Lykos Metals Ltd. finds large gold deposits at Bosnia project

Yugo Metals

03/02/2023 14:07

SARAJEVO, Feb 3 (Reuters) - Lykos Balkan Metals, part of
Australian battery metals explorer Lykos Metals Ltd  LYK.AX ,
has found significant quantities of gold at its Sinjakovo
project in northwestern Bosnia, a company spokesperson said on
Friday.
    "Laboratory findings of the last year's geological
explorations in the area of the Jezero municipality have
confirmed the presence of significant quantities of gold," 
Bojana Jovanovic told Reuters.
    "The concentration of gold at some locations was as much as
27.5 grams/tonne in a continuous line of 60 metre, which is an
extraordinary result," Jovanovic added.
    The samples were analysed in an accredited laboratory and
results supported continued geological research, Jovanovic said,
adding the company planned to allocate a major part of its 60
million Bosnian marka ($33.7 million) investment in Bosnia this
year in further exploration.
    She cautioned that such research normally takes 5-8 years.
    Lykos Balkan Metals has been given a permit for geological
exploration at the site by the industry ministry of the Serb
Republic, one of Bosnia's two autonomous regions.
    The assembly and citizens of the Jezero municipality have
opposed the research, fearing environmental damage.
    But Jovanovic said the company had all necessary
confirmations that its exploration had been conducted according
to regulations.
    (1$ = 1.779 Bosnian marka)   
 (Reporting by Daria Sito-Sucic; Editing by Mark Potter)
 ((daria.sito-sucic@thomsonreuters.com; +38733 295 484; Reuters
Messaging: daria.sito-sucic.thomsonreuters.com@reuters.net))