results. For the first time since the 1960s, the company aims to use modern exploration techniques to follow up on these encouraging historical results.
Adriatic Metals is a zinc polymetallic exploration company with wholly owned Vareš Project located in Bosnia & Herzegovina. The project comprises of advanced proximal deposits – Veovaca and Rupice- which exhibits high grades of the base and precious metals including zinc/lead/barite and silver.
On Wednesday, 6 February 2019, the stock price last traded at $0.790, near to its 52-week high of $0.810. In the past six months, ADT stock price has surged up by 59.79% including a positive price change of 23.02% last month.
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