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Bosnia and Herzegovina
Vares Project

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 Location:
35 km N from Sarajevo, Bosnia and Herzegovina

  Project Contacts:
Tisovci bb 71 330
Bosnia and Herzegovina
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Overview

StageConstruction
Mine TypeOpen Pit & Underground
Commodities
  • Gold
  • Silver
  • Zinc
  • Lead
  • Barite
  • Copper
  • Antimony
  • Pyrite
Mining Method
  • Longitudinal open stoping
  • Longhole open stoping
  • Transverse open stoping
  • Backfill
Production Start...
Mine Life14 years (as of Jan 1, 2020)
The Vares Silver Project hosts two Mineral Resources; the Rupice underground deposit (“Rupice”) and the Veovaca open pit deposit (“Veovaca”).

The Vares Processing Plant has been designed around the ore from the Rupice Underground Mine, as this is the highest value ore. Veovaca open pit: barite recovery and sulphide (pyrite) recovery to be considered in a future development phase, so it was decided to defer the Veovaca open pit from the 2021 DFS mine plan until further work has been completed.


Owners

Source: p. 62
CompanyInterestOwnership
Adriatic Metals Plc 100 % Indirect
The Rupice deposit is located within the Company’s 100% owned Concession.

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Breccia pipe / Stockwork
  • Carbonate hosted


Summary:

The host rocks at Rupice comprises Middle Triassic limestone, dolostone, calcareous and dolomitic marl, and a range of mostly fine-grained siliciclastic rocks including cherty mudstone, mudstone, siltstone and fine grained sandstone. The main mineralised horizon is a brecciated dolomitic unit that dips at around 50o to the northeast and has been preferentially mineralised with base, precious and transitional metals. The Triassic sequence and has been intensely deformed both by early stage ductile shearing and late stage brittle faulting.

The Rupice polymetallic mineralisation consists of sphalerite, galena, barite and chalcopyrite with gold, silver, tetrahedrite, boulangerite and bournonite, with pyrite. The majority of the high-grade mineralisation is hosted within the brecciated dolomitic unit, which is offset and cut by northwest striking, westerly dipping syn-post mineral faulting. This faulting displaces the mineralised body up to 20 metres in places. Thickening of the central portion of the orebody occurs where these faults flexure and deform. Mineralised widths up to 65 metres true thickness are seen in the central portion of the orebody.

To date, the massive sulphide mineralisation at Rupice has a defined strike length of 650 metres, with an average true-width thickness of around 20 metres. However, mineralisation at Rupice still remains open towards the north and down-dip to the south.


Mining Methods

  • Longitudinal open stoping
  • Longhole open stoping
  • Transverse open stoping
  • Backfill


Summary:

The Vares Silver Project hosts two Mineral Resources; the Rupice underground deposit (“Rupice”) and the Veovaca open pit deposit (“Veovaca”). Veovaca open pit removed from scope of study.

Access to the underground workings will be via two declines developed from the surface accessing the orebody via further development of ramps, level access drives and footwall drives. All the development access will be suitable for trackless equipment.

The underground stoping will be divided into two main mining method zones:
• Transverse Longhole Open Stoping zone (“TLOS”)
• Longitudinal Longhole Open Stoping zone (“LLOS”)

The TLOS zone will be below the 1,065 level and the LLOS zone will be from and above the 1,065 level. TLOS will be used in areas where the ore zone thickness is greater than 20 m. Stopes will be oriented in a transverse fashion with stope access drives orientated from the footwall towards the hanging wall, perpendicular to the general orebody strike. LLOS will be used in areas where the ore zone thickness is less than 20 m. Stopes will be oriented in a longitudinal fashion along a strike drive.

Primary stopes represent the initial phase of production mining within the TLOS section of the mine. Primary stopes are mined in a “chequerboard” fashion on each level, with temporary pillars left between the primary stopes. The primary stopes are then backfilled with either Cemented Aggregate Fill or Paste Aggregate Fill, or a ........


Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 218
Silver Payable metal koz  ......  Subscription required
Silver Concentrate kt  ......  Subscription required
Zinc Payable metal M lbs  ......  Subscription required
Zinc Concentrate kt  ......  Subscription required
Lead Payable metal kt  ......  Subscription required
Copper Payable metal kt  ......  Subscription required
Antimony Payable metal kt  ......  Subscription required
Silver Equivalent Payable metal koz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Ore tonnes mined, LOM  ......  Subscription required
Plant annual capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at August 19, 2021:
Mineral Resources cut-off grade of 50g/t silver equivalent has been applied (Rupice deposit).
Mineral Resources cut-off grade of 0.6% ZnEq has been applied (Veovaca deposit).

CategoryOreTypeTonnage CommodityGradeContained Metal
Probable In-Situ (UG) 7.3 Mt Gold 1.9 g/t
Probable In-Situ (UG) 7.3 Mt Silver 202 g/t
Probable In-Situ (UG) 7.3 Mt Zinc 5.7 %
Probable In-Situ (UG) 7.3 Mt Lead 3.6 %
Probable In-Situ (UG) 7.3 Mt Copper 0.6 %
Probable In-Situ (UG) 7.3 Mt Antimony 0.23 %
Probable In-Situ (UG) 7.3 Mt Silver Equivalent 485 g/t
Probable In-Situ (UG) 7.3 Mt Zinc Equivalent 13 %
Indicated In-Situ (OP) 5.3 Mt Gold 0.1 g/t 14 koz
Indicated In-Situ (UG) 9.5 Mt Gold 1.6 g/t 500 koz
Indicated In-Situ (OP) 5.3 Mt Silver 50 g/t 9 M oz
Indicated In-Situ (UG) 9.5 Mt Silver 176 g/t 54 M oz
Indicated In-Situ (OP) 5.3 Mt Zinc 1.6 % 83 kt
Indicated In-Situ (UG) 9.5 Mt Zinc 4.9 % 465 kt
Indicated In-Situ (OP) 5.3 Mt Lead 1 % 55 kt
Indicated In-Situ (UG) 9.5 Mt Lead 3.1 % 294 kt
Indicated In-Situ (OP) 5.3 Mt Barite 16 % 860 kt
Indicated In-Situ (UG) 9.5 Mt Barite 29 % 2,730 kt
Indicated In-Situ (UG) 9.5 Mt Copper 0.5 % 52 kt
Indicated In-Situ (UG) 9.5 Mt Antimony 0.2 % 21 kt
Indicated In-Situ (OP) 5.3 Mt Silver Equivalent 225 g/t 38 M oz
Indicated In-Situ (UG) 9.5 Mt Silver Equivalent 580 g/t 177 M oz
Indicated In-Situ (OP) 5.3 Mt Zinc Equivalent 4.3 % 230 kt
Indicated In-Situ (UG) 9.5 Mt Zinc Equivalent 18.6 % 1,771 kt
Inferred In-Situ (OP) 2.1 Mt Gold 0.1 g/t 4 koz
Inferred In-Situ (UG) 2.5 Mt Gold 0.3 g/t 27 koz
Inferred In-Situ (OP) 2.1 Mt Silver 17 g/t 1 M oz
Inferred In-Situ (UG) 2.5 Mt Silver 49 g/t 4 M oz
Inferred In-Situ (OP) 2.1 Mt Zinc 1.1 % 23 kt
Inferred In-Situ (UG) 2.5 Mt Zinc 0.9 % 23 kt
Inferred In-Situ (OP) 2.1 Mt Lead 0.5 % 11 kt
Inferred In-Situ (UG) 2.5 Mt Lead 0.7 % 18 kt
Inferred In-Situ (OP) 2.1 Mt Barite 6 % 123 kt
Inferred In-Situ (UG) 2.5 Mt Barite 9 % 218 kt
Inferred In-Situ (UG) 2.5 Mt Copper 0.2 % 4 kt
Inferred In-Situ (UG) 2.5 Mt Antimony 0.1 % 3 kt
Inferred In-Situ (OP) 2.1 Mt Silver Equivalent 116 g/t 8 M oz
Inferred In-Situ (UG) 2.5 Mt Silver Equivalent 144 g/t 12 M oz
Inferred In-Situ (OP) 2.1 Mt Zinc Equivalent 2.2 % 47 kt
Inferred In-Situ (UG) 2.5 Mt Zinc Equivalent 4.6 % 115 kt
Total Resource In-Situ (OP) 7.4 Mt Gold 0.1 g/t 18 koz
Total Resource In-Situ (UG) 12 Mt Gold 1.4 g/t 526 koz
Total Resource In-Situ (OP) 7.4 Mt Silver 41 g/t 10 M oz
Total Resource In-Situ (UG) 12 Mt Silver 149 g/t 58 M oz
Total Resource In-Situ (OP) 7.4 Mt Zinc 1.4 % 106 kt
Total Resource In-Situ (UG) 12 Mt Zinc 4.1 % 488 kt
Total Resource In-Situ (OP) 7.4 Mt Lead 0.9 % 66 kt
Total Resource In-Situ (UG) 12 Mt Lead 2.6 % 312 kt
Total Resource In-Situ (OP) 7.4 Mt Barite 13 % 984 kt
Total Resource In-Situ (UG) 12 Mt Barite 25 % 2,948 kt
Total Resource In-Situ (UG) 12 Mt Copper 0.5 % 56 kt
Total Resource In-Situ (UG) 12 Mt Antimony 0.2 % 24 kt
Total Resource In-Situ (OP) 7.4 Mt Silver Equivalent 193 g/t 46 M oz
Total Resource In-Situ (UG) 12 Mt Silver Equivalent 499 g/t 193 M oz
Total Resource In-Situ (OP) 7.4 Mt Zinc Equivalent 3.7 % 275 kt
Total Resource In-Situ (UG) 12 Mt Zinc Equivalent 16.1 % 1,926 kt

