Tethyan Resources PLC Commencement of Drilling Programme in late April (1307C)
April 11 2017 - 2:01AM
UK Regulatory
TIDMTETH
RNS Number : 1307C
Tethyan Resources PLC
11 April 2017
TETHYAN RESOURCES PLC
TETHYAN RESOURCES DUE TO COMMENCE 2,000 METRE DRILLING PROGRAMME
AT THE RUDNITZA PORPHYRY PROSPECT IN LATE-APRIL 2017
Tethyan Resources plc ("Tethyan" or the "Company") is pleased to
announce that it has concluded an agreement with drilling
contractor Drillex International d.o.o. in order to commence
drilling at the Rudnitza porphyry prospect in late April 2017. The
plan is to drill approximately 2,000 meters of diamond core in 3 to
4 drill holes. Drilling will be targeted at expanding the area of
mineralisation where Tethyan's first drilling programme in late
2016 intersected significant copper and gold mineralisation.
As announced in January 2017, Tethyan's first drilling programme
at Rudnitza in late 2016 returned highly encouraging intersections
of copper and gold mineralisation commencing near surface and
extending to significant depths. Highlight intersections from these
drill holes include:
-- Drill hole RDD-001: 567 m @ 0.28% copper and 0.45 g/t gold from surface;
-- Drill hole RDD-004 356 m @ 0.38% copper and 0.31 g/t gold from 48 m
(including 30 m @ 1.45% copper and 0.39 g/t gold from 102
m);
-- Drill hole RDD-003 285 m @ 0.31% copper and 0.33 g/t gold from 42 m
(including 16.7 m @ 1.55 % copper and 0.20 g/t gold from 102
m).
The aim of the drilling programme is to step away from and drill
adjacent to these previous results in order to expand the footprint
of mineralisation and test areas where mineralisation appears to be
open, particularly to the north of previous drilling.
Drilling will be carried out by Serbian contractor Drillex
International d.o.o. which completed a successful and highly
professional programme for Tethyan in 2016, using two drill rigs
and consisting of PQ and HQ size diameter core. Half core will be
analysed by ALS Laboratories in Serbia and Romania. Tethyan will
implement a comprehensive QAQC (quality assurance/quality control)
programme including standard, duplicate and blank samples.
Tethyan holds an option over the Suva Ruda project, which
includes the Rudnitza porphyry among other prospects, which gives
Tethyan the exclusive right to purchase 100% of the Suva Ruda
project provided that Tethyan completes certain exploration work
and payment milestones (please refer to the press release dated
27(th) September 2016 for details). To date, Tethyan has completed
all required milestones and as such the option is in good
standing.
Peter Mullens, CEO of Tethyan commented "We are excited to
commence drilling and build on the excellent results of 2016, which
indicate to us that Rudnitza holds potential for the discovery of a
significant copper-gold porphyry deposit. We expect the 2017 drill
programme to expand the known extents of mineralisation as previous
drilling indicates that the deposit is still open in all
directions, and soil sampling has defined a surficial footprint of
mineralisation extending over an area 1,400 by 600 metres. We
expect to release the first assay results from this drill programme
in late June 2017."
For further information please contact:
Tethyan Resources PLC +44 1534 881 885
Peter Mullens (CEO) pjm@tethyan-resources.com
Cairn Financial Advisers
LLP +44 (0) 207 213 0880
James Caithie / Sandy
Jamieson
About Tethyan
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.
Disclaimer
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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