General Overview
Leviathan Gold Ltd is focused on exploring the Foča Project, in Bosnia and Herzegovina. The Foča Project covers 100.7 square kilometres, includes a series of silver and base metal targets considered to be of sedimentary exhalative or related 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, 4.6% Zn, 2.9% Pb, 0.4% Cu and 30% BaSO4 and Inferred Mineral Resources of 2.8 Mt at 75 g/t Ag, 0.5 g/t Au, 2.4% Zn, 1.6% Pb, 0.2% Cu and 13% BaSO41 in rocks of closely comparable age and host lithology to those at Foča – within the so-called Central Dinaride metallogenic zone of the Western Tethyan Belt.
Records of Yugoslav-era drilling present an average mineralized thickness of 15 metres at a grade of 13.25% Pb+Zn over three diamond drill holes² at the Vrela Prospect, without any Ag or Cu assay records. Recent rock chip sampling in the area of historic drilling nonetheless returned grades of up to 347 g/t Ag, 10.1% Pb and 40% Zn from field exposures and mineralized float, and soil sampling completed in the summer of 2024 defined a highly coherent Pb, Zn and Cu anomaly extending for over 2 kilometres to the northeast of the area of historic drilling, and high-grade rock chip samples at a width in the order of 500 metres, suggesting that the mineralization identified in exposure and in historic drilling has potential to occur at a far greater scale.
Leviathan also holds an extensive portfolio of gold assets in Victoria, Australia. At the Company’s Excelsior prospect, recent drilling by our partner Core Prospecting (Pty) Ltd. under the terms of a Heads of Agreement has identified very high grade gold mineralization, highlights of which include, 3.13 meters at 56.9 g/t Au (178.23 gram meters), in hole EH017 and 12.68 meters at 9.2 g/t Au, (116.85 gram meters), in hole EH029.
Leviathan’s Queen’s Birthday property includes extensive historic mine workings from which approximately 118,000 ounces of gold at a grade of 19.1 g/t Au were reportedly produced³ (press release of August 23, 2023). In addition to its past production, Queen’s Birthday is home, to the world’s largest gold nugget – the “Welcome Stranger” – found on the Property in 1869. Reportedly weighing 11 stone (72 kilograms) and measuring 24 inches (61 centimeters) in length, this remarkable nugget was discovered by Cornish prospectors just beneath the surface4. Leviathan geologists have identified unexplored reef occurrences at or near surface and potential strike and plunge extensions to historic high-grade stopes. This occurrence has not been explored by modern means and as such presents a high-grade exploration opportunity.
¹ Updated Mineral Resource estimate for the Rupice Deposit by AMC Consultants Pty Ltd., (Press Release, Adriatic Metals plc. July 27, 2023).
² 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.
³ GeoVic (2023) Maps, reports and data – Earth Resources