JERSEY, UK, Nov. 2, 2017 /CNW/ - Tethyan Resources plc (the "Company") (AIM: TETH) (TSXV: TETH) is pleased to release results of the TITAN 24 geophysical survey carried-out at the Rudnitza copper-gold porphyry prospect within the Suva Ruda Project, Serbia. The results are interpreted as highly encouraging by Tethyan's geologists, showing a significant anomaly of coincident high chargeability and low resistivity, that is a common signature of porphyry systems, from a depth of approximately 300 metres below surface and extending more than 1,200 metres to the depth limit of the survey at 1,500 metres below surface.
At approximately 400 meters below surface the geophysical anomaly indicates the possibility of two porphyry centres, described as a 'double-headed porphyry', an interpretation which is supported by the two distinct copper-gold-molybdenum soil sampling anomalies Tethyan has previously defined. From 600 metres below surface the geophysical anomaly combines into one large anomaly extending approximately 1,500 metres north to south, and 400 metres east to west, representing an exploration target of significant scale.
Of particular importance, it is apparent that Tethyan's drilling to date has not tested the main anomaly as the drill holes have all been drilled above and to the east of the anomaly.
Diagrams representing these results, and showing the position of drilling relative to the anomalies, can be found on Tethyan's website at https://www.tethyan-resources.com/2017-11_geophysics/.
A high chargeability anomaly is typically interpreted to represent an elevated concentration of conductive sulphide minerals, which in the case of a porphyry target may be pyrite yet also copper-bearing minerals such as chalcopyrite and bornite. At the Rudnitza porphyry, Tethyan's geologists have identified from drilling so far that copper and gold mineralisation is best developed where pyrite is the dominant sulphide mineral which in turn is closely associated with copper-bearing chalcopyrite and lesser bornite. In this survey, the chargeability level of the main anomaly is unusually high, often exceeding 70 milliradians and up to 120 milliradians, whereas the chargeability recorded in the area of Tethyan's drilling to date is in the range of 30 to 60 milliradians.
Tethyan is highly encouraged by these results, and will be using the data to plan future drilling programs which are expected to commence in Q2 2018.
Fabian Baker, COO of Tethyan commented: "These results have surpassed our hopes and expectations for the survey. Although geophysical results are not conclusive evidence of mineralisation, this is a compelling exploration target as the strength and continuity of this anomaly is impressive. It is also very interesting to note that our drilling to date has only tested the margins of the anomaly. These results give us some clear targets for next year's drilling, which we will begin planning and permitting for right away."
The technical information in this news release has been reviewed by Tethyan's Chief Executive Officer, Peter Mullens, FAusIMM, who is a Qualified Person as defined by National Instrument 43-101.
Tethyan Resources Plc is a gold and base metal mineral exploration company incorporated in England & Wales (company registration number 3781581). Tethyan Resources listed on AIM (TETH.L) in 2004 and commenced trading on the TSX Venture Exchange on September 6, 2017, under the symbol "TETH".
Tethyan Resources is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets.
Tethyan emphasises responsible engagement with local communities and stakeholders, and is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management.
More information can be found on our website: www.tethyan-resources.com.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
SOURCE Tethyan Resources PLC
For further information: Tethyan Resources PLC, Fabian Baker (CEO), +44 1534 881 885, [email protected]