11 Apr Commencement of Drilling Programme in late April
TETHYAN RESOURCES DUE TO COMMENCE 2,000 METRE DRILLING PROGRAMME AT THE RUDNITZA PORPHYRY PROSPECT IN LATE-APRIL 2017
Tethyan Resources plc (“Tethyan” or the “Company”) is pleased to announce that it has concluded an agreement with drilling contractor Drillex International d.o.o. in order to commence drilling at the Rudnitza porphyry prospect in late April 2017. The plan is to drill approximately 2,000 meters of diamond core in 3 to 4 drill holes. Drilling will be targeted at expanding the area of mineralisation where Tethyan’s first drilling programme in late 2016 intersected significant copper and gold mineralisation.
As announced in January 2017, Tethyan’s first drilling programme at Rudnitza in late 2016 returned highly encouraging intersections of copper and gold mineralisation commencing near surface and extending to significant depths. Highlight intersections from these drill holes include:
· Drill hole RDD-001: 567 m @ 0.28% copper and 0.45 g/t gold from surface;
· Drill hole RDD-004 356 m @ 0.38% copper and 0.31 g/t gold from 48 m
(including 30 m @ 1.45% copper and 0.39 g/t gold from 102 m);
· Drill hole RDD-003 285 m @ 0.31% copper and 0.33 g/t gold from 42 m
(including 16.7 m @ 1.55 % copper and 0.20 g/t gold from 102 m).
The aim of the drilling programme is to step away from and drill adjacent to these previous results in order to expand the footprint of mineralisation and test areas where mineralisation appears to be open, particularly to the north of previous drilling.
Drilling will be carried out by Serbian contractor Drillex International d.o.o. which completed a successful and highly professional programme for Tethyan in 2016, using two drill rigs and consisting of PQ and HQ size diameter core. Half core will be analysed by ALS Laboratories in Serbia and Romania. Tethyan will implement a comprehensive QAQC (quality assurance/quality control) programme including standard, duplicate and blank samples.
Tethyan holds an option over the Suva Ruda project, which includes the Rudnitza porphyry among other prospects, which gives Tethyan the exclusive right to purchase 100% of the Suva Ruda project provided that Tethyan completes certain exploration work and payment milestones (please refer to the press release dated 27th September 2016 for details). To date, Tethyan has completed all required milestones and as such the option is in good standing.
Peter Mullens, CEO of Tethyan commented “We are excited to commence drilling and build on the excellent results of 2016, which indicate to us that Rudnitza holds potential for the discovery of a significant copper-gold porphyry deposit. We expect the 2017 drill programme to expand the known extents of mineralisation as previous drilling indicates that the deposit is still open in all directions, and soil sampling has defined a surficial footprint of mineralisation extending over an area 1,400 by 600 metres. We expect to release the first assay results from this drill programme in late June 2017.”
For further information please contact:
Tethyan Resources PLC
+44 1534 881 885
Peter Mullens (CEO)
Cairn Financial Advisers LLP
+44 (0) 207 213 0880
James Caithie / Sandy Jamieson
Tethyan Resources Plc (“Tethyan Resources”) is incorporated in England & Wales (company registration number 3781581) and is a gold and copper mineral exploration company. Tethyan Resources listed on AIM (TETH.L) in 2004.
Exploration is conducted in the Tethyan Belt of Eastern Europe, in particular Serbia where we are acquiring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets.
Sustainability is paramount to all Tethyan’s activities. The long-term success of Tethyan Resources is connected to our ability to operate in a socially and environmentally responsible way. We are committed to proactively implement sustainable health, safety and environmental management, as well as engage with local communities and all stakeholders. Tethyan Resources’ business philosophy is to adhere to good international best practice (GIIP) and implement the highest standards of corporate governance.
More information can be found on our website: www.tethyan-resources.com. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
This announcement does not comprise a prospectus or other form of offering document relating to Tethyan Resources plc (“the Company”), and does not constitute an offer or invitation to purchase or subscribe for any securities of the Company or any other company and should not be relied on in connection with a decision to purchase or subscribe for any such securities.
The announcement does not constitute a recommendation regarding any decision to sell or purchase securities of the Company or any other company. Your attention is drawn to the risk factors set out below.
This announcement may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and other related matters. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. The Company’s current projects in Serbia are at an early stage and all estimates and projections are based on limited and possibly incomplete data. More work is required before geological and economic aspects can be confidently modelled. Actual results may differ materially from those currently anticipated in this announcement. No representation or prediction is intended as to the results of future work, nor can there be any guarantee that estimates and projections herein will be sustained in future work or that the Project will otherwise prove to be economic.