Lykos Balkan Metals, part of Australian battery metals explorer Lykos Metals Ltd, 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 analyzed 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)
(By Daria Sito-Sucic; Editing by Mark Potter)