Australian explorer Bindi Metals has identified high-grade gold and silver mineralisation in its maiden drilling campaign at the Ravni project in Serbia’s Ibar Valley, with further assays expected to determine the scale and continuity of the mineralised system. The most significant gold result to date came from the Drenjak prospect, where hole RAV26011 intersected 2 metres at 21.6 grams of gold per tonne from 47 metres, including 1 metre at 37.8g/t gold.
At Rudnjak North, drilling returned 5 metres grading 71.1g/t silver from 112.8 metres, including a 1-metre interval at 341g/t silver. Additional assays from below both mineralised zones remain pending. Bindi completed 14 diamond drill holes for a combined 2,159 metres across the Drenjak, Drenjak West, Rujak and Rudnjak North targets. The majority of laboratory results from the programme are still outstanding and are expected over the next eight weeks. The company said the campaign points to a potentially extensive epithermal gold-silver system extending along a corridor of approximately 3 kilometres. Bindi chief executive Mark Freeman said the initial drilling represented the first stage of defining the Ravni system and had provided greater clarity on areas for the company’s next drilling campaign.
Drilling Extends Mineralisation Identified at Surface
The Drenjak drilling result is broadly consistent with previous surface and underground sampling. Earlier channel sampling returned 6 metres at 15.3g/t gold, while historic underground sampling recorded 4 metres at 19g/t gold. The results support Bindi’s interpretation that the high-grade mineralisation observed at surface extends below ground. The reported drill intersections are measured along the drill holes, meaning their true widths have not yet been established.
Further drilling will therefore be required to determine whether the mineralisation forms a sufficiently continuous structure to support a future mineral-resource estimate. At Rudnjak North, three holes intersected broad zones containing silica, pyrite and breccia alteration. Bindi said the drilling confirmed the presence of a large hydrothermal system, although the alteration itself does not establish the presence of economically recoverable mineralisation. Drilling at Rujak also identified an unmapped fault that displaced the principal exploration target beyond the permitted drilling position. Bindi intends to incorporate the structural information into the design of future holes.
Ground conditions presented additional challenges at Drenjak, where fractured and difficult formations resulted in poor core recovery in some of the initial holes. Bindi subsequently changed drilling contractors and deployed a larger rig, which improved recovery through the high-grade zone encountered in RAV26011.
Ravni Agreement Gives Bindi Path to 80% Interest
The Ravni exploration licence covers about 30.5 square kilometres near Biljanovac in the municipality of Raška. The property is located within the Kopaonik metallogenic zone and the western Tethyan belt, which contains major gold, copper and polymetallic deposits across the Balkans. Bindi signed an agreement with Serbian company Red Creek in October 2025 under which the Australian explorer can earn an interest of up to 80% in Ravni. The initial 20% interest can be acquired for A$200,000 in cash and shares, with additional ownership available through the completion of agreed exploration expenditure. Red Creek continues to hold the Serbian exploration licence.
The licence was granted in September 2025 and remains valid until September 4, 2028, subject to a possible extension. Serbia’s Ministry of Mining and Energy approved Bindi’s maiden drilling programme in February, following completion of the required land-access agreements. Bindi’s current rights cover exploration only. Any future mining development would require a defined mineral resource, technical and economic studies, land arrangements, an environmental assessment and further regulatory approvals.
Cash Position and Funding Requirements
Bindi remains a small, pre-revenue exploration company with a market capitalisation of approximately A$10 million. The company held about A$1.68 million in cash at the end of June after spending A$1.1 million on exploration and evaluation during the quarter, with the majority of that expenditure directed to Ravni.
Bindi had previously raised A$2.5 million to fund exploration across its Serbian portfolio. It has also agreed to sell its Biloela copper project in Australia for consideration of up to A$900,000 in shares and royalties, enabling the company to focus its resources on Ravni. Further capital is expected to be needed for follow-up drilling and, if exploration results support continued development, resource-definition drilling and technical studies. Potential funding sources include additional equity financing or the involvement of a larger mining partner.
Scale and Economic Potential Remain Undetermined
The 37.8g/t gold result from Drenjak represents a high-grade intersection, but the reported grade applies to only one metre of mineralisation. Its commercial significance will depend on establishing greater width, continuity and overall tonnage through additional drilling. Bindi has not yet reported a mineral-resource estimate, metallurgical testing results, recovery assumptions or a development plan for Ravni.
The mineralisation also contains bismuth, pyrite and other metals. Additional testing will be required to determine whether the gold can be recovered through conventional processing and whether associated elements could generate by-product revenue or instead result in concentrate penalties. The outstanding assays are expected to provide further information on the continuity and extent of the system. Results from below the Drenjak gold intersection and the Rudnjak North silver zone, together with assays from surrounding holes, will be relevant to determining whether the mineralisation extends across a broader area. The maiden programme has established high-grade gold and silver occurrences at Ravni and provided additional geological information for subsequent exploration, while the project’s resource scale and commercial potential remain unestablished.
