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REGIONAL ROUNDUP

A chance finding of gold

by Fraser Palamara The Lykos team storing samples from the Sockovac project in
Bosnia-Herzegovina

ykos Metals Ltd had every intention of joining the ASX as a “Our second phase will then see us follow up on the best targets.”
Lbattery metals-focused explorer until the first soil sampling at Although early into its life on the ASX, Lykos has already begun
its Bosnia-Herzegovina projects unearthed surprise findings of to grow the landholding of its projects. The company received the
gold. go-ahead from the Ministry of Mining and Energy in November for
Prior to listing in October via an oversubscribed $12 million IPO, another 50sq km at Sočkovac, expanding it to 67sq km.
Lykos had earmarked its Sočkovac project – one of three assets The new ground will be added to the airborne geophysical surveys
in the prospectus – as a priority due to its nickel potential. scheduled for early this year, while the company has also begun
Soil sampling was then undertaken at Sočkovac and the the application process for additional licences at Sinjakovo.
Sinjakovo project, with the latter found to host a 2sq km gold and “The expansion went pretty smoothly, and the guys are already
copper anomaly. on the ground collecting samples,” Stevanović said.
“All three of our projects actually have a history for precious Stevanović is joined on the Lykos board by executive director
metals,” Lykos managing director Mladen Stevanović told GMJ. Miloš Bošnjaković, a co-founder of Adriatic Metals Plc who
“Roughly 50 years ago, there were traces of gold. But iron, lead worked alongside Stevanović. Stevanović was previously a
and zinc were the focus at the time for the previous explorers. senior and principal geologist for Gold Fields Ltd.
So, believe it or not, gold was never assayed for on any of these
“I think the biggest achievement for Bosnia-Herzegovina, in terms
tenements.
of Australian investment, was the founding of Adriatic some 5-6
“We knew Sinjakovo was prospective for copper, so we did some years ago,” Stevanović said.
soil sampling; the first ever soil sampling on these tenements.
“Bošnjaković and I have been active in this region for a while, and
We found strong gold anomalism. It was an interesting and new
he was also involved in some work in Montenegro and Serbia.
discovery for us.”
“People approached Bošnjaković and offered him a large number
A total of 1,295 soil samples were taken from Sinjakovo, showing
of projects, about a year ago. We went through a due diligence
significant results for gold, silver and copper. Up to 16 samples
process and pretty much cherry picked our three favourite
graded at 100 ppb gold, including a peak reading of 2,080 ppb
projects from about 30 options.
(2.08 g/t).
“We were in a good position to choose, and I think we have
As Lykos anticipated, Sočkovac was highly prospective for nickel
chosen well. These projects are very prospective and we’re pretty
and cobalt, but gold again found its way into the results.
much following up on previous discoveries.”
From Sočkovac, 12 samples were positive for gold with grades
Despite Lykos’ IPO success, Stevanović still thinks many
reaching up to 0.82 g/t. Lykos also took 241 rock chip samples,
Australian investors need to wake up to the opportunities in
with the combined work representing the first ever systematic and
Eastern Europe.
modern ground geochemical work carried out at Sinjakovo and
“Adriatic pretty much cracked Bosnia for the Australian investors
Sočkovac.
and we’re now following in their footsteps,” he said. “I can say that
This data will be used to guide a maiden drilling programme at
Bosnia is a safe, investor friendly destination. Foreign investors
both projects early this year. Stevanović said the results were the
share the same low corporate tax rate and government support
“first step in a very exciting journey”.
as Bosnian citizens.
“Exploration at our three projects will be split into two major
“Historically, Bosnia was a mining district, so there is good access
phases,” he explained. “The first phase is the acquisition of
today to an experienced, knowledgeable mining and exploration
foundational data. From our listing in October, all the way to
workforce.
April, we will continue surface sampling, carrying out airborne
“I expect to see foreign investors, especially Australian investors,
geophysical surveys and then begin twin drilling on all three
encouraged to invest in Bosnia-Herzegovina.”
tenements.
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