Tethyan Drills 12 m of 22.03 % Zinc, 10.29 % Lead and 167 g/t Silver at the Kizevak Project, Serbia

TETHYAN DRILLS 12 m of 22.03 % ZINC, 10.29 % LEAD AND 167 g/t SILVER AT THE KIZEVAK PROJECT, SERBIA

 

September 4, 2018 – Jersey, UK –Tethyan Resources plc (TSXV: TETH) (“Tethyan” or the “Company”) is pleased to announce results from its initial diamond drill programme at the Kizevak zinc-lead-silver project in Southwest Serbia. Tethyan drilled four holes for a total of 957.3 metres, targeting an area of anomalous zinc, lead and silver in soil located 1 km southeast of an historic past producing open pit mine (Figure 1). All assays have now been received and drilling has returned broad zones of polymetallic vein and breccia type mineralisation in all holes, with highlights including:

  • 12.0 m @ 22.03 % zinc, 10.29 % lead, 167 g/t silver and 0.18 g/t gold for 35.09 % ZnEq (Hole KSEDD002, from 130 m)
  • 43.0 m @ 4.30 % zinc, 2.49 % lead, 26 g/t silver and 0.21 g/t gold for 7.39 % ZnEq (Hole KSEDD001, from 193 m)
    • including 1 m @ 11.28 % zinc, 5.05 % lead, 57 g/t silver and 0.32 g/t gold for 17.44 % ZnEq (from 221 m)
  • 40.0 m @ 4.35 % zinc, 2.14 % lead, 27 g/t silver and 0.34 g/t gold for 7.37 % ZnEq (Hole KSEDD003, from 137 m)
  • 22.2 m @ 2.95 % zinc, 2.41 % lead, 41 g/t silver and 0.18 g/t gold for 6.23 % ZnEq (Hole KSEDD003, from 160 m)

Holes were drilled on two sections 80 m apart with a spacing of 40 m between the holes. All holes intercepted significant mineralisation between 85 and 190 m below surface, and mineralisation remains open in all directions (Figures 2 and 3). Collar details are given in Table 1 and significant intercepts, including estimated true width intervals, are given in Table 2.

Fabian Baker, President and CEO of Tethyan commented “We are delighted with the results of our first drill programme at Kizevak, which returned some exceptional grades over substantial widths. These first results are particularly encouraging as they are from only a small part of the large zinc, lead, silver, gold soil anomaly. We are immediately planning to commence induced polarisation and ground magnetic geophysical programmes as well as trenching to refine drill targets in advance of a second drill programme later this year.”

Tethyan has already constructed and permitted seven additional drill pads at Kizevak to test over a total of 200 metres along strike from the recently completed holes. Tethyan is also preparing to submit samples from drill core for preliminary metallurgical test work to understand baseline zinc, lead and silver recoveries to concentrates, as well as gold deportment.

 

Table 1: Drill Collar Data

Hole ID Easting

(m)

Northing

(m)

Elevation

(m)

Depth

(m)

Azimuth

(°)

Inclination (°)
KSEDD001 476507 4792486 912 257.60 225 -55
KSEDD002 476485 4792456 909 226.10 230 -53
KSEDD003 476431 4792507 896 212.60 230 -55
KSEDD004 476459 4792533 904 261.00 230 -60
Note: Coordinates are shown using the UTM WGS84 projection, Zone 34 Northern Hemisphere

 

Table 2: Significant Intercepts

Hole ID From To Apparent Width Zinc Lead Silver Gold Zinc Eq.
(m) (m) (m) (%) (%) (g/t) (g/t) (%)
KSEDD001 128.00 129.50 1.5 4.36 2.02 30 0.09 6.92
KSEDD001 160.00 181.00 21.0 1.02 4.68 60 0.17 6.69
including 161.00 166.60 5.6 1.50 16.13 213 0.19 20.51
KSEDD001 187.00 188.00 1.0 2.15 2.90 23 0.30 5.68
KSEDD001 193.00 236.00 43.0 4.30 2.49 26 0.21 7.39
including 221.00 234.10 13.1 11.28 5.05 57 0.32 17.44
KSEDD002 130.00 142.00 12.0 22.03 10.49 167 0.18 35.09
KSEDD002 188.50 189.50 1.0 1.73 3.64 26 0.41 6.16
KSEDD003 1010 101.50 0.5 9.42 3.94 51 0.14 14.20
KSEDD003 105.00 127.20 22.2 2.95 2.41 41 0.18 6.23
including 116.00 117.50 1.5 15.30 6.29 135 0.24 24.09
and 123.70 125.20 1.5 4.63 5.30 154 0.40 13.23
and 126.70 127.20 0.5 3.61 29.30 437 0.39 39.27
KSEDD003 137.00 177.00 40.0 4.35 2.14 27 0.34 7.37
including 151.20 154.00 2.8 18.34 5.49 77 0.45 25.54
and 166.30 168.00 1.7 17.08 10.94 126 1.82 32.41
KSEDD004 116.50 118.00 1.5 2.64 1.16 12 0.11 4.09
KSEDD004 159.80 181.00 21.2 1.75 0.74 6 0.13 2.74
including 167.10 170.60 3.5 6.09 2.23 17 0.22 8.77
KSEDD004 223.00 228.00 5.0 1.96 1.35 11 0.40 4.03
KSEDD004 248.50 251.00 2.5 2.47 0.02 27 0.34 3.63
Notes
1.      Zinc Equivalent (Zinc Eq.) metal grade was calculated using assumed metal prices of $1250/oz gold; $16/oz silver; $2100/t lead and $2400/t zinc.
2.      Metal recoveries of 100% were applied in the metal equivalent calculations.
3.      Zinc equivalent (%) was calculated using the following formula: Zinc Eq. (%) = 100 x ((Au price (g) x Au grade) + (Ag Price (g) x Ag grade) + (Pb price x Pb grade/100) + (Zn price x Zn grade/100))/Zn price.
4.      Numbers may not add up due to rounding
5.      The true thickness of mineralised zones is estimated to vary between 70 to 95% of apparent width. Due to currently limited drilling data, early stage of exploration, variable geometry of the mineralisation and lack of outcrop, the Company is currently unable to accurately estimate true widths

 

Figure 1: Location of the four drill holes shown in relation to the zinc and gold in soil anomalies and historic open pit mine.

