Australian explorer Bindi Metals has reported high-grade gold and silver from its maiden drilling programme at the Ravni project in Serbia’s Ibar valley, although further work will be required to determine the size and commercial potential of the mineralised system.
The strongest gold result came from the Drenjak prospect, where drill hole RAV26011 intersected 2 metres grading 21.6 grams of gold per tonne from a depth of 47 metres, including 1 metre at 37.8g/t.
At Rudnjak North, the company reported 5 metres grading 71.1g/t silver from 112.8 metres, including 1 metre at 341g/t. Further assays are pending beneath both intersections.
Bindi completed 14 diamond drill holes totalling 2,159 metres across four targets: Drenjak, Drenjak West, Rujak and Rudnjak North. Most laboratory results from the campaign remain outstanding and are expected within eight weeks.
The company said the drilling indicated a potentially extensive epithermal gold and silver system along a corridor of about 3km.
“These initial results represent the first stage of understanding the Ravni system,” said chief executive Mark Freeman. He added that the programme had given the company a clearer view of where to focus its next drilling campaign.
Results confirm gold below earlier surface discoveries
The Drenjak intersection broadly corresponds with earlier surface channel sampling of 6 metres at 15.3g/t gold and historic underground sampling of 4 metres at 19g/t.
This supports the company’s interpretation that high-grade mineralisation identified at surface continues underground.
However, the reported intervals are downhole lengths and Bindi has not yet established their true width. Additional drilling will be needed to determine whether the gold occurs in a continuous structure capable of supporting a mineral-resource estimate.
At Rudnjak North, three drill holes encountered broad zones of silica, pyrite and breccia alteration. The company said these results confirmed the presence of a large hydrothermal system, although alteration does not by itself establish economically recoverable mineralisation.
Drilling at Rujak encountered an unmapped fault that displaced the principal target beyond the reach of the permitted drill position. Bindi plans to use the structural information when designing follow-up holes.
Difficult and fractured ground also caused poor core recovery in some early holes at Drenjak. The company subsequently changed drilling contractors and used a larger rig, improving recovery through the high-grade zone in RAV26011.
Bindi can earn up to 80% of the project
The Ravni licence covers approximately 30.5 sq km near Biljanovac in the municipality of Raška. It lies within the Kopaonik metallogenic zone and the western Tethyan belt, which hosts several large gold, copper and polymetallic deposits across the Balkans.
Bindi entered an agreement with Serbian company Red Creek in October 2025 allowing it to earn an interest of up to 80 per cent in the project.
The Australian company could acquire an initial 20 per cent for A$200,000 in cash and shares, with further ownership earned by meeting agreed exploration expenditure. Red Creek remains the holder of the Serbian exploration licence.
The licence was granted in September 2025 and runs until September 4 2028, with a possibility of extension. Serbia’s Ministry of Mining and Energy approved the maiden drilling programme in February, subject to completion of land-access agreements.
Bindi’s rights remain limited to exploration. A mine would require a defined resource, technical and economic studies, land arrangements, environmental assessment and additional regulatory approvals.
Further financing is likely to be required
Bindi is a small, pre-revenue explorer with a market capitalisation of about A$10mn.
The company reported cash of approximately A$1.68mn at the end of June, after spending A$1.1mn on exploration and evaluation during the quarter, principally at Ravni.
It previously raised A$2.5mn to finance work on its Serbian portfolio. Bindi has also agreed to sell its Biloela copper project in Australia for consideration of up to A$900,000 in shares and royalties, allowing it to concentrate resources on Ravni.
The company is likely to require additional capital for follow-up drilling and, if the results warrant it, resource definition and technical studies. That funding could come through further equity issues or the introduction of a larger mining partner.
Commercial significance remains untested
The 37.8g/t result represents a high grade, but it covers only one metre. Its economic importance will depend on whether Bindi can demonstrate sufficient width, continuity and total tonnage across additional holes.
The company has not yet published a mineral-resource estimate, metallurgical test results, recovery assumptions or a development plan.
The mineralisation also contains bismuth, pyrite and other metals. Further tests will be required to establish whether the gold can be recovered using conventional processing and whether other elements would provide by-product revenue or create concentrate penalties.
The outstanding assays will provide the next indication of Ravni’s potential. Particular attention will be paid to results below the Drenjak gold intersection and the Rudnjak North silver zone, as well as to adjacent holes that could demonstrate continuity.
The first programme confirms that Ravni contains high-grade gold and silver and supports further exploration. It is too early, however, to describe the project as a large gold deposit or prospective mine.
