Plavica Project (Genesis 62%)
The Plavica Project is administered through a joint venture Company, Silgen Resources International Ltd, Kratovo, which is 62% owned by Genesis and 38% owned by Sileks’ nominee. The Project is located in the Kratovo District in the north east of Macedonia and is situated approximately 65 kilometres to the east of the Macedonian capital Skopje. The Macedonian Government has granted a 30-year Exploitation Licence to Silgen Resources. Genesis remains responsible under the terms of the JV Agreement for undertaking infill and extensional drilling and completing a feasibility study in respect of the Licence area (as required to obtain funding for mine development), and the costs of those activities. The area covered by the Exploitation Licence totals 16.85 km2.
The project was the site of mining in Roman and Ottoman times and then again during the 1930s, reputedly of high grade gold. Over eighty, mostly vertical diamond drill-holes by the Yugoslav Government searching for porphyry copper mineralisation, and 10 angled diamond drill-holes by Rio Tinto and European Minerals searching for gold mineralisation, were drilled prior to Genesis entering into the Joint Venture Agreement. Significant gold-copper-silver intersections were delineated by this drilling.
From 2011 to 2013 the Company completed 3 RC and HQ/NQ diamond core drilling programme for a total of 21,977m of core and 23,506m of RC on the Plavica Project as part of an on-going program designed to define a resource to inferred status, and to undertake new exploration drilling along zones of vuggy silica alteration in the vicinity of the Plavica and Maricanski Ridges. A number of holes intersected very encouraging results. Many of these holes have delineated a semi continuous zone of gold, copper and silver mineralisation over 1.5km long. This zone is still open to the east and west. Best results from Plavica include:
- PNRC003: 44m @ 2.7 g/t Au from 0m
- PNRC008: 54m @ 3.9 g/t Au from 25m including 17m @ 7.4 g/t Au from 38m
- PNDD025: 51m @ 1.50 g/t Au, 11.5 g/t Ag from 144m
- PNRC055: 54m @ 3.51 g/t Au, 10.8 g/t Ag, 2.79% Cu, 1.08 % Zn from 54m
In addition, RC Holes from Maricanski Rid, a Silica Cap located 800m to the South of Plavica, returned the following:
- PNRC068: 46m @ 1.59 g/t Au, 4.8 g/t Ag from 29m
- PNRC069A: 51m @ 0.79 g/t Au from 0m
Following the granting of the Exploitation Licence at Plavica in May 2015, drilling has commenced to infill and extend the known mineralisation and drill a number of new targets.
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