27.2 C
Belgrade
Supported byspot_img
spot_img

Adriatic Metals achieves key milestone at Vares Bosnia

Member of Europium Groupspot_img
Supported byspot_img

The Federal Ministry of Mining within the Federation of Bosnia & Herzegovina, 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.

Supported by

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.

Source: finfeed

Supported byElevatePR Digital

Related News

Progress at Plymouth’s tungsten mine: Final permit secured for production restart

Plymouth’s potential tungsten mine is on track to achieve significant production levels following the approval to commence operations. Tungsten West Plc has secured a...

Elementos pursues acquisition of stake in Iberian smelting for European tin market expansion

Elementos, a tin exploration and development firm, has initiated a non-binding term sheet to potentially acquire up to a 50% interest in Iberian Smelting...

EU corporate sustainability directive: Implications for global supply chains and Africa’s mining communities

On 24 May, the European Union enacted the Corporate Sustainability Due Diligence Directive (CSDDD), a landmark legislation requiring large businesses to identify and mitigate...

Rio Tinto defends environmental safety of Serbia’s Jadar lithium project

Rio Tinto announced on Thursday that it had published new environmental studies indicating the safety of its Jadar lithium project in Serbia, which was...
Supported by
Supported by
Supported by
error: Content is protected !!