Battery and precious metals explorer Lykos Metals has selected Cajnice out of its three 100%-owned projects in Bosnia-Herzegovina for the company’s maiden drilling campaign.
The seven-hole, 580m diamond program at the Gramusovici prospect, within the central Cajnice project area, will follow up a newly identified visible copper mineralisation over a true thickness of 1.4m that returned samples of up to 10% copper and 155 g/t silver.
The diamond campaign at Cajnice is the first drilling program since Lykos (ASX: LYK) listed on the ASX last October with a promise of systematic and discipline exploration of its three highly prospective projects in the European nation.
Importantly, drilling at Gramusovici signals the formal commencement of Lykos’ concurrent 2022 on-the-ground exploration programs across its project portfolio – including Sockovac and Sinjakovo – following a longer-than-anticipated winter period.
Lykos, like other high-impact explorers such as St George Mining (ASX: SGQ) and BMG Resources (ASX: BMG), has worked up a program of regular newsflow to keep investors engaged in the stock.
Lykos’ project portfolio is located within the Tethyan metallogenic belt – host to some of Europe’s most exciting exploration stories including Adriatic Metals’ (ASX: ADT) Raska and Vares projects.
The program at Cajnice, located about 90km from the town of Vares, is the first drilling in more than five decades to take place across the projects that make up Lykos’ portfolio.
Lykos has been pragmatic about which of its three projects is drilled first – weather conditions and on-the-ground activities were always going to dictate next steps.
Managing director Mladen Stevanovic said while soil and rock chip sampling at Sockovac and Sinjakovo continued to deliver high-grade nickel-copper and gold results, respectively, the discovery of the Gramusovici prospect over the past month made the decision to immediately drill at Cajnice an easy one.
“It has just been a case of deciding an appropriate drilling schedule based on the progress of our exploration programs,” he said.
“Our focus now is to safely and responsibly complete Phase 1 drilling at Gramusovici and then assess the results, which will inform next steps including the potential of a Phase 2 campaign.
“Our exploration team will continue to further advance Sockovac and Sinjakovo with a clear strategy to define more gold and base metals targets ready for drill-testing.”
The first phase at Gramusovici will test the western and shallowest part of the copper-silver target at 40m drill-spacing to improve Lykos’ geological understanding of the system and provide a rationale for further testing of potential depth repetition and down-dip extension of the copper-silver bearing lode.
The program is expected to take about a month to complete. Results will inform a second phase of drilling, which is likely to focus on delineating the entire copper-silver lode at 80m spacing and test the depth potential at 160m between drill holes.