Commodity Production Costs:

CommodityUnitsAverageAverage
Cash costs Silver Equivalent USD  ......  Subscription required&nbs
Total cash costs Silver Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Silver Equivalent USD  ......  Subscription required&nbs
Assumed price Antimony USD  ......  Subscription required&nbs
Assumed price Lead USD  ......  Subscription required&nbs
Assumed price Zinc USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
Assumed price Barite USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2021
UG mining costs ($/t mined) USD 24.1 *
UG mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
Income Taxes $M EUR  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Heavy Mobile Equipment:
HME TypeModelSizeQuantityStatusLeased or
Contractor
Ref. Date
Drill (long hole) ....................... Subscription required Proposed Leased Aug 19, 2021
Drill jumbo (two boom) ....................... Subscription required ....................... Subscription required Existing Leased Oct 7, 2022
Drill jumbo (two boom) ....................... Subscription required ....................... Subscription required Existing Leased Oct 7, 2022
....................... Subscription required ....................... Subscription required Proposed Leased Aug 19, 2021
Loader ....................... Subscription required ....................... Subscription required Existing Oct 7, 2022
Load-Haul-Dump (LHD) ....................... Subscription required ....................... Subscription required Existing Leased Oct 7, 2022
Load-Haul-Dump (LHD) ....................... Subscription required 14 t ....................... Subscription required Existing Leased Oct 7, 2022
....................... Subscription required ....................... Subscription required Proposed Leased Aug 19, 2021
Rock bolter ....................... Subscription required ....................... Subscription required Existing Leased Oct 7, 2022
....................... Subscription required ....................... Subscription required Proposed Leased Aug 19, 2021
....................... Subscription required ....................... Subscription required Proposed Leased Aug 19, 2021
Truck (haul) ....................... Subscription required ....................... Subscription required Existing Leased Oct 7, 2022
....................... Subscription required ....................... Subscription required Proposed Leased Aug 19, 2021
....................... Subscription required ....................... Subscription required Proposed Leased Aug 19, 2021
Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 4, 2022
....................... Subscription required ....................... Subscription required Subscription required Oct 15, 2020
....................... Subscription required ....................... Subscription required Subscription required Nov 4, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 4, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Nov 4, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2021
Subscription required 2020

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Half-year Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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