Tethyan Resources PLC Project Update (7510M)
18 October 2016 - 5:00PM
UK Regulatory
TIDMTETH
RNS Number : 7510M
Tethyan Resources PLC
18 October 2016
18 October 2016,
Tethyan Resources
Tethyan Resources Exploration Update For "Suva Ruda Copper-Gold
Porphyry Project", and "Gokcanica Epithermal-Porphyry Project",
Central Serbia.
Tethyan Resources plc ("Tethyan" or the "Company") is pleased to
announce an exploration update for the Suva Ruda project over which
it has an option and its proprietary Gokcanica copper-gold project
both located in Central Serbia.
Tethyan Resources has completed first-pass geological mapping
and the collection of 223 soil samples over the Rudnitza
copper-gold porphyry prospect located on the Suva Ruda Project.
Detailed soil sampling was completed on 50 meter sample spacing and
200 meter line spacing over the central portion of Rudnitza. This
sampling defined a coincident copper and molybdenum anomaly in
soils over a 1200 meter by up to 600 meter area, with a maximum
molybdenum sample value of 59 ppm. Molybdenum is a good indicator
for porphyry mineralisation as it is not generally mobile in the
weathering environment. These results combined with geological
mapping have defined two compelling target areas, a southern zone
of outcropping quartz stockwork with dimensions of 600 meters by
500 meters which was previously drilled to shallow depths by Phelps
Dodge in 2004, and a northern zone with dimensions of 700 meters by
300 meters which is a significant new target generated by this soil
sampling program that has not been drill tested before.
The copper and molybdenum soil anomaly, hosted in
phyllic-altered andesitic volcanic sediment and dacite porphyry
stocks, is surrounded by a broad zinc anomaly greater than 200 ppm
which is recognised as a typical geochemical zonation feature seen
in many porphyry systems worldwide.
In accordance with the terms of its option agreement over Suva
Ruda and as previously announced, the Company plans to commence a
2500 meter drill program on the Suva Ruda project by October 26,
2016 and intends to complete this drill program by mid-December
2016. The drilling will test the southern porphyry target for
higher-grade copper and gold porphyry mineralisation at depth below
where drilling previously carried out by Phelps Dodge returned
strong mineralisation in shallow drilling.
At Gokcanica a stream sediment sampling program has defined a
number of strong gold anomalies which require further attention
with further stream sediment sampling, detailed soil sampling and
geological mapping. The plan is to define targets which can be
drilled in the spring of 2017.
Gokcanica occurs approximately 30 kilometres north of Suva Ruda
and together these tenements form part of a package totalling 197
square kilometres which Tethyan personnel believe is highly
prospective for the discovery of epithermal and porphyry copper,
gold and polymetallic mineralisation.
All samples were prepared and analysed by ALS Laboratories in
Serbia and Romania. Soil samples were sieved to minus 80 mesh and
assayed by methods ME-MS41 and AuST43. Stream sediment samples were
collected as 5 kg samples, sieved to minus 2 mm then further
reduced to minus 80 mesh by ALS Laboratories before analysis by
methods ME-MS41L and Au-ST44. Tethyan has implemented a QAQC
program for all samples sent to ALS which includes the use of
duplicate samples and known standard samples.
Fabian Baker, COO and Chief Geologist of Tethyan Resources,
stated: "The results of our initial work at Suva Ruda and Gokcanica
are highly encouraging and demonstrate the potential that these
projects have to host significant mineral deposits. Of particular
interest is the consistency and strength of the molybdenum anomaly
at Suva Ruda and indications of a second porphyry stock extending
to the north of the Rudnitza hill."
For maps showing these soil and stream sediment results please
visit our website www.tethyan-resources.com.
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 887 166
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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