Base and precious metals exploration company Lykos Metals Limited (ASX: LYK) has released its activities report for the quarter ended 31 March 2022.
Exploration activities were focused on preparing for upcoming drilling and trenching programs across the company’s three priority projects, in Bosnia-Herzegovina, as well as finalising a heliborne geophysical survey.
- Cajnice copper project – significant Cu-bearing outcrop discovered, prioritised for drilling in May; 2,000-sample soil sampling program underway.
- Sinjakovo copper-gold project – final surface samples returned, with results of up to 1.6 g/t Au and 0.58% Cu in soil; preparation underway for a trenching program ahead of the maiden drilling program.
- Sinjakovo copper-gold project – grant of 31km2 Jezero tenement immediately south-east of Sinjakovo tenement; 600-sample soil sampling program underway.
- Sockovac nickel-cobalt project – newly identified Ni-Co soil anomaly increases to 6×2.5km in size; additional surface sampling completed to refine geological understanding of the project.
- Corporate – appointments of Stephen Allen as non-executive chairman and Johan Züger as independent non-executive director.
- Cash – Lykos had a cash balance of $8.8 million at March 31 and no debt.