REGENER8 Resources Finds High-Grade Silver Zinc Lead at Srebrenica North

Ancient Mines Point to New Silver-Zinc-Lead-Antimony Potential at Regener8's Srebrenica North Project

Regener8 Resources NL (ASX: R8R) has reported high-grade silver, zinc, lead and antimony results from the Gradina Prospect within its Srebrenica North Project in Bosnia-Herzegovina, with recent grab samples returning up to 147 g/t silver, 11.2% zinc+lead and 0.7% antimony. According to the ASX announcement, the results come from historical waste rock near old workings and support the company's view that the Vagan tenement hosts hydrothermal vein-style sulphide mineralisation similar to the nearby operating Sase mine.

The update is framed as part of Regener8's ongoing technical due diligence on the Vagan tenement, one of two licences at the roughly 80 km² Srebrenica North Project. For investors, the significance lies in two parallel outcomes from the review: confirmation of high-grade polymetallic mineralisation at Gradina, and identification of six copper prospects based on historical stream sediment anomalies that have not yet been followed up.

Vagan Review Identifies Two Immediate Priority Areas

In the announcement, Regener8 said the Vagan tenement sits within Bosnia's section of the Tethyan Metallogenic Belt, a well-known European mineral province that hosts multiple base and precious metals deposits. The project lies between Mineco's operating Sase and Veliki Majdan lead-silver-zinc mines, which provides useful regional geological context, although it does not guarantee comparable outcomes.

The due diligence review has highlighted two areas for near-term work:

• Gradina Ag-Zn-Pb-Sb Prospect, where historical mining and recent sampling point to high-grade silver, zinc, lead and antimony mineralisation
• Polom Cu Prospect and associated copper anomalies, where historical stream sediment sampling outlined six copper targets across three broad zones

Furthermore, the company reported that the mineralisation style at Gradina is interpreted as hydrothermal vein-type sulphide mineralisation. In practical terms, this means metals were deposited by hot fluids moving through cracks and structures in the rock, often creating narrow but potentially high-grade veins.

Gradina Combines Historical Workings With Fresh Sampling Support

The Gradina Prospect is located in the south-eastern part of the Vagan tenement. According to the report, the area contains seven ancient and medieval mining tunnels, described as Roman and Saxon workings, developed along an ore vein. Historical tunnels, shafts, trenches and waste dumps are concentrated in the south-western part of the prospect.

One detail that stands out is the scale of the historical waste rock dump, estimated at around 2 hectares. While this is not evidence of a modern economic deposit, it does indicate substantial historical mining activity in the area.

Historical work by the Yugoslav State Geological Survey in 1965 involved reopening one of the old tunnels, underground mapping and spot sampling. The ASX announcement reported the following peak historical results:

The historical underground mapping also identified a useful structural pattern. A main north-west to south-east vein trend was reported to split into a swarm of east-west veins dipping steeply north. For exploration planning, that structural information matters because vein intersections and splays can be favourable sites for stronger mineralisation.

Regener8's recent field visit added current validation to those older records. Two grab samples collected from historical waste rock dumps near the old workings were analysed by SGS Laboratories in Bor.

The top sample, GRRC001, came from fault breccia float containing visible galena and sphalerite, with minor pyrite and trace chalcopyrite. Galena is the main ore mineral of lead and can also host silver, while sphalerite is the main ore mineral of zinc.

Importantly, the company was clear that these were selective grab samples from surface waste material and are not representative of in-situ grades. That distinction matters. Grab samples can indicate what kind of mineralisation exists, but they cannot be used to estimate the average grade of the wider prospect.

Lead and Copper Geochemistry Adds Regional Support

The announcement also referred to historical stream sediment sampling completed in 1977, which returned up to 320 ppm lead over the Gradina area near the old tunnels. Stream sediment sampling is an early-stage exploration method that tests sediments in drainage channels for traces of metals eroded from upstream rocks.

At Gradina, that lead anomaly adds another line of support to the idea that the old workings may reflect a broader mineralised system rather than isolated occurrences.

The same historical stream sediment dataset also highlighted a second and potentially important exploration angle across Vagan: copper.

Six Copper Prospects Remain Unexplored

Beyond Gradina, the historical review identified six copper prospects across three broad stream sediment anomaly zones. According to the report, no targeted follow-up exploration has been completed on these copper targets and there is no record of past mining at them.

The key copper prospects reported by Regener8 are summarised below:

The standout result is at Polom, where stream sediment sampling returned 1,000 ppm copper, which the company noted was the upper analytical limit at the time. That means the actual value may have been higher, although no further test work has yet been completed to locate the source.

For investors, these copper anomalies matter because they add commodity diversity to the project. Instead of relying only on a silver-zinc-lead-antimony story at Gradina, Regener8 may also be building a pipeline of separate copper targets across the same tenement.

