Leviathan Gold commences first phase of trenching at the Foča Project, Bosnia and Herzegovina.
Leviathan Gold (LVXFF) has initiated its first phase of shallow mechanical trenching at the Foča Project in Bosnia and Herzegovina, following successful completion of an induced polarization survey at the Vrela Prospect. The survey, covering 1,900 metres of line data, revealed a significant chargeable feature 75-100 metres wide across two survey lines, coinciding with an ENE-WSW trending fault system.
The target area is located upslope from high-grade silver, lead, and zinc float samples collected in 2024, with zinc and lead anomalism in soil samples extending along a 2-kilometre trend. The fault system is believed to be a conduit for Mississippi Valley Type or SEDEX mineralization. The company plans to expand geophysical survey coverage along the Vrela structure to investigate a potentially broader mineralizing system.
Additionally, Leviathan has secured the renewal of its 100%-owned Marevo Exploration License from the Ministry of Energy and Mines of Republika Srpska.
Leviathan Gold (LVXFF) ha avviato la prima fase di scavi meccanici superficiali presso il progetto Foča in Bosnia ed Erzegovina, dopo aver completato con successo un'indagine di polarizzazione indotta nel sito Vrela. L'indagine, che ha coperto 1.900 metri di dati lineari, ha rilevato una significativa anomalia caricabile larga tra 75 e 100 metri su due linee di indagine, coincidente con un sistema di faglie orientato ENE-WSW.
L'area target si trova a monte rispetto a campioni galleggianti ad alto tenore di argento, piombo e zinco raccolti nel 2024, con anomalie di zinco e piombo nei campioni di suolo che si estendono lungo una tendenza di 2 chilometri. Si ritiene che il sistema di faglie sia un condotto per mineralizzazioni di tipo Mississippi Valley o SEDEX. L’azienda prevede di ampliare la copertura dell’indagine geofisica lungo la struttura Vrela per esplorare un sistema mineralizzante potenzialmente più esteso.
Inoltre, Leviathan ha ottenuto il rinnovo della licenza di esplorazione Marevo, di sua proprietà al 100%, dal Ministero dell’Energia e delle Miniere della Republika Srpska.
Leviathan Gold (LVXFF) ha iniciado su primera fase de excavación mecánica superficial en el Proyecto Foča en Bosnia y Herzegovina, tras completar con éxito una encuesta de polarización inducida en el prospecto Vrela. La encuesta, que cubrió 1.900 metros de datos lineales, reveló una característica cargable significativa de 75 a 100 metros de ancho a lo largo de dos líneas de sondeo, coincidiendo con un sistema de fallas con tendencia ENE-WSW.
El área objetivo se encuentra pendiente arriba de muestras flotantes de alta ley de plata, plomo y zinc recolectadas en 2024, con anomalias de zinc y plomo en muestras de suelo que se extienden a lo largo de una tendencia de 2 kilómetros. Se cree que el sistema de fallas es un conducto para mineralización tipo Mississippi Valley o SEDEX. La compañía planea ampliar la cobertura de la encuesta geofísica a lo largo de la estructura Vrela para investigar un sistema mineralizador potencialmente más amplio.
Además, Leviathan ha asegurado la renovación de su licencia de exploración Marevo, de propiedad total, otorgada por el Ministerio de Energía y Minas de la Republika Srpska.
Leviathan Gold (LVXFF)는 보스니아 헤르체고비나의 Foča 프로젝트에서 얕은 기계 트렌칭 1단계를 시작했습니다. 이는 Vrela 탐사 지점에서 유도 분극 조사를 성공적으로 완료한 후 이루어진 것입니다. 1,900미터의 라인 데이터를 포함한 이번 조사는 ENE-WSW 방향의 단층 시스템과 일치하는 75~100미터 너비의 중요한 전하 가능성 특징을 두 개의 조사 라인에서 발견했습니다.
목표 지역은 2024년에 수집된 고품위 은, 납, 아연 부유물 샘플이 있는 상류 쪽에 위치하며, 토양 샘플에서 아연과 납의 이상 신호가 2킬로미터에 걸쳐 나타나고 있습니다. 이 단층 시스템은 미시시피 밸리형(Mississippi Valley Type) 또는 SEDEX 광상화의 통로로 여겨지고 있습니다. 회사는 Vrela 구조를 따라 지구물리학적 조사 범위를 확대하여 잠재적으로 더 넓은 광화 시스템을 조사할 계획입니다.
또한 Leviathan은 Republika Srpska 에너지광업부로부터 100% 소유한 Marevo 탐사 허가증 갱신을 확보했습니다.
