Lykos Metals finds new gold deposits at Bosnia project

Yugo Metals

08/06/2023 13:31

SARAJEVO, June 8 (Reuters) - Lykos Balkan Metals, part
of Australian battery metals explorer Lykos Metals Ltd  LYK.AX ,
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.
     
 (1$ = 1.825 Bosnian marka) 

 (Reporting by Daria Sito-Sucic; Editing by David Evans)
 ((daria.sito-sucic@thomsonreuters.com; +38733 295 484; Reuters
Messaging: daria.sito-sucic.thomsonreuters.com@reuters.net))