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7 Sep 2016 07:00
7 September 2016
TETHYAN RESOURCES PLC ANNOUNCES DRILLING RESULTS FROM CADINJE (CHADINE) POLYMETALIC PROJECT, SERBIA.
Further to the announcement on 8 August 2016, Tethyan Resources plc, TETH, announces the drilling results from the 6 drill holes on the polymetallic Cadinje project in Western Serbia. The Company has completed 6 diamond drill holes for 1085.7 meters on the polymetallic Cadinje project, which is a joint venture with Balkan Mining Company d.o.o, 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.
Overall the drilling went well and over 90 % recoveries were achieved with the use of Triple Tube.
Please find following the results from all 6 drill holes:
FROM | TO | INTERVAL | Au | Ag | Cu | Pb | Zn | |
g/t | g/t | % | % | % | ||||
KDD-001 | 94 | 100 | 6 | 0.1 | 3.2 | 0.1 | 0.0 | 4.1 |
115.2 | 116.5 | 1.3 | 0.0 | 40.6 | 0.2 | 3.9 | 8.3 | |
136 | 139 | 3 | 0.7 | 16.5 | 1.2 | 0.0 | 0.0 | |
KDD-002 | 90 | 94 | 4 | 0.0 | 4.1 | 0.2 | 0.0 | 1.9 |
95.4 | 98 | 2.6 | 0.0 | 9.5 | 0.0 | 1.1 | 1.8 | |
102.5 | 111 | 8.5 | 0.1 | 11.2 | 0.1 | 0.1 | 3.7 | |
117.3 | 119 | 1.7 | 0.0 | 2.1 | 0.1 | 0.0 | 2.7 | |
124 | 126.4 | 2.4 | 0.0 | 12.4 | 0.3 | 0.2 | 6.1 | |
145 | 146 | 1 | 0.0 | 2.5 | 0.1 | 0.0 | 1.8 | |
KDD-003 | 13 | 17 | 4 | 0.0 | 65.1 | 0.4 | 4.3 | 2.8 |
20.4 | 21.2 | 0.8 | 0.0 | 61.7 | 0.4 | 7.4 | 3.8 | |
24.1 | 27.5 | 3.4 | 0.0 | 45.8 | 0.1 | 6.6 | 1.8 | |
32.5 | 34.1 | 1.6 | 0.1 | 33.7 | 0.1 | 1.6 | 3.0 | |
KDD-004 | 16.1 | 26 | 9.9 | 0.1 | 33.6 | 0.2 | 2.7 | 4.4 |
33 | 37.1 | 4.1 | 0.0 | 38.3 | 0.2 | 1.2 | 1.0 | |
40.8 | 41.7 | 0.9 | 0.0 | 5.6 | 0.1 | 0.1 | 1.4 | |
SSD-001 | No significant intersections | |||||||
SDD-002 | 210 | 218.1 | 8.1 | 0.3 | 67.0 | 4.2 | 0.1 | 0.5 |
All drill interceptions are greater than 1 meter @ plus 1 % Pb + Zn. Or greater than 1 meter @ 0.5 % Cu.
Peter Mullens, CEO of Tethyan Resources, commented: "Overall we were pleased to complete the drill program at Cadinje. Unfortunately grades drilled were not an improvement on former drilling grades and little gold was intercepted. In addition, a new understanding of the geology indicates that mineralisation is dipping at a flatter angle than previously understood and the mineralisation appears to be cut off at depth and down-dip by two large low-angle thrust faults. As a result, based on current knowledge and geological interpretation, the mineralising system is closed off and has limited potential to be increased. Ground conditions surrounding the mineralisation were poor and this, coupled with inconsistent grades of mineralisation, is expected to make mechanised underground mining challenging".
Tethyan Resources' technical personnel are currently reviewing all data on the Cadinje project, including a recently completed stream sediment and soil sampling program, and will make a decision regarding further work on the project shortly and further announcements will be made in due course.
Note: Copies of drill sections with geological interpretations can be viewed as figures 1 to 4 at end of this press release. Copies of the drill sections will also be posted to the company's website www.tethyan-resources.com.
For further information please contact:
Tethyan Resources Plc +44 (0)1534 881 885
Peter Mullens (CEO) pjm@tethyan-resources.com
finnCap Ltd - Nominated adviser
Christopher Raggett / Scott Mathieson +44 (0)20 7220 0500
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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.
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.
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