JERSEY, UK, Jan. 17, 2018 /CNW/ - Tethyan Resources plc (TSXV: TETH) ("Tethyan" or the "Company") is pleased to announce results from soil sampling and mapping at the Kremice exploration target located in the northern part of the Suva Ruda license in Southern Serbia, which indicate potential for gold-copper porphyry mineralisation over a large area.
- 1,200 metre long by up to 1,200 metre wide gold-molybdenum-copper in soils anomaly at Kremice;
- Situated within the Suva Ruda license approximately 10 kilometres north of the Rudnitza porphyry, from which Tethyan released drilling results in 2017, the soil sampling results at Kremice show many similarities to Rudnitza, in particular a strong molybdenum anomaly that is a common characteristic of porphyry deposits;
- Kremice is an area of ancient exploration and small-scale mining of high-grade lead-zinc-copper veins.
Tethyan has conducted detailed mapping, stream sediment and soil sampling at Kremice (Figures 1 and 2), which has defined a 1200 m long by 600 to 1200 m wide gold-molybdenum-copper ± zinc ± tin soil anomaly (Figure 1). This anomaly is west of and partly coincident with a 1000 m by 1000 m zone of manganese ± zinc in-soil depletion and weakly anomalous lead-bismuth. The geochemical signature at Kremice is indicative of potential high-level porphyry style alteration.
Detailed mapping (Figure 2) shows that the area of gold-copper-molybdenum geochemical soil anomalism at Kremice is related to northwest and northeast trending phyllic and argillic alteration zones with sub-vertical, sheeted and stockwork quartz-pyrite veins. The andesitic volcanic and volcaniclastic host rocks are intruded by quartz diorite porphyry stocks and dykes which display weak propylitic, argillic and silica alteration. This suite of volcanic and intrusive rocks is flanked to the southeast by a large granodiorite pluton with localised areas of weak stockwork quartz-pyrite-magnetite veins.
Several historical adits have been identified during the fieldwork, spatially associated with the strongest zones of alteration in the volcanic suite and along the serpentinite-granodiorite contact.
Tethyan plans to follow-up the encouraging geochemical results and coincident zones of hydrothermal alteration with a ground magnetic survey and channel sampling of road cuts and outcrop, where possible, in order to define exploration drill targets.
Fabian Baker, President and CEO of Tethyan commented: "The Kremice area was initially identified through spectral analysis of ASTER satellite imagery which recognised an area of alteration minerals typically associated with porphyry style deposits. These results of our follow-up geology mapping and soil sampling are highly encouraging, indicating a high-level magmatic-hydrothermal system which bears many geochemical similarities to the Rudnitza porphyry in the south of the Suva Ruda license. The molybdenum anomalism in soils is particularly elevated and covers an area of more than 1 square kilometre at above 10 ppm with individual samples up to 97 ppm. We look forward to advancing this area towards a drill decision during the course of the 2018 field programme."
Tethyan Resources plc is a gold and base metal mineral exploration company incorporated in England & Wales. 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.
The technical information in this news release has been reviewed by Tethyan's Senior Vice-President Exploration and Development, Peter Mullens, FAusIMM, who is a Qualified Person as defined by National Instrument 43-101.
Quality Assurance and Quality Control
Tethyan follows industry best practise for its geochemical sampling programmes. Samples are delivered by Tethyan personnel directly to the ALS Chemex preparation laboratory in Bor, Serbia. Soil samples undergo gold and multi-element analysis using analytical method code ME-MS41.
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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]