JERSEY, United Kingdom,
March 2, 2018 /CNW/ - Tethyan
Resources plc (TSXV:TETH) ("Tethyan" or the
"Company") is pleased to announce the analytical results of
channel sampling and the identification of a new copper-gold
porphyry exploration target adjacent to the Rudnica porphyry,
situated on the Suva Ruda exploration license in southwestern
Serbia. The new target, called Rudnica North, was initially
identified by soil sampling and is located 500 metres north of
Tethyan's previous drilling at its flagship Rudnica copper-gold
porphyry project. Rudnica North displays a similar geophysical and
geochemical signature to Rudnica, suggesting that the two areas may
be linked at depth.
Highlights include:
Rudnica:
RCH002: 70 m @ 0.27 g/t gold, from
0 m to 70
m
RCH003: 71 m @ 0.43 g/t gold, from
0 m to 71
m
Rudnica North:
RCH015: 40m @ 0.21 g/t gold, from
15 to 55 m
RCH016: 30m @ 0.24 g/t gold, from 0
to 30 m
RCH017: 10m @ 0.26 g/t gold, from 0
to 10 m
The above intervals are reported as apparent widths and channel
sample locations are shown on Figure 1 and in Table 1 below. At
Rudnica, the channel samples (RCH002 and RCH003) demonstrate a
continuation of the near surface, gold-bearing leached zone
50m to the south of the current
limits of drilling. This information will be used to guide drill
programme planning for the 2018 season and further emphasises the
exploration potential at Rudnica.
At Rudnica North the channel samples were collected from
argillic and advanced argillic altered andesite and andesitic
volcaniclastic rocks which outcrop over an area of 160 by up to 80
metres. Outcrop is limited to road cuts and small, historic
exploration pits.
The Rudnica North channel samples reported herein are located on
the southern edge of a moderate to high (50-70 mrad) chargeability
anomaly at depth (between 200-300 metres below surface), which is
coincident with a 400 by 200 metre, north-south aligned gold in
soil anomaly (>100 ppb gold) and area of high magnetic
intensity.
The peripheries of this anomalous area were drilled historically
(2011 to 2013) by a private Serbian company on a wide spacing for
lead-zinc exploration purposes to between 250 and 370 metres depth.
Gold and copper were not routinely assayed or reported during this
historic exploration, however one hole (RB-20) returned
44m at 0.4 g/t gold from surface.
Tethyan has not verified the historic drill data and this data
should not be relied upon. Hole RB-20 is located 300 metres south
of these recent channel samples and indicates that the mineralised
zone may extend to an overall strike length of 600 metres.
Copper values returned by the channel samples were in general
low, yet anomalous, typically in the range of 0.03 – 0.1 % copper.
However this was to be expected as in accordance with Tethyan's
drilling results there is good evidence of oxidation and leaching
of copper mineralisation at shallow depths, and re-precipitation of
copper as a high-grade supergene enrichment blanket. At Rudnica the
supergene zone is typically 20 - 40 metres thick, commencing at
approximately 80 – 120 metres below surface and grading
approximately 1.0 - 1.5 % copper and 0.2 – 0.4 g/t gold, below
which drilling intersected primary sulphide copper and gold
mineralisation. Whereas gold mineralisation remains largely in-situ
during the leaching process, and it is this copper-leached,
auriferous zone that Tethyan believes it is seeing in the channel
results at Rudnica North.
Fabian Baker, Tethyan's President
and CEO, commented "The Rudnica North target is inferred to
represent a leached, gold bearing, copper-poor lithocap overlying a
concealed copper-gold porphyry centre. The same alteration and
metal zonation is observed at Rudnica and the two zones may be
linked at depth over a total strike length of more than 1
kilometre, as indicated by the results of the Titan DCIP
geophysical survey we completed in late-2017. The Rudnica North
porphyry is inferred to lie in a downthrown fault block relative to
Rudnica, therefore copper-gold porphyry mineralisation is
anticipated to occur at depth, underlying the auriferous lithocap.
The potential for supergene copper enrichment at the base of the
lithocap has not been tested, but has been proven at Rudnica and
Rudnica North appears at this early stage to be an analogous
system".
