Lykos identifies significant surface gold mineralisation at Sinjakovo project, Bosnia-Herzegovina

HIGHLIGHTS:

Sinjakovo

• Zekil-Erak Prospect – three mineralised zones intersected from the first trench at the Erak locality including 61m @ 1.50g/t gold and 21m @ 1.32 g/t gold equivalent
• Further trenching along the mineralisation trend to commence during Q1 2023. Follow-up drilling planned to commence once the winter weather subsides
• RDK Prospect – 16 of 19 planned holes completed. Drilling paused for the winter period. Results for six drillholes are pending

Cajnice

• Field mapping has highlighted two new areas, Kapov and Tubrojevici, for further follow up
• First pass rock sampling at Kapov returned anomalous zinc (up to 0.97% Zn) and lead (up to 0.84% Pb) warranting further investigation in the form of detailed mapping and outcrop sampling
• Site preparation underway for drilling at two previously identified prospects Majdan (rock samples up to 1.91 g/t gold, 220 g/t silver and 13.26% lead) and Pisonica (rock samples up to 51 g/t silver and 2.78% lead)

At Sinjakovo, the Company has identified three new polymetallic-bearing shear zones from the first trench at the Erak locality within the Zekil-Erak Prospect, the widest zone being 61m of trench length (~50m true width) that has returned an average grade of 1.50 g/t gold. The Company is presently finalising local area permitting required to commence drilling.

At Cajnice, reconnaissance fieldwork identified two new areas – the Kapov and Tubrojevivi prospects for detailed mapping to inform potential drilling programs. Subject to winter weather conditions, preparation for site access is scheduled to commence in Q1 2023 at targets identified and reported previously (see announcement dated 22 November): Majdan (rock samples up to 1.91 g/t gold, 220 g/t silver and 13.26% lead) and Pisonica (rock samples up to 51 g/t silver and 2.78% lead).

Lykos Metals Chairman Stephen Allen said,

“The Erak locality is fast emerging as a high-priority target for drilling in 2023 following the discovery of significant gold mineralisation at surface from the first trench.

“While on-ground activities are paused for the winter period, the exploration team is consolidating and interpreting the significant data collected in 2022 to further grow our understanding of the outstanding potential across our tenements.”