Australian Middle Island already drilling on Bobija: “There is as much gold and silver in the old barite mine as in Vares”

The Australian mining company Middle Island Resources (MDI), which last month became the owner of 14 licenses for mineral exploration in Serbia on as much as 62,000 hectares, has already started drilling in search of gold and other valuable metals.

The company announced that it had started the first drilling program on the Bobija mountain near Ljubovija, using the reverse circulation method.

Let us remind that MDI announced in September that it had concluded a binding share purchase agreement through which it acquired 100% ownership of the Australian company Konstantin Resources Limited, the owner of exploration licenses in Serbia that include three main project areas - Bobija, Priboj and Timok.

The Bobija project, which the new owner announced that it would focus on first, covers a total of 20,800 hectares and is located only about 100 km southwest of Belgrade.

This is a former barite mine, in whose open pit previous research has shown significant quantities of gold, and the project includes three issued exploration permits - Bobija, Bobija Istok and Kamenita Kosa - as well as an application for Orovica and a ten-year option for two mining licenses of the local company Bobija doo Ljubovija.

– We are pleased to commence the maiden drilling program at Bobija, one of the key projects in Konstantin’s Serbian portfolio. The Bobija deposit is an under-explored, high-grade, polymetallic deposit with promising, near-surface drilling and rock chip results, is located within a granted mining lease, and is surrounded by a substantial, poorly-tested exploration tenure – stated MDI Non-Executive Director, Daniel Raihani.

MDI says that they consider that the Bobija deposit is an analogue for the Vares polymetallic mine in Bosnia and Herzegovina, which was recently acquired by Dundee Precious Metals in a USD 1.25 billion cash-and-stock deal and which contains an estimated 20.9 million tons of ore. Konstantin Resources’ exploration at Bobija found 5.24 g/t gold and 120 g/t silver, along with 4.66% zinc and 4.36% lead in samples, with mineralization visible even at the bottom of the barite pit itself, as well as in the surface rocks. Middle Island has already completed channel sampling at the Bobija mine, and the Phase 1 drilling program, which includes up to 800 meters of drilling, with an average depth of 80 meters per hole, aims to assess the gold, silver, copper, lead and zinc content of the mineralization at the bottom of the open pit. MDI also expects to intersect significant intervals of barite mineralization.

Drillex International d.o.o. from Bor has been appointed to conduct the drilling program at the Bobija Polymetallic Project located in Western Serbia. Drillex mobilized a track-mounted reverse circulation (RC) drill rig to the site and drilling has now commenced.

B. P.

Konstantin Resources doo Beograd

Drillex International d.o.o. Bor

Middle Island Resources

MDI

Konstantin Resources Limited

Drillex International doo Bor

Bobija

Tornička Bobija

mining project Bobija

barite mine Bobija

exploratory drilling