The exploration company’s shares hit an all-time high today.
The post Why the Adriatic Metals (ASX:ADT) share price climbed 10% today appeared first on The Motley Fool Australia. –
Adriatic Metals PLC (ASX: ADT) shares finished on a high at the close of trade today, settling 9.8% higher at $2.69 per share. The Adriatic share price peaked at $2.90 mid-afternoon, an all-time high for the miner.
Adriatic Metals share price gets a boost
Investors were driving up the Adriatic Metals share price today after the company announced it has received three new exploration permits. This means the company can now mine more areas in its Vares Project located in Bosnia and Herzegovina. Adriatic Metals is the only listed company mining in the country.
The three permits have expanded the area Adriatic Metals can explore by 32 square kilometres.
The permits were first granted in September last year, sending the Adriatic Metals share price soaring 10.7% on the day of its announcement.
Now, Adriatic Metals plans to commence its exploration at the project. Before applying for the permits to explore the area, the company conducted preliminary sampling. The sampling found seven high-priority targets in the newly permitted areas.
Radiometric surveying has also uncovered a large alteration system under the areas the permits have been received for.
Adriatic Metals has also completed magnetic surveys, which have highlighted additional areas of interest within the new permit zones. The company has already been granted permission to mine using invasive exploration techniques, such as drilling and channel sampling.
A scoping study completed at the Vares Project in 2019 found it has a net value estimation of US$917 million.
Adriatic share price snapshot
Shares in Adriatic Metals are having a great year on the ASX, with today’s gains boosting them to a new all-time high.
The Adriatic Metals share price has gained 15.45% since the beginning of 2021. It has also seen a rise of 91.46% since this time last year.
The company has a market capitalisation of around $496 million, with 210 million shares outstanding.
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