An ASX listed zinc exploration company, with a significant project in Bosnia & Herzegovina, has entered into a strategic partnership with a leading Australian copper producer.
Adriatic Metals has announced this week that it has entered into a strategic relationship with Sandfire Resources, following a “cornerstone investment.”
A heavily oversubscribed initial public offer to the value of $10 million was raised, with Sandfire subscribing for around $2 million to take a 7.7% stake in Adriatic.
The partnership will allow Adriatic to fast-track the feasibility and development of its flagship Veovaca and Rupice projects.
A strategic technical committee will be created to oversee the strategy and implementation of the exploration and development of these Projects.
Adriatic’s Chief Executive Officer, Geraint Harris commented, “We welcome Sandfire as a strategic investor and partner of Adriatic as we transition to a publicly listed Company. Securing a high-quality partner with world leading expertise in the exploration and development of base metals projects is a strong endorsement to the quality and potential of Adriatic’s portfolio following an exhaustive period of due diligence.
“This also validates the prospectivity of our licence areas to host further discoveries as we commence our 2018 exploration programme. Sandfire brings a tremendous depth of experience in these styles of mineralisation which will enable us to further understand this under-explored and emerging base metals province of central Europe.”
The Veovaca Project is an historic open cut zinc, lead, barite and silver mine and the Rupice Project is an advanced exploration project which exhibits exceptionally high grades of base and precious metals, and is located approximately 17km North West of the Veovaca Project.