Leviathan Gold (LVXFF) a lancé sa première phase de tranchées mécaniques peu profondes sur le projet Foča en Bosnie-Herzégovine, suite à l’achèvement réussi d’une étude de polarisation induite sur le prospect Vrela. L’étude, couvrant 1 900 mètres de données linéaires, a révélé une zone significative susceptible de charge, large de 75 à 100 mètres sur deux lignes d’enquête, coïncidant avec un système de failles orienté ENE-WSW.
La zone cible se situe en amont d’échantillons flottants à haute teneur en argent, plomb et zinc collectés en 2024, avec des anomalies de zinc et de plomb dans les échantillons de sol s’étendant sur une tendance de 2 kilomètres. Le système de failles est considéré comme un conduit pour une minéralisation de type Mississippi Valley ou SEDEX. La société prévoit d’étendre la couverture de l’étude géophysique le long de la structure Vrela afin d’explorer un système minéralisant potentiellement plus vaste.
De plus, Leviathan a obtenu le renouvellement de sa licence d’exploration Marevo, détenue à 100 %, auprès du Ministère de l’Énergie et des Mines de la Republika Srpska.
Leviathan Gold (LVXFF) hat die erste Phase der flachen mechanischen Grabenarbeiten am Foča-Projekt in Bosnien und Herzegowina eingeleitet, nachdem eine Induzierte Polarisations-Untersuchung am Vrela-Vorkommen erfolgreich abgeschlossen wurde. Die Untersuchung, die 1.900 Meter Linien-Daten abdeckte, zeigte ein bedeutendes ladbares Merkmal mit einer Breite von 75-100 Metern über zwei Untersuchungsprofile, das mit einem ENE-WSW verlaufenden Störungssystem übereinstimmt.
Das Zielgebiet liegt oberhalb von 2024 gesammelten Proben mit hochgradigem Silber, Blei und Zink, wobei Anomalien von Zink und Blei in Bodenproben entlang eines 2 Kilometer langen Trends auftreten. Es wird angenommen, dass das Störungssystem ein Leitkanal für Mississippi Valley Typ oder SEDEX-Mineralisierung ist. Das Unternehmen plant, die geophysikalische Untersuchungsabdeckung entlang der Vrela-Struktur zu erweitern, um ein potenziell größeres mineralisierendes System zu erforschen.
Zusätzlich hat Leviathan die Verlängerung seiner zu 100 % eigenen Marevo-Explorationslizenz vom Ministerium für Energie und Bergbau der Republika Srpska gesichert.
- Identified significant chargeable feature 75-100m wide through IP survey
- High-grade silver, lead, and zinc found in float samples
- 2km trend of zinc and lead anomalism identified
- Successfully renewed 100%-owned Marevo Exploration License
- Early-stage exploration with no confirmed mineral resources yet
- Results to surface sampling and geophysical surveys
- Recent Induced Polarization survey results show a clear chargeable feature approximately 75-100 metres in width coincident with a prominent ENE-WSW trending system of faults, upslope from an area of very high-grade silver, lead and zinc in float samples.
- Target is believed to represent a conduit for underlying Mississippi Valley Type or SEDEX mineralization.
- Renewal of the Marevo Exploration License by the Ministry of Energy and Mines of Republika Srpska in effect.
VANCOUVER, British Columbia, April 17, 2025 (GLOBE NEWSWIRE) -- Leviathan Gold Ltd. (“Leviathan”, the “Company”) (LVX – TSXV, 0GP – Germany) is pleased to announce the commencement of a first phase of shallow mechanical trenching with the objective of defining near-term drill targets at the company’s Foča Project (“Foča”, the “Project”), in Republika Srpska, Bosnia and Herzegovina. This program directly follows the successful completion of the first phase of an induced polarization and electrical resistivity survey at the Company’s Vrela Prospect and will take place upslope from an area of very high-grade silver, lead and zinc in float samples collected by the Company in 2024 (Figure 1).
The induced polarization and electrical resistivity survey, consisting of 1,900 metres of line data, has revealed a clear, chargeable feature approximately 75-100 metres in width across two survey lines coincident with a prominent ENE-WSW trending system of faults (Figure 2), itself coincident with zinc and lead anomalism in soil samples observable along a 2-kilometre trend (press release of November 25, 2024). This fault, identified on government geological survey maps at a scale of 1:100,000, and further understood by Leviathan’s field team, is thought to represent a conduit for underlying base and precious metal mineralization of Mississippi Valley Type or SEDEX affinity.
Similar trenching will also be carried out over further targets identified on the basis of soil, rock-chip geochemistry and field mapping by Leviathan geologists, and will be reported on accordingly. The Company also intends to expand geophysical survey coverage along strike of the broader Vrela structure and coincident geochemical anomaly in the investigation of a potentially broader mineralizing system.
