Genesis Resources (ASX: GES) has reported the results of its maiden Inferred Mineral Resource estimate over the Plavica Project located in the Former Yugoslav Republic of Macedonia.
The JORC Code-compliant resource at the project is located in the Kratovo District in the north-east of Macedonia and is situated approximately 65km to the east of the Macedonian capital, Skopje.
The project is comprised of seven exploration concession licences covering over 184.94km2 in the Carpathian Volcanic Arc (a major epithermal province running through Eastern Europe) which is considered highly prospective for gold, copper and silver mineralisation.
Results include:
- Inferred gold resource estimate of 1,656,198 oz at an average grade of 0.9 g/t Au;
- Inferred silver resource estimate of 28,237,764 oz at an average grade of 15.3 g/t Ag;
- Inferred copper resource estimate of 32,679,184 lbs at an average grade of 0.282% Cu.
Pedro Kastellorizos, managing director, said “the company has a strong belief in the prospectivity and potential mining opportunities in this part of southern Europe and these results vindicate that belief."
"This is the first JORC resource estimate ever undertaken over the Plavica Project and we consider there to be great potential to further improve the resource inventory."
“We are planning to conduct further exploration in the near term, which will include an extensive drilling programme undertaken by the company on behalf of the joint venture."
"The current resource estimate sets the platform for Genesis to undertake metallurgical testwork and a scoping study of the project. We are also planning a full exploration programme to focus on other previously identified prospects within the concession licence areas,” he added.
Genesis signed a joint venture agreement with SILEKS ad Kratovo in December 2007 over the Plavica and Crn Vrv concession licences which were officially granted by the Macedonian Ministry of Economics in April 2010 after a prolonged period of delay.
Genesis holds the right to acquire a 62% participating interest in the Plavica Project under the joint venture agreement by sole funding exploration on the project to completion of a final feasibility study. Genesis is manager of the joint venture with overall responsibility for operations.