18 Oct Project Update
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18 October 2016
Tethyan Resources Exploration Update For “Suva Ruda Copper-Gold Porphyry Project”, and “Gokcanica Epithermal-Porphyry Project”, Central Serbia.
Tethyan Resources plc (“Tethyan” or the “Company”) is pleased to announce an exploration update for the Suva Ruda project over which it has an option and its proprietary Gokcanica copper-gold project both located in Central Serbia.
Tethyan Resources has completed first-pass geological mapping and the collection of 223 soil samples over the Rudnitza copper-gold porphyry prospect located on the Suva Ruda Project. Detailed soil sampling was completed on 50 meter sample spacing and 200 meter line spacing over the central portion of Rudnitza. This sampling defined a coincident copper and molybdenum anomaly in soils over a 1200 meter by up to 600 meter area, with a maximum molybdenum sample value of 59 ppm. Molybdenum is a good indicator for porphyry mineralisation as it is not generally mobile in the weathering environment. These results combined with geological mapping have defined two compelling target areas, a southern zone of outcropping quartz stockwork with dimensions of 600 meters by 500 meters which was previously drilled to shallow depths by Phelps Dodge in 2004, and a northern zone with dimensions of 700 meters by 300 meters which is a significant new target generated by this soil sampling program that has not been drill tested before.
The copper and molybdenum soil anomaly, hosted in phyllic-altered andesitic volcanic sediment and dacite porphyry stocks, is surrounded by a broad zinc anomaly greater than 200 ppm which is recognised as a typical geochemical zonation feature seen in many porphyry systems worldwide.
In accordance with the terms of its option agreement over Suva Ruda and as previously announced, the Company plans to commence a 2500 meter drill program on the Suva Ruda project by October 26, 2016 and intends to complete this drill program by mid-December 2016. The drilling will test the southern porphyry target for higher-grade copper and gold porphyry mineralisation at depth below where drilling previously carried out by Phelps Dodge returned strong mineralisation in shallow drilling.
At Gokcanica a stream sediment sampling program has defined a number of strong gold anomalies which require further attention with further stream sediment sampling, detailed soil sampling and geological mapping. The plan is to define targets which can be drilled in the spring of 2017.
Gokcanica occurs approximately 30 kilometres north of Suva Ruda and together these tenements form part of a package totalling 197 square kilometres which Tethyan personnel believe is highly prospective for the discovery of epithermal and porphyry copper, gold and polymetallic mineralisation.
All samples were prepared and analysed by ALS Laboratories in Serbia and Romania. Soil samples were sieved to minus 80 mesh and assayed by methods ME-MS41 and AuST43. Stream sediment samples were collected as 5 kg samples, sieved to minus 2 mm then further reduced to minus 80 mesh by ALS Laboratories before analysis by methods ME-MS41L and Au-ST44. Tethyan has implemented a QAQC program for all samples sent to ALS which includes the use of duplicate samples and known standard samples.
Fabian Baker, COO and Chief Geologist of Tethyan Resources, stated: “The results of our initial work at Suva Ruda and Gokcanica are highly encouraging and demonstrate the potential that these projects have to host significant mineral deposits. Of particular interest is the consistency and strength of the molybdenum anomaly at Suva Ruda and indications of a second porphyry stock extending to the north of the Rudnitza hill.”
ABOUT TETHYAN RESOURCES
Tethyan Resources plc is an AIM quoted junior exploration company exploring for copper and gold within the Tethyan mineral belt . Tethyan has an experienced board and technical team headed up by Peter Mullens (BSC, Fellow AUSIMM) who has had considerable success within junior exploration companies, including identifying and acquiring assets for Aquiline Resources, Laramide Resources and being a Founder of Lydian Resources. Currently Tethyan holds several licences in Serbia and is looking for other copper and gold projects in Eastern Europe, specifically Serbia and Bulgaria.
For further information please contact:
Tethyan Resources Plc
Peter Mullens (CEO) email@example.com
+ 44 1534 887 166
finnCap Limited – Nominated adviser
Christopher Raggett / Scott Mathieson +44 (0)20 7220 0500
Peter Mullens, who has reviewed this update, has more than 30 years’ experience in the mining industry and is a fellow of the Australian Institute of Mining and Metallurgy. He holds a BSc in Geology.