Lykos Balkan Metals, part of Australian battery metals explorer Lykos Metals Ltd, said on Thursday it had found new large gold deposits at its Sinjakovo project in northwestern Bosnia, where gold quantities have been already discovered.
“The continuation of geological exploration … has confirmed the existence of new gold geological formations, this time at the location of Zekilova Kosa,” the company said in a statement.
It added that the most recent analysis conducted in world renowned laboratories has confirmed that the concentration of gold at some parts of the location was 4.89 grams/tonne.
The exploration has been done in an area of 1.2 square kilometres but it would expand further northwest, where even better results are expected, the statement said.
In February, Lykos Metals said it had found significant quantities of gold at the Otomalj location of its Sinjakovo project, with concentration of gold at some locations of even 27.5 grams/tonne in a continuous line of 60 metres.
It had announced it would allocate a major part of its 60 million Bosnian marka ($32.8 million) investment in Bosnia this year in further exploration.
Lykos Balkan Metals has been given a permit for geological exploration at the site in the municipality Jezero by the industry ministry of the Serb Republic, one of Bosnia’s two autonomous regions, but the Jezero assembly and citizens had opposed the research, fearing environmental damage.
“Our company conducted geological exploration consulting all key stakeholders, i.e representatives of local communities and geological experts, focusing on extremely important practice of environment protection,” Mladen Lujić, the company’s executive director, said in the statement.