07 Mar Tethyan Resources Announces Grant of New Exploration Permits in the Timok Magmatic Complex, Serbia
TETHYAN RESOURCES ANNOUNCES GRANT OF NEW EXPLORATION PERMITS IN THE TIMOK MAGMATIC COMPLEX, SERBIA
March 6, 2018 – Jersey, UK – Tethyan Resources plc (TSXV:TETH) (“Tethyan” or the “Company”) is pleased to announce that the Company’s Serbian subsidiary, Tethyan Resources d.o.o., has been granted two new exploration licenses (the “Licenses”), named Bucje and Zukovac, totalling 200 square kilometres and situated in the south of the Timok Magmatic Complex in Eastern Serbia (Figure 1).
The Timok Magmatic Complex is a suite of Upper Cretaceous age intrusive and volcanic rocks that are the host to many significant porphyry and epithermal copper-gold deposits. Known deposits include Bor, a copper-gold high-sulphidation deposit which was in production throughout most of the 20th Century, Majdenpek, a copper-gold porphyry still in production today, and the more recent discovery of Cukari Peki by Reservoir Minerals who were subsequently acquired by Nevsun Resources in 2016.
The Licenses are valid for an initial period of 3 years, following which the Mining Law of Serbia allows for the license holder to apply, subject to various conditions, for extension periods of a further 3 and finally 2 years, for a total of 8 years, before the license holder is required to apply for a mining permit.
Fabian Baker, President and CEO of Tethyan commented: “We are very pleased to continue to grow our land position in Serbia and to have secured exploration licenses in the Timok area. It is an area well known to hold potential for the discovery of significant copper and gold deposits and we look forward to getting our geologists on the ground there to commence exploration.”
Figure 1: Location of the Bucje and Zukovac exploration licenses recent awarded to Tethyan within the Timok Magmatic Complex, Eastern Serbia.
Tethyan Resources plc is a gold and base metal mineral exploration company incorporated in England & Wales. 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.
The technical information in this news release has been reviewed and approved by Tethyan’s Senior Vice-President Exploration and Development, Peter Mullens, FAusIMM, 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) firstname.lastname@example.org
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. 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.