The Company is also pleased to confirm that renewal of its
The induced polarization and electrical resistivity survey was completed by S.C. Belevion Impex S.R.L. of Bucharest, Romania, and employed a Pole-Dipole array using a SCINTREX system composed of a 3 kVA transmitter, an IPR-12 receiver, and multichannel (8-channel) cables with non-polarizable Cu|CuSO₄ ceramic electrodes. Data acquisition was conducted with 8 simultaneous channels, utilizing a 20 metre roll-along spacing. The full spread covered 320 metres, with Rx electrodes positioned at decreasing intervals toward the current injection point.
Figure 1: Initial trenching plan in respect to structural, chargeable targets and high-grade float sample results at the Vrela Prospect.
Figure 2: 2D inversions of induced polarization data from the Vrela Prospect superimposed over a plan view of the Vrela Fault System.
Leviathan Chief Executive Officer, Luke Norman, remarked: “We are very pleased to commence our trenching program at Vrela as the next step in uncovering the source of high-grade zinc, lead and silver mineralization identified in rock chip samples last summer - and demonstrating the presence of a robust mineral system. This program is reinforced by results of our recent IP and electrical resistivity survey, which show a clear chargeable feature approximately 75-100 metres in width coincident with a prominent ENE-WSW trending system of faults originally mapped by Yugoslav state geologists over a distance of over 2 kilometres, thought to represent a conduit for underlying Mississippi Valley Type or SEDEX mineralization.
We are equally pleased by the very prompt renewal of the Marevo Exploration License by the Ministry of Energy and Mines of Republika Srpska, furthering our confidence in Republika Srpska as an investment destination.
We thank the people and government of Foča and Republika Srpska for their continued support in the advancement of our business in this emerging district, and we look forward continually building on this highly constructive relationship as the project advances.”
About the Foča Project
The Project covers 100.7 square kilometres across three active exploration licenses, includes a series of silver and base metal targets tentatively considered to be of Mississippi Valley Type or SEDEX origin, and lies approximately 100 kilometres south of the Vareš project of Adriatic Metals plc. Vareš hosts Indicated Mineral Resources of 18.3 Mt at 168 g/t Ag, 1.3 g/t Au,
- Another prominent group of Central Dinaride polymetallic deposits is the Trepča Mines complex in Kosovo, which falls approximately 300 kilometres southeast of the Project at which historic production of 60.5 Mt at
8% Pb+Zn and more than 4,500 tons of Ag2 is documented, and which in the 1980’s reportedly employed 20,000 people, supposedly accounting for70% of all Yugoslavia's mineral wealth3. A number of other polymetallic mineral occurrences including past and current producing mines fall in closer proximity to Foča (Figure 1), and provide a broader indication of the potential metal endowment of this highly under-explored mineral district, which is almost entirely untouched by modern, systematic exploration. - Key targets at Foča presently include:
- The Vrela Prospect: records of Yugoslav-era drilling completed in 1967 present an average mineralized thickness of 15 metres at a grade of
13.25% Pb+Zn over three diamond drill holes4 at Vrela, without any Ag or Cu assay records. While original copies of historic reports have been inspected by Leviathan, the constituent drill hole logs and assays are unavailable. Recent rock chip sampling by OC44 and FMC in the area of historic drilling returned grades of up to 347 g/t Ag,10.1% Pb and40% Zn from field exposures and mineralized float subsequently visited by Leviathan personnel (Figure 2). Soil sampling completed by FMC in the summer of 2024 at a spacing of approximately 200 metres by 100 metres defined a highly coherent Pb and Zn anomaly extending for over 2 kilometres to the northeast of the area of historic drilling, and high-grade rock chip samples, suggesting that the mineralization identified in exposure and in historic drilling has potential to manifest itself at a far greater scale. Limited follow up investigation within this area yielded rock chip results of up to 40 g/t Ag,2.6% Pb and11.2% Zn approximately 1.6 kilometres along trend from the area of historic drilling at Kreminsko Brdo.
- The Vrela Prospect: records of Yugoslav-era drilling completed in 1967 present an average mineralized thickness of 15 metres at a grade of
To the east and south of Vrela, occurrences of limonitic, sideritic and ankeritic limestones, containing variable components of galena, sphalerite and chalcopyrite are also recorded by Kulenović and Ramović including - amongst others - Kozja Luka, Putojevići, Selište and Lisičine, which provide further context to the potential extent of mineralization.
