Tethyan Resources upbeat on Serbia drill hole results

Tethyan Resources announced the results of its remaining drill holes, following the completion of its four diamond drill hole programme at the Rudnitza copper-gold porphyry prospect within the Suva Ruda exploration permit in Serbia.

The AIM-traded company said highlighted intersections of the drill holes included drillhole RDD-004, with 356m at 0.38% copper and 0.31 g/t gold from 48m .

It said that included 30m at 1.45% Cu and 0.39 g/t Au from 102m.

The company also highlighted drillhole RDD-003, with 285m at 0.31% copper and 0.33 g/t gold from 42m, including 16.7m at 1.55 % Cu and 0.20 g/t Au from 102m.

It explained that the three additional drill holes significantly expanded the footprint of copper-gold porphyry-style mineralisation at Tethyan's Rudnitza prospect, which had previously been identified in RDD-001.

That drill hole intersected 567 metres at 0.28% copper, 0.45 g/t gold, as announced on 16 January 2017.

The latest drilling expanded the size of mineralisation identified to an area of at least 300 metres by 200 metres horizontally, and up to 500 metres vertically, the board explained.

That 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 quartz-pyrite±chalcopyrite±chalcocite veining and stockwork.

“These encouraging results of Tethyan's first drill program at Rudnitza have confirmed a large copper-gold porphyry-style mineralised system,” said COO Fabian Baker.

“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 still held an option to purchase 100% of the Suva Ruda permit from local Serbian company Deep Research, who acquired the permit in late 2015, as announced on 27 September 2016.