Base and precious metals exploration company Lykos Metals (ASX: LYK) has provided an update on exploration activities at the Company’s 100%-owned Cajnice Project in Bosnia-Herzegovina.
Two of the planned seven holes at the Gramuscovici prospect CAD001 and CAD002 are now complete. Both holes hit the planned copper target and also intersected a porphyry system at depth – warranting the extension of both holes.
The remaining five holes of the program will target the copper-bearing target and porphyry system along strike to the north.
Preparation is in progress for initial drilling at the next prospect, Berkovici, to twin four historical drill holes with reportedly high base metals (predominantly lead) results. Drilling will commence once the initial program at Gramusovici is completed.
Since the company’s last exploration in early May, reconnaissance has identified two new prospects – Majdan and Braha. Significant rock-chip sampling results warrant further work at these localities.
Out of 1,925 samples planned, about 71% of the samples have now been collected and results for 23% of the total samples have been received. The processed geophysical airborne EM and MAG results are expected in mid-June. Interpretation of geophysical results is expected to be completed by early-July.
Lykos managing director Mladen Stevanovic said,
“The two initial holes at the Gramusovici prospect not only hit the copper target as planned, they also entered an exciting porphyry system that warrants follow up. The remaining five holes of the program will target the copper-bearing target and porphyry system along strike to the north.
“With outstanding historic lead grades reported, and no previous analysis of precious metals from drilling samples, selecting the Berkovici prospect for next drilling was the logical choice. We are excited to commence the twinning of four holes immediately after completion of the initial drilling program at Gramusovici.
“The addition of the Majdan and Braha prospects are the latest proof that our extensive, systematic preliminary exploration programs at Cajnice continue to bear fruit.
“With the highly successful soil sampling program now approaching completion, we are turning our attention toward upcoming reconnaissance, geological mapping and rock-chip sampling programs.”
“Our on-the-ground exploration team at Cajnice is to be commended for their outstanding work. Our exploration program continues to evolve as we identify new exploration opportunities.”