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Legal reforms allow Lykos to seek the re-award of Sockovac license

8 July 2024 11:05
ASX:LYK

Lykos Metals Limited (ASX:LYK) has announced significant progress in its exploration activities at the 100%-owned Sockovac project in Bosnia and Herzegovina, thanks to recent legal amendments.

Law amendments

On July 4, 2024, the National Assembly of the Republic of Srpska approved changes to the Law on Geological Exploration. These changes, effective from July 16, 2024, simplify the process for obtaining Exploration Licenses by removing the need for prior municipal approval.

The new law creates a more investor-friendly environment, sending a strong message that the Republic of Srpska supports geological exploration and direct foreign investment. It will also provide further employment opportunities for local communities.

Sockovac Project

On October 30, 2023, Lykos was re-awarded exploration rights over the Doboj tenement, following successful community consultations and approvals. Lykos plans to seek the re-award of the Sockovac license, aiming to expand the area from the previous 17 km² to 50 km².

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Figure 1: Sockovac region tenements.

With the anticipated grant of the Sockovac license, alongside the already granted Doboj tenement, Lykos will hold a total of 100 km² in the highly prospective region.

Exploration potential

The Sockovac region is rich in precious and base metals, crucial for the green energy transition. In 2021, Lykos has identified exceptional gold and silver mineralisation at surface, with rock chip results up to 5.45 g/t gold and 1,330 g/t silver.

In 2022, the Company outlined a significant 15 km² nickel-cobalt soil anomaly, with historical drilling indicating high-grade nickel sulphide mineralisation.

Historical exploration has identified a gently dipping, shallow area of high-grade nickel sulphide mineralisation, with notable drilling results including 5.1m @ 6.63% nickel and 9.35m @ 8.25% zinc+lead.

Copper occurrences are also marked on historical geological maps, awaiting further investigation.

Management comments

Milos Bosnjakovic, CEO of Lykos Metals, was thrilled with the update. “After more than two years of consultations with the Government, the relevant Ministry and the local communities, we are excited to announce that the National Assembly have accepted the changes to the Law on Geological Exploration.

“These changes will allow Lykos, and other foreign and local mineral exploration companies, to facilitate the permitting process. We are ready to apply for re-award of the Sockovac license.

“Subject to this grant, with both Doboj and Sockovac tenements, our land holding over this highly prospective area will be 100km-square, hosting the already-identified abundance of the metallic commodities.”

LYK’s Australian Security Exchange-listed share price is currently trading at $0.023 (11:00 am UTC+ 8 hours)

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