Tethyan Resources PLC Suva Ruda drilling update (0196O)
November 01 2016 - 8:37AM
UK Regulatory
TIDMTETH
RNS Number : 0196O
Tethyan Resources PLC
01 November 2016
TETHYAN RESOURCES COMMENCES DRILLING ON THE RUDNITZA PORPHYRY
PROSPECT WITHIN THE SUVA RUDA PROJECT, SERBIA
November 1(st) , 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 28(th) December 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): pjm@tethyan-resources.com
+ 44 1534 881 885
finnCap Limited - Nominated adviser
Christopher Raggett / Scott Mathieson: +44 (0)20 7220 0500
Qualified person
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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