01 Nov Suva Ruda drilling update
TETHYAN RESOURCES COMMENCES DRILLING ON THE RUDNITZA PORPHYRY PROSPECT WITHIN THE SUVA RUDA PROJECT, SERBIA
November 1st, 2016
Tethyan Resources plc (“Tethyan” or the “Company”) is pleased to announce that it has commenced drilling at the Rudnitza porphyry prospect on the Suva Ruda exploration permit located in Serbia. The plan is to drill approximately 2,500 meters of diamond core in 4 to 5 drill holes. Drilling will target up to 800m depth below and adjacent to where relatively shallow historic drilling intersected and ended in mineralisation, and where a significant copper-molybdenum-gold anomaly has been identified by recent soil sampling. Significant results from the historic drilling includes an intersection of 144m grading at 0.4% copper and 0.4 g/t gold which ended in mineralisation. The purpose of this drill program is to both confirm the historic drilling results and to test for extensions to the mineralisation at depth. Management believes that the exposed surface of the porphyry system indicates that the current erosion level is high in the porphyry system and that the mineralisation is likely to extend to significant depth and that the concentration of mineralisation may increase with depth.
Under the terms of the previously announced option agreement with Deep Research d.o.o., a private Serbian company, which gives Tethyan the sole and exclusive right to acquire the exploration permit over the Suva Ruda Project, Tethyan is obliged to complete at least 2,000m of drilling before 28thDecember 2016. Drilling will be carried out by two drill rigs and consist of PQ and HQ diameter core. Half core will be analysed by ALS Laboratories in Serbia and Romania. Tethyan will implement a comprehensive QAQC program including standard, duplicate and blank samples.
Peter Mullens, CEO of Tethyan, commented; “We are excited by our first drill program at Rudnitza. Initial surface geochemistry and mapping returned highly encouraging results indicating that the size of the mineralised porphyry system is much larger than previously recognised; as such we hope that this will be the beginning of an ongoing exploration program to explore the potential of this deposit. We are confident that drilling will be complete by mid-December in accordance with our option over the Suva Ruda project, and hope to announce assay results in late-January 2017.”
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): firstname.lastname@example.org
+ 44 1534 881 885
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.