JERSEY, UK, June 12, 2018 /CNW/
- Tethyan Resources plc (TSXV: TETH) ("Tethyan"
or the "Company") is pleased to announce that the Company's
95%-owned Kosovo subsidiary,
Kosovo Resources Company LLC, has been granted a new exploration
licence named Bistrice, totalling 75 square kilometres and situated
in the northwestern part of the Trepca lead-zinc mining district
(Figures 1 and 2). The licence is valid for an initial
period of three years, and can be extended up to three times for a
period of two years each. The exploration licence must be reduced
by at least 50% on each extension.
The Bistrice exploration licence is located 5 km southwest of
the Belo Brdo active lead-zinc underground mine and is also located
south of and adjacent to the Suva Ruda exploration licence in
Serbia, which is operated by Tethyan. The exploration licence
comprises Paleozoic, serpentinised basement unconformably overlain
by Jurassic carbonaceous and siliclastic sedimentary rocks,
intruded by Neogene quartz latite and andesitic stocks with coeval
pyroclastic andesite flows of the Belo Brdo Volcanic Complex.
A 3.8 km long, 1 km wide, north trending zone of
undifferentiated hydrothermal alteration is observed on historic
regional geology maps in the northern part of the licence, hosted
by an andesitic stock and adjacent to a lead-zinc mineral
occurrence. Initial field observations indicate that the
hydrothermal alteration zone comprises weak phyllic alteration,
with minor linear zones of strong argillic alteration and rare
vuggy silica, cross cut by quartz-hematite-goethite veins and
veinlets.
Tethyan intends to conduct stream sediment and soil sampling
over the entire licence to generate targets, as well as 1:2000
scale detailed mapping of the alteration zone as shown on regional
historic maps and adjacent lead-zinc mineral occurrence.
Fabian Baker, President and CEO
of Tethyan commented: "We are very pleased to add to our land
position in Kosovo and further
consolidate the northern 'Trepca' lead-zinc mining district where
Tethyan has focused its recent exploration efforts. As we have
begun to demonstrate, the district hosts multiple opportunities for
copper-gold porphyry deposits, such as Tethyan's Rudnica porphyry,
and lead-zinc-silver vein-type mineral deposits, such as those
Tethyan is acquiring via the pending acquisition of Serbian company
Taor d.o.o. We look forward to getting our geologists on the ground
in Kosovo to commence exploration
in an effort to define drill targets."
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 Exploration Manager, Andrew Tunningley, MAusIMM(CP), who is a
Qualified Person as defined by National Instrument 43-101.
TSX Venture Exchange Disclaimer
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
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", "look forward" or variations of such words and phrases
or statements that certain actions, events or results "will" occur.
Forward-looking statements regarding the Company's proposed
sampling and mapping activities over the license and alteration
zone and Company's placing geologists on the ground in Kosovo to commence exploration 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