02 Mar Tethyan Resources Announces Results of Channel Sampling and the Identification of a New Copper-Gold Porphyry Exploration Target at Rudnica, Serbia
TETHYAN RESOURCES ANNOUNCES RESULTS OF CHANNEL SAMPLING AND THE IDENTIFICATION OF A NEW COPPER-GOLD PORPHYRY EXPLORATION TARGET AT RUDNICA, SERBIA
March 2, 2018 – Jersey, UK – Tethyan Resources plc (TSXV:TETH) (“Tethyan” or the “Company”) is pleased to announce the analytical results of channel sampling and the identification of a new copper-gold porphyry exploration target adjacent to the Rudnica porphyry, situated on the Suva Ruda exploration license in southwestern Serbia. The new target, called Rudnica North, was initially identified by soil sampling and is located 500 metres north of Tethyan’s previous drilling at its flagship Rudnica copper-gold porphyry project. Rudnica North displays a similar geophysical and geochemical signature to Rudnica, suggesting that the two areas may be linked at depth.
RCH002: 70 m @ 0.27 g/t gold, from 0 m to 70 m
RCH003: 71 m @ 0.43 g/t gold, from 0 m to 71 m
RCH015: 40m @ 0.21 g/t gold, from 15 to 55 m
RCH016: 30m @ 0.24 g/t gold, from 0 to 30 m
RCH017: 10m @ 0.26 g/t gold, from 0 to 10 m
The above intervals are reported as apparent widths and channel sample locations are shown on Figure 1 and in Table 1 below. At Rudnica, the channel samples (RCH002 and RCH003) demonstrate a continuation of the near surface, gold-bearing leached zone 50m to the south of the current limits of drilling. This information will be used to guide drill programme planning for the 2018 season and further emphasises the exploration potential at Rudnica.
At Rudnica North the channel samples were collected from argillic and advanced argillic altered andesite and andesitic volcaniclastic rocks which outcrop over an area of 160 by up to 80 metres. Outcrop is limited to road cuts and small, historic exploration pits.
The Rudnica North channel samples reported herein are located on the southern edge of a moderate to high (50-70 mrad) chargeability anomaly at depth (between 200-300 metres below surface), which is coincident with a 400 by 200 metre, north-south aligned gold in soil anomaly (>100 ppb gold) and area of high magnetic intensity.
The peripheries of this anomalous area were drilled historically (2011 to 2013) by a private Serbian company on a wide spacing for lead-zinc exploration purposes to between 250 and 370 metres depth. Gold and copper were not routinely assayed or reported during this historic exploration, however one hole (RB-20) returned 44m at 0.4 g/t gold from surface. Tethyan has not verified the historic drill data and this data should not be relied upon. Hole RB-20 is located 300 metres south of these recent channel samples and indicates that the mineralised zone may extend to an overall strike length of 600 metres.
Copper values returned by the channel samples were in general low, yet anomalous, typically in the range of 0.03 – 0.1 % copper. However this was to be expected as in accordance with Tethyan’s drilling results there is good evidence of oxidation and leaching of copper mineralisation at shallow depths, and re-precipitation of copper as a high-grade supergene enrichment blanket. At Rudnica the supergene zone is typically 20 – 40 metres thick, commencing at approximately 80 – 120 metres below surface and grading approximately 1.0 – 1.5 % copper and 0.2 – 0.4 g/t gold, below which drilling intersected primary sulphide copper and gold mineralisation. Whereas gold mineralisation remains largely in-situ during the leaching process, and it is this copper-leached, auriferous zone that Tethyan believes it is seeing in the channel results at Rudnica North.
Fabian Baker, Tethyan’s President and CEO, commented “The Rudnica North target is inferred to represent a leached, gold bearing, copper-poor lithocap overlying a concealed copper-gold porphyry centre. The same alteration and metal zonation is observed at Rudnica and the two zones may be linked at depth over a total strike length of more than 1 kilometre, as indicated by the results of the Titan DCIP geophysical survey we completed in late-2017. The Rudnica North porphyry is inferred to lie in a downthrown fault block relative to Rudnica, therefore copper-gold porphyry mineralisation is anticipated to occur at depth, underlying the auriferous lithocap. The potential for supergene copper enrichment at the base of the lithocap has not been tested, but has been proven at Rudnica and Rudnica North appears at this early stage to be an analogous system”.
Fabian further adds that “rock-chip, channel sampling and mapping is continuing to identify areas of untested alteration east and north of Rudnica. Our exploration team is continually building on the understanding and interpretation of the Suva Ruda licence area and producing additional near-term exploration targets”.
|Channel ID||Total Length (m)||Significant Intersections|
|From (m)||To (m)||Length (m)||Gold Grade (g/t)|
|RCH005||78||No Significant Intercepts|
|RCH007||15||No Significant Intercepts|
|RCH012||15||No Significant Intercepts|
|RCH013||19||No Significant Intercepts|
|RCH019||21||No Significant Intercepts|
Table 1: Results of channel sampling in the Rudnica porphyry project area. Intersections are apparent widths and calculated using a cut-off grade of 0.1 g/t gold with not more than 10 metres internal dilution.
Figure 1: The locations of the channel samples are shown overlying the DCIP chargeability data interpretation at 200m elevation (approximately 200 – 300 m below surface), also shown are the locations of magnetic highs as defined by Tethyan’s ground magnetic survey, Tethyan’s drillhole collars, and areas where soil sampling returned greater than 0.1 g/t gold.
Tethyan Resources plc is a gold and base metal mineral exploration company incorporated in England & Wales. Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets. Tethyan emphasises responsible engagement with local communities and stakeholders, and is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management. More information can be found on our website: www.tethyan-resources.com.
The technical information in this news release has been reviewed and approved by Tethyan’s Senior Vice-President Exploration and Development, Peter Mullens, FAusIMM, who is a Qualified Person as defined by National Instrument 43-101.
Sampling Methodology and Quality Assurance and Quality Control
The channel sampling protocol is managed by Tethyan under the supervision of Andrew Tunningley, MAusIMM(CP), Tethyan’s Exploration Manager. The samples were taken by chisel and hammer in continuous horizontal lines, typically samples were composited over up to 5 metre lengths per sample, however this may be reduced to 0.5 metres where lithological or significant mineralogical changes were observed in order to accurately reflect the apparent width of mineralisation. Typical sample weights were 1 kg per metre. Samples were collected in cotton bags and given a unique reference number.
Tethyan follows industry best practise for its geochemical sampling programmes. Samples were delivered by Tethyan personnel directly to the ALS Chemex preparation laboratory in Bor, Serbia. Rock and channel samples undergo gold and multi-element analysis using analytical method codes Au-AA23 (30 g fire assay with AAS finish) and ME-ICP61 (33 element four acid ICP-AES). Samples were submitted in batches of 40, including three external control samples (blank, certified reference material, and duplicates). ALS Chemex also employed their own internal QAQC and control sampling.
Tethyan Resources Contact
Tethyan Resources plc +44 1534 881 885
Fabian Baker (CEO) email@example.com
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends”, “will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Tethyan to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, and financing and additional capital requirements. Although management of Tethyan have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. Tethyan will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.