SERBIA

BOBIJA GOLD, SILVER AND BASE METALS PROJECT

The Bobija Project is located in central-western Serbia, between the regional towns of Ljubovija (9km to the west) and Valjevo (15km to the northeast), about 100 km southwest of Belgrade (Figure 1). The project comprises six mineral licences with a total area of 208km2. Three exploration licences – Bobija, Bobija East and Kamenita Kosa have been granted, and an application has been submitted for a exploration licence (Orovica), and Konstantin holds a 10-year option to acquire two granted mining licences (Bobija ML and Tisovik ML) from a local company, Bobija doo Ljubovija (Figure 1).

Figure 1 – Location of Bobija project licences

This area has significant prospectivity and hosts numerous targets that can be immediately explored, with a focus on gold, silver, copper, lead and zinc. The project area and surrounding location has had high-grade mineralisation and massive sulphides recorded at historical mine sites. Massive sulphide mineralisation is exposed in the floor of the historic Bobija open pit mine. Konstantin rock chip samples from the mine-pit floor returned results of up to 5.24 g/t Au, 89 g/t Ag, 4.66% Zn and 4.36% Pb.

Figure 2: View of Bobija open pit mine with rock chip samples from the massive sulphide zone shown

Historic exploration in the Bobija Mine area has included exploratory underground development by the former Government of Yugoslavia, comprising several phases of exploration drilling, records for which are incomplete. Available third-party drilling results have recorded significant flat-lying near-surface polymetallic (barite-sulphide) mineralisation associated with Triassic sediments. Drill assay results include:

  • BB-02: 45.2m @ 1.71g/t Au, 25.5g/t Ag, 0.87% Pb & 2.26% Zn (from 19.5m)
  • BB-04: 16.0m @ 1.58g/t Au, 83g/t Ag, 1.98% Pb & 2.29% Zn (from 36.5m)
  • BB-06: 11.7m @ 1.56g/t Au, 82g/t Ag, 2.71% Pb & 3.01% Zn (from 22.6m)
  • BB-07: 15.1m @ 1.91g/t Au, 122g/t Ag, 4.23% Pb & 4.73% Zn (from 2.0m)
  • BB-09: 2.0m @ 1.19g/t Au, 29g/t Ag, 0.48% Pb & 0.39% Zn (from 59.2m)
  • BB-10: 2.5m @ 0.47g/t Au, 16.6g/t Ag, 0.24% Pb & 0.40% Zn (from 50.0m)
Schematic cross sections through the deposit are included in Figures 3 and 4, showing historic drilling, underground exploratory development, and the distribution of interpreted barite-sulphide mineralisation
Figure 3: Schematic cross section of Bobija mine area (view to NE / 40 deg.) – showing location of historic drilling (after Reservoir Minerals (24 Nov. 2014), Nevsun Resources (Oct. 2016) and Government drill logs).
Figure 4: Schematic cross section of Bobija mine area (view to north / 351 deg.) – showing location of historic drilling (after Reservoir Minerals (24 Nov. 2014), Nevsun Resources (Oct. 2016) and Government drill logs)

Post Acquisition, the Company’s focus in the Bobija Project area will be to fast-track exploration in the immediate vicinity of the historic Bobija Mine area. Initial exploration activities will include:

  • Detailed channel sampling across all outcropping mineralisation exposed in the pit floor to determine the grade and distribution of exposed mineralisation, and
  • Staged reverse circulation and/or diamond drilling programs within the old open pit mine to confirm the distribution and grade of polymetallic mineralisation at depth.

In conjunction with the above, the Company will also progress regional exploration programs across the balance of granted exploration licences in the Bobija Project area. Such programs will include:

  • Follow-up stream sediment sampling programs to further assess anomalous drainage basins identified in initial stream sediment sampling during 2024/25; and
  • Soil and rock chip sampling programs across all licence areas targeting areas of historic workings and stream sediment sample anomalies.