That said, these are still early-stage geochemical anomalies. The source of the copper has not been identified, and follow-up work such as soil sampling, rock-chip sampling, mapping and geophysics is still required.

Airborne Magnetics Suggest Structural Targets for Follow-Up

The historical review also incorporated a 1977 airborne magnetic survey, which identified two positive magnetic anomalies on the Vagan tenement.

According to the announcement, these occur in:

1. North-east Vagan, where a positive magnetic anomaly coincides with stream sediment copper values above 100 ppm, including up to 320 ppm Cu
2. South-east Vagan, where a positive magnetic anomaly coincides with stream sediment copper values up to 480 ppm Cu, high-grade zinc+lead rock-chip results up to 12.6% Zn+Pb, and the contact between volcanic intrusive rocks and surrounding schists

Magnetic surveys measure variations in the Earth's magnetic field caused by different rock types or alteration patterns. In exploration, those differences can help identify structures, intrusive bodies or alteration zones associated with mineral systems.

Regener8 said the magnetic field heterogeneity appears to correlate with mapped hydrothermal alteration and mineralised structures. That makes a ground magnetic survey a logical next step because it can provide higher-resolution data than older airborne work.

Understanding Hydrothermal Vein Mineralisation

Hydrothermal vein mineralisation is a common deposit style in many silver, lead and zinc mining districts. It forms when hot fluids carrying dissolved metals move through fractures and faults in the crust. As temperature and pressure change, those metals are deposited in veins.

At Gradina, the reported geology fits that model. The prospect includes dacito-andesite intrusive rocks cutting through Carboniferous schists and Jurassic serpentinites. According to the company, mineralised veins show a semi-radial arrangement, with several veins converging in part of the volcanic area.

Why Does Structure Matter?

In hydrothermal systems, structures often control where the fluid moved and where metals were deposited. Areas where multiple structures intersect can be important targets because they may have focused more fluid flow.

A few technical terms from the report are worth clarifying:

• Breccia: broken rock fragments cemented together, often created in fault zones where mineral-bearing fluids can move
• Galena: lead sulphide mineral, commonly associated with silver
• Sphalerite: zinc sulphide mineral
• Grab sample: a selective sample taken from visible mineralised material and not representative of the overall deposit
• ppm: parts per million, commonly used for trace metals such as copper in stream sediment samples
• g/t: grams per tonne, the standard unit for precious metal grades such as silver

For non-specialist investors, the key point is simple: this style of deposit can host high grades, but continuity, width and scale still need to be proven through systematic exploration and eventually drilling.

What Did the Managing Director Say?

"The Vagan review has identified initial priority areas for further investigation at Srebrenica North. Medieval workings at Gradina, high-grade silver-lead-zinc-antimony from both historical and recent surface samples, with coincident airborne magnetic anomalies warrant systematic follow-up. The style of mineralisation identified is analogous to the operating Sase mine nearby," said Stephen Foley, Managing Director of Regener8 Resources.

What the Report Says Comes Next

According to the ASX announcement, Regener8 intends to move Vagan into the broader exploration workflow already under way at the Dolovi licence within Srebrenica North. The planned programme is aimed at generating drill targets within the first year, funded by the company's recent capital raise.

Planned work includes:

• Ground magnetic surveys over the key airborne anomalies
• Geological mapping to refine structural interpretation
• Surface sampling, including rock-chip, soil and stream sediment sampling
• Further copper prospect work, including foundational geochemistry and geophysics
• Drill target generation once datasets are integrated

The company also noted that planning remains subject to weather, access and contractor availability.

Why the Srebrenica North Update Matters to Investors

This due diligence update does not report drilling, a resource estimate or economic studies. It remains an early-stage exploration story. However, the announcement matters for several reasons.

First, the project now has multiple lines of evidence at Gradina: historical underground and surface sampling, old workings, waste rock dumps, stream sediment anomalies and current grab sample confirmation.

Second, the copper targets introduce a broader exploration inventory across the Vagan tenement, with several undrilled anomalies still at the reconnaissance stage.

Third, the geological setting appears consistent with a known regional mining district. The nearby Sase and Veliki Majdan operations provide useful context for the types of mineral systems found in this part of Bosnia-Herzegovina, although each project must still be assessed on its own merits.

Finally, Regener8 has outlined a practical sequence of next steps. For early-stage explorers, moving from historical data review to field validation and then to drill targeting is often the key transition investors watch most closely.

In the report, Regener8 has not attempted to overstate what the current data means. The high-grade samples at Gradina are encouraging indicators, but they remain selective. The copper anomalies are substantial in area, but they remain untested. The magnetic anomalies add support, but they are not proof of economic mineralisation.

That balance is important. The current update suggests that Srebrenica North, and particularly the Vagan tenement, may host a meaningful multi-commodity exploration opportunity. In addition, the next phase of mapping, geophysics and surface geochemistry will be important in determining whether those historical and recent signals can be advanced into credible drill targets.

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