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8 Aug 2016 09:00
8 August 2016
TETHYAN RESOURCES PLC COMPLETES DRILLING AT CHADINE POLYMETALIC PROJECT, SERBIA.
Tethyan Resources PLC, TETH, has completed 6 diamond drill holes for 1,085.7 meters on the polymetallic Chadine project located in Western Serbia, which is a joint venture with Balkans Mining Company, BMC a Private Serbian Company. The drilling targeted both areas where historic Yugoslav state drilling had intersected significant mineralisation and the projected down dip extension of this mineralisation. All drill holes commenced with PQ size core which was reduced to HQ once fresh rock intercepted. Currently the drill holes are being geologically logged and half core being sent for assay. It is expected to take around 4 weeks to receive final assays from this drill program, which will be released in early September.
Overall the drilling went well and over 90% recovery was achieved with the use of Triple tube.
Following on from core logging Tethyan personnel will be completing an updated 3 dimensional model of the mineralised system. This will help with understanding the potential size of a resource plus guide future work. Tethyan Resources can earn 51% of the project from BMC by completing CAD $3 million of expenditure by April 2018 and eventually move to 80% by completing a JORC compliant bankable feasibility study.
Rehabilitation:
All drilling pads are being rehabilitated to a high standard and the land owners have reportedly been pleased with the way the program and clean up has been conducted.
Stream Sediment Sampling:
Tethyan Resources is currently completing a stream sediment sampling program to the NW of the main historical deposit. This is to define further targets within the general area.
Soil Sampling:
A major soil sampling program covering an area 10km x 2.5km to the NW of the historical deposit has been implemented and is underway. This will assist with the stream sediment samples in defining further areas to concentrate on within the project area.
ABOUT TETHYAN RESOURCES
Tethyan Resources PLC is an AIM listed junior exploration company exploring for copper and gold within the Tethyan Mineral Belt . Tethyan has an experienced board and technical team headed up by Chris Goss previously leader in project finance for emerging markets for the IFC, International Finance Corporation. The company is well funded in a difficult market. Currently they hold several licenses in Serbia and are looking for other Copper Gold projects in Eastern Europe, specifically Serbia and Bulgaria.
For further information please contact:
Tethyan Resources plc
Peter Mullens (CEO) pjm@tethyan-resources.com
finnCap Limited - Nominated adviser
Christopher Raggett / Scott Mathieson +44 (0)20 7220 0500
Qualified person
Peter Mullens, who has reviewed this update, has more than 30 years' experience in the mining industry and is a fellow of the Australian Institute of Mining and Metallurgy. He holds a BSc in Geology from Monash University, Melbourne, Australia.
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