16 Jan Results of First Drill Hole at Rudnitza
TETHYAN RESOURCES DRILLS 567 METRES AT 0.28% COPPER AND 0.45 g/t GOLD FROM SURFACE IN ITS FIRST DRILL HOLE AT THE RUDNITZA COPPER-GOLD PORPHYRY PROSPECT, SERBIA
Tethyan Resources PLC (“Tethyan” or the “Company”) (AIM:TETH) is pleased to announce completion of its 4 diamond drill hole programme (total 2,318 m) at the Rudnitza copper-gold porphyry prospect within the Suva Ruda exploration permit in Serbia. Tethyan has received assay results for the first drill hole RDD-001. Assays for the remaining 3 drill holes are pending and a further announcement will be made in due course.
The results from drill hole RDD-001 are provided in Table 1 below:
Drill hole RDD-001 from surface intersected a thick package of dacitic volcanic rocks showing strong phyllic and propylitic alteration with extensive zones of thin (2-20mm) quartz – pyrite ± chalcopyrite veining and stockwork. Between 122 – 160 m a 38 m chalcocite-bearing zone of supergene enrichment was intersected giving an interval of 38 m at 1.18% copper and 0.38 g/t gold, although copper grades were lower in the leached zone above this interval gold grades remain consistent averaging 0.45 g/t gold. From a depth of 160 m gold and copper grades are remarkably consistent up to the intersection of a deeper ophiolite basement rock-type which was intersected between 567 and 584.6 m and where the gold and copper grades reduced. The drill hole was terminated due to drilling issues at 584.6 m still in mineralisation.Table 1: Coordinates are WGS84 UTM Zone 34.
Tethyan holds an option to purchase 100% of the Suva Ruda permit from local Serbian company Deep Research d.o.o. who acquired the permit in late 2015 (please refer to the press release dated 27th September 2016 for details). Phelps Dodge Corporation had initially identified the Rudnitza porphyry in 2004 and drilled 7 widely spaced drill holes over an area of 1.2 km by 0.8 km. The holes were centred on a porphyritic dacite stock with outcropping quartz stockwork occurring over an area 500 m by 450 m surrounded by a wider zone of phyllic and advanced argillic alteration. Three of the Phelps Dodge drill holes were drilled into the quartz stockwork, the other 4 holes were drilled on the periphery of the stock into phyllic alteration. These holes were drilled to depths between 170 and 300 m and did not test the porphyry at depth.
RDD-001 was drilled very near to the site of one of the earlier Phelps Dodge drill holes which had reported 144 m grading at 0.4% copper and 0.4 g/t gold but had been completed at 244 m still in mineralisation. The results reported here confirm the earlier data but, more importantly, indicates that porphyry copper-gold mineralisation continues to a far deeper extent at Rudnitza.
Fabian Baker, COO of Tethyan, commented: “We are very pleased with the results of this first drill hole, which validate Rudnitza as an exploration prospect with great potential. The fact that we did not encounter significant potassic alteration in this drill hole indicates to us that potential remains to expand the dimensions of this deposit and find a higher-grade core to this porphyry system. Following receipt of results from the remaining three drill holes Tethyan will be finalising its exploration program for 2017 to further develop the Rudnitza prospect.”
For maps, cross-sections and further information on these results please visit Tethyan’s website at www.tethyan-resources.com/suva-ruda-project
For further information please contact:
|Tethyan Resources PLC||+44 1534 881 885|
|Peter Mullens (CEO)||email@example.com|
|Cairn Financial Advisers LLP||+44 (0) 207 213 0880|
|James Caithie / Sandy Jamieson|
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 from Monash University, Melbourne, Australia.
Drilling and sampling procedures were carried out in-line with standard industry best practice. Drill core recoveries averaged in excess of 99%. Samples consisted of two metre composites of half drill core which were delivered to ALS Global in Bor, Serbia. Samples were prepared by drying, crushing to 70% less than 2mm, riffle split to provide a 1 kg sample which is pulverised to better than 85% passing 75 microns. Samples were analysed for gold by 30g fire assay and AAS, and for a 33 multi-element suite by four acid digestion and ICP-AES.
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.
The announcement and its contents are directed only at persons who fall within the exemptions from applicable securities laws and persons to whom distribution may otherwise lawfully be made. Any investments, investment activity or controlled activity to which the announcement relates is available only to such persons and will be engaged in only with such persons. Peter Mullens FAusIMM is a qualified person and has reviewed the technical information contained herein.