25 Jan Results of Remaining 3 Drill Holes at Rudnitza
London Stock Exchange Link: Results of Remaining 3 Drill Holes at Rudnitza
TETHYAN RESOURCES DRILLS 356 METRES at 0.38 % COPPER AND 0.31 g/t GOLD AT THE RUDNITZA COPPER-GOLD PORPHYRY PROSPECT, SERBIA
Tethyan Resources PLC (“Tethyan” or the “Company”) (AIM:TETH) is pleased to announce results of the remaining 3 drill holes following the completion of its 4 diamond drill hole programme (total 2,318 metres) at the Rudnitza copper-gold porphyry prospect within the Suva Ruda exploration permit in Serbia.
Highlight intersections of these drill holes include:
· Drillhole RDD-004 356 m @ 0.38% copper and 0.31 g/t gold from 48 m
(including 30 m @ 1.45% Cu and 0.39 g/t Au from 102 m)
· Drillhole RDD-003 285 m @ 0.31% copper and 0.33 g/t gold from 42 m
(including 16.7 m @ 1.55 % Cu and 0.20 g/t Au from 102 m)
Assay intervals for the 4 drill holes are provided in Table 1 below:
These three additional drill holes have significantly expanded the footprint of copper-gold porphyry-style mineralisation at Tethyan’s Rudnitza prospect, which had previously been identified in RDD-001. This drill hole intersected 567 metres at 0.28 % copper, 0.45 g/t gold, as announced on 16 January 2017.
The latest drilling has expanded the size of mineralisation identified to an area of at least 300 metres by 200 metres horizontally and up to 500 metres vertically. This drilled zone of mineralisation is contained in a much larger intensively altered volcanic sequence with anomalous copper, gold and molybdenum in soils which extends for up to 1500 metres in a north-south direction and 500 metres east-west.
All drill holes intersected a thick package of dacitic volcanic rocks showing strong phyllic and propylitic alteration with extensive zones of thin (2-20mm) quartz-pyrite±chalcopyrite±chalcocite veining and stockwork.
Supergene enrichment has produced a higher-grade chalcocite rich copper zone observed in each of the drill holes that is in excess of 1 % copper. Drill Hole RDD-004 intersected 30 metres at 1.45 % copper, 0.39 g/t gold from 102 metres. Copper grades are generally seen to be lower in the leached zone above this supergene zone however gold mineralisation was encountered from surface. Beneath the supergene zone gold and copper grades are generally consistent over large intervals exceeding 200 metres.
Fabian Baker, COO of Tethyan, commented: “These encouraging results of Tethyan’s first drill program at Rudnitza have confirmed a large copper-gold porphyry-style mineralised system. Given that the project is situated in an area of excellent infrastructure, with a history of mining and with good access to the European market, the copper and gold grades encountered thus far make a strong case for further exploration and development at Rudnitza.”
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, as announced on 27 September 2016.
The Company has completed a ground magnetics survey and is planning an extensive induced polarization (IP) geophysical survey over this area to target further drilling. A second program of drilling is planned for the second half of 2017 following processing and interpretation of the geophysical surveys.
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
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.
The drill program and sampling protocol is managed by Tethyan under the supervision of Fabian Baker, BSc (Hons) Geology, Tethyan’s Chief Operating Officer. Mr. Baker has 8 years of international mineral exploration experience in frontier and developing countries. During this time he has held such positions as Chief Geologist at Lydian International and Exploration Manager for Royal Road Minerals. The core recovery rate averaged better than 97.5%. Half core is cut by rock saw and is generally sampled using nominal 2 metre intervals; however, sample intervals are varied according to geological contacts and have ranged between 1.2 to 2.6 metres in length. Four quality control samples (one standard, one blank and two duplicates) are inserted into each batch of 40 samples. The half core samples are securely transported from the project site to the ALS Global sample preparation laboratory in Bor, Serbia via private truck provided by ALS Global to Tethyan. Sample pulps are then sent to ALS Rosia Montana, Romania by air freight for gold. Gold is analysed by fire assay with AAS finish and sent to ALS Loughrea, Ireland by freight for analysis by a four-acid digestion with ICP-AES finish to analyse a full suite of 33 elements including silver and base metals. ALS’s laboratory is ISO 2005 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting.
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.
Peter Mullens FAusIMM is a qualified person and has reviewed the technical information contained herein.