Adriatic Metals company has invested some 30 million marka ($17 million/15.3 million euro) in geological research and research on the amounts of lead, zinc, barite, silver, and gold in Vares, some 50 km north of Sarajevo.
The company has concession rights on a surface of 8.6 sq km.
This UK-based company plans to open a lead, zinc and gold mine in Vares in Bosnia in 2022 if it obtains the necessary permits according to plan, a senior company official said.
“The feasibility study which we work on at the moment shows that we will need some 350 workers,” Milos Bosnjakovic, the CEO of Adriatic Metals’s wholly-owned Bosnian unit Eastern Mining, said in an interview.
Since 2017, Eastern Mining has completed the drilling of some 33,000 metres with 150 bores.
Adriatic Metals said it has amended its concession agreement with Bosnia’s Zenica-Doboj Canton to include the rights to gold, silver and copper at its projects in the Balkan country.
Adriatic Metals is an ASX-listed zinc polymetallic explorer and developer via its 100% interest in the Vares project.
Zenica-Doboj Canton is one of ten cantons comprising Bosnia’s Federation entity. The Federation is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Serb Republic.