 

Figure 2: Cross-section “A” showing results and geology for drill holes KSEDD001 and KSEDD002

 

Figure 3: Cross-section “B” showing results and geology for drill holes KSEDD003 and KSEDD004

 

Kizevak Project

The Kizevak Project is located in the Raska District which is prospective for porphyry copper-gold and polymetallic vein type deposits. Historic past producing mines at Kizevak and Sastavci produced lead, zinc and silver from open pits from the 1980s until the early 2000s when they ceased operation due to conflict in the region. Tethyan owns the Kremice exploration licence which surrounds third party exploitation licences over the Kizevak and Sastavci open pit mines. Tethyan’s drill program targeted an area 1 km southeast along strike of the Kizevak open pit mineralisation.

The drill target was identified by Tethyan from geological mapping and soil sampling. Mineralisation is hosted in a steeply northeast dipping volcanic sequence comprising an upper <150m thick, polymict, coarse-grained, blocky volcanic breccia, which overlies an approximately 100 m thick, coherent, massive, fine-grained porphyritic andesite unit with minor interlayers of volcaniclastic rock. The andesite overlies a lower volcanic breccia in which the drill holes were terminated.

Mineralisation occurs as fault-hosted veins and vein breccias with broad zones of sheeted and fracture fill mineralisation in the footwall, hosted almost entirely within the andesite volcanic unit which is moderately to strongly clay-pyrite altered. The mineralised zone strikes southeast, dips steeply northeast, and is open in all directions.

Mineralisation comprises 0.5 to 6 m thick, steeply northeast dipping veins and vein breccias composed of coarse-grained, massive galena-sphalerite-pyrite-arsenopyrite-pyrrhotite with variable quartz, carbonate (calcite and rhodochrosite) and barite intergrowths. The andesite footwall of the veins is moderately to strongly fractured with carbonate-barite-galena-sphalerite-pyrite as fracture fill and sheeted veins, which occur in zones between 8 and 38 m wide (estimated true thickness). Individual veins within these zones are between 2 to 10 mm wide with a vein density of 0.5 to 5 vol. % per metre.

Rudnica Copper-Gold Porphyry Prospect

Work continues at the Rudnica copper-gold porphyry prospect, with a 1500 meters drill programme planned in Q4 2018. Drilling will be used to explore untested copper-gold-molybdenum soil anomalies coincident with moderate to high chargeability and high magnetic geophysical anomalies, in an area of leached and silica altered andesite with weak low temperature quartz veinlets which returned significant channel sample results including 40 m @ 0.21 g/t gold, 30 m @ 0.24 g/t gold and 10 m @ 0.26 g/t gold (see news release dated March 2, 2018).

 

About Tethyan

Tethyan Resources plc is a precious and base metals mineral exploration company incorporated in England & Wales and listed on the Toronto Venture Exchange. 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.

Sampling Methods and Data Verification

Drill core samples were collected from half cut PQ and HQ diameter core, where the core was sawn along a pre-defined cutting line. Sample intervals were selected by the geologists based on geological criteria including presence of alteration and mineralisation, style of mineralisation and lithological contacts. Minimum sample lengths of 0.5 metres and maximum sample lengths of 2 metres were employed. Each sample weighed between 2 and 13 kg depending on the length of the sample and diameter of drill core. Sampling was only conducted on visually mineralised intervals, including 10 metres either side of the visually mineralised interval. Data verification was conducted by the Qualified Person including checking of detailed geological logs against core observations, core photographs and analytical results. In addition, digital data was verified using industry standard software to validate the drill database prior to entering data into the master database. No check assays have been conducted to date.

Quality Assurance and Quality Control

The drill core sampling program and sampling protocols were supervised by Tethyan’s Exploration Manager, Mr Andrew Tunningley MAusIMM(CP), who is a Qualified Person as defined by National Instrument 43-101. Quality Assurance is provided through provision of standard operating procedures for the collection and submission of samples as well as data handling and management. Quality Control is monitored through the insertion of one certified reference material sample and one blank sample per batch of 20 samples. One duplicate sample is also inserted per batch. All samples are securely transported from the project site to the ALS Global sample preparation laboratory in Bor, Serbia by ALS couriers. Sample pulps are then sent to ALS Rosia Montana, Romania by air freight for gold analysis by 30 gram fire assay with AA finish (code FA-AA23). Multi-element analyses are conducted by ALS Loughrea, Ireland using a highly oxidising digestion with ICP-MS finish (code ME-ICPORE). ALS’s laboratories are ISO 2005 accredited, employ a Laboratory Information Management System for sample tracking, quality control and reporting, and are independent of Tethyan.

Qualified Person

The technical information in this news release has been reviewed and approved by Tethyan’s Exploration Manager, Andrew Tunningley, MAusIMM(CP), who is a Qualified Person as defined by National Instrument 43-101.

Tethyan Resources Contact

Tethyan Resources plc               +44 1534 881 885

Fabian Baker (CEO)                  fabian@tethyan-resources.com

TSX Venture Exchange Disclaimer

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Forward Looking Statements

Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the private placement, the use of proceeds. 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.