Fabian further adds that "rock-chip, channel sampling and
mapping is continuing to identify areas of untested alteration east
and north of Rudnica. Our exploration team is continually building
on the understanding and interpretation of the Suva Ruda licence
area and producing additional near-term exPloration Targets".
Channel
ID
|
Total
Length
(m)
|
Significant
Intersections
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
Grade
(g/t)
|
RCH001
|
22
|
2
|
10
|
8
|
0.11
|
RCH002
|
70
|
0
|
70
|
70
|
0.27
|
RCH003
|
71
|
0
|
71
|
71
|
0.43
|
RCH004
|
88
|
84
|
88
|
4
|
0.25
|
RCH005
|
78
|
No Significant
Intercepts
|
RCH006
|
73
|
10
|
15
|
5
|
0.16
|
RCH007
|
15
|
No Significant
Intercepts
|
RCH008
|
17
|
0
|
5
|
5
|
0.40
|
RCH009
|
54
|
25
|
30
|
5
|
0.11
|
|
40
|
45
|
5
|
0.11
|
RCH010
|
25
|
0
|
25
|
25
|
0.10
|
RCH011
|
7
|
4
|
7
|
3
|
0.13
|
RCH012
|
15
|
No Significant
Intercepts
|
RCH013
|
19
|
No Significant
Intercepts
|
RCH014
|
11
|
0
|
11
|
11
|
0.14
|
RCH015
|
55
|
15
|
55
|
40
|
0.21
|
RCH016
|
30
|
0
|
30
|
30
|
0.24
|
RCH017
|
38
|
0
|
10
|
10
|
0.26
|
RCH018
|
35
|
15
|
25
|
10
|
0.15
|
RCH019
|
21
|
No Significant
Intercepts
|
Table 1: Results of channel sampling in the Rudnica porphyry
project area. Intersections are apparent widths and calculated
using a cut-off grade of 0.1 g/t gold with not more than 10 metres
internal dilution.
About Tethyan
Tethyan Resources plc is a gold and base metal mineral
exploration company incorporated in England & Wales. Tethyan 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.
Qualified Person
The technical information in this news release has been reviewed
and approved by Tethyan's Senior Vice-President Exploration and
Development, Peter Mullens, FAusIMM,
who is a Qualified Person as defined by National Instrument
43-101.
Sampling Methodology and Quality Assurance and Quality
Control
The channel sampling protocol is managed by Tethyan under the
supervision of Andrew Tunningley,
MAusIMM(CP), Tethyan's Exploration Manager. The samples were taken
by chisel and hammer in continuous horizontal lines, typically
samples were composited over up to 5 metre lengths per sample,
however this may be reduced to 0.5 metres where lithological or
significant mineralogical changes were observed in order to
accurately reflect the apparent width of mineralisation. Typical
sample weights were 1 kg per metre. Samples were collected in
cotton bags and given a unique reference number.
Tethyan follows industry best practise for its geochemical
sampling programmes. Samples were delivered by Tethyan personnel
directly to the ALS Chemex preparation laboratory in Bor, Serbia.
Rock and channel samples undergo gold and multi-element analysis
using analytical method codes Au-AA23 (30 g fire assay with AAS
finish) and ME-ICP61 (33 element four acid ICP-AES). Samples were
submitted in batches of 40, including three external control
samples (blank, certified reference material, and duplicates). ALS
Chemex also employed their own internal QAQC and control
sampling.
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Forward Looking Statements
Certain information contained herein constitutes
"forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"intends", "will be" or variations of such words and phrases or
statements that certain actions, events or results "will" occur.
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Tethyan to be materially different from those
expressed or implied by such forward-looking statements or
forward-looking information, including: the receipt of all
necessary regulatory approvals, capital expenditures and other
costs, and financing and additional capital requirements. Although
management of Tethyan have attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements and forward looking
information. Tethyan will not update any forward-looking statements
or forward-looking information that are incorporated by reference
herein, except as required by applicable securities
laws.
SOURCE Tethyan Resources PLC