- The Barice Prospect: OC44 and FMC identified massive sulphide mineralization in mineralized float and outcrop, with rock chip assays returning grades of up to
4.48% Cu, 110 g/t Ag,30.2% Pb and6.45% Zn within a coherent, southeast trending Pb, Zn and Cu soil anomaly over a strike of approximately 500 metres and a width of up to 200 metres. Photographs of massive galena boulders discovered at Barice are shown in (press release of November 25, 2024).
Changes to the Law on Geological Exploration in Republika Srpska, which came into force on July 24, 2024, are viewed by the Company as mining friendly, and consistent with the legal provisions of other leading international mining jurisdictions.
The Geology of the Foča District
The Foča district is located in the Durmitor Nappe, a thrusted, folded and faulted geological succession of Palaeozoic basement, with overlying Triassic and Jurassic-Cretaceous aged rocks consisting of carbonate, flysch volcanogenic-sedimentary formations deposited in response to rifting on the margin of Gondwana and the opening of the Neo-Tethys ocean, and subsequently deformed by the Late Palaeozoic age Alpine Orogeny.
By way of analogy, the Vareš district reportedly lies near the western closure of the Durmitor Nappe, with geology of the area consisting of Lower Triassic, Middle Triassic and undifferentiated Jurassic-Cretaceous formations5. The polymetallic mineralization is predominately hosted in the matrix of a polymictic breccia of banded shale, siltstone or sandstone clasts, both overlain and underlain by a succession of sandstone, siltstone, shale or limestone. Mineralogy across the various mineral occurrences reportedly includes sphalerite, galena, chalcopyrite, barite, minor tetrahedrite, and pyrite, with associated silver and gold.
Qualified Person and Data Verification
The technical content of this news release has been reviewed, verified and approved by Mr. Aleksandar Vučković, MAIG, a qualified person as defined by NI 43-101.
On behalf of the Company,
Luke Norman, Chief Executive Officer and Director
For further information please visit the Company website www.leviathangold.com or contact:
Jonathan Richards, Investor Relations,
Direct: (604) 802-4447
Email: info@leviathangold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approval or disapproved of the contents of this press release.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release, including with respect to completing the Acquisition, geological prospects of Leviathan’s mineral projects, planned exploration activities, success of exploration activities, the relevance of historical information, the continuation of mineralization, the relevance of comparable projects, the timing of exploration activities, general business and economic conditions; that applicable approvals are obtained; that qualified workers, financing, permits, approvals, and equipment are obtained in a timely manner; that market conditions continue; that contractual counterparties perform their obligations as required; and that Leviathan is able to locate sufficient financing for favourable ongoing operations. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Leviathan cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond Leviathan’s control. Such factors include, among other things: risks and uncertainties relating to whether exploration activities will result in commercially viable quantities of mineralized materials; the possibility of changes to project parameters as plans continue to be refined; the ability to execute planned exploration and future drilling programs;COVID-19; the ability to obtain qualified workers, financing, permits, approvals, and equipment in a timely manner or at all and on reasonable terms; changes in the commodity and securities markets; non-performance by contractual counterparties; and general business and economic conditions, Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Although Leviathan has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Leviathan disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
1 Updated Mineral Resource estimate for the Rupice Deposit by AMC Consultants Pty Ltd., (Press Release, Adriatic Metals plc. July 27, 2023).
2 Palinkas, S. S. (2013), Metallogenic Model of the Trepča Pb-Zn-Ag Skarn Deposit, Kosovo: Evidence from Fluid Inclusions, Rare Earth Elements, and Stable Isotope Data, in Economic Geology, v.108, pp. 135–162.
Evidence from Fluid Inclusions, Rare Earth Elements, and Stable Isotope Data
3 Trepča Mines - Wikipedia, accessed on September 30, 2024.
4 Kulenović, E. and Ramović, E. (1976) Elaborat o geološkim istraživanjima korisnih mineralnih sirovina na području općine Foca u 1975 godini (Region: Trijas Drina-Lim). “Geoinzenjering” Institut za Geologiju-Ilidža, Sarajevo.
5 Independent Technical Assessment Report Adriatic Metals Limited Vares Project CSA Global Report Nº R104.2018, 9 February 2018.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1fa6e3c-3f31-44e2-aa1c-41d862e176e6
https://www.globenewswire.com/NewsRoom/AttachmentNg/136c1d81-ad3f-43c0-8325-2523f6099a9e
FAQ
What did Leviathan Gold's (LVXFF) recent IP survey at Foča Project reveal?
Where is LVXFF conducting its new trenching program?
What type of mineralization is LVXFF targeting at the Foča Project?
Has LVXFF secured its exploration rights for the Foča Project?
