Tethyan Resources PLC takes option over Serbian copper/gold prospect
“There is sufficient space within the alteration system to host a major porphyry copper-gold system.”
AIM-listed junior Tethyan Resources PLC has taken an option over the Suva Ruda project in Serbia.
The licence ,170 km directly south of Belgrade and within the Raska ore district, comprises one exploration permit with a surface area of 87 sq km.
Through the option Tethyan, which changed its name from Aurasian Minerals in July, can purchase 100% of the licence, or alternatively its current owner Deep Research, for €6mln cash plus mine construction costs.
Tethyan for its part has to carry out 2,000m of drilling this year, 5,000m by the end of 2018 and complete a preliminary economic assessment within six years and a fuller study in year seven.
It estimates the drill programme up until 2018 will cost £500,000.
Suva Ruda is in an area historically mined for lead and zinc but Tethyan said little exploration for copper or gold has been undertaken.
Two defined targets lie within the exploration licence: a high-grade lead and zinc veins on the edge of the Rudnitza porphyry and a well-defined porphyry dacite stock with significant copper and gold mineralisation, the ‘Rudnitza’ porphyry.
Peter Mullens, Tethyan Resources’ chief executive, added: “The project is centred around a dacite porphyry stock with potential dimensions of 1.2 kilometers by 0.8 kilometers.
“Within this zone of alteration several drill holes have intersected high-grade mineralisation with drill hole PDRC 04-04 bottoming in rock averaging 0.4% copper and 0.37 g/t gold.
“The outcropping mineralisation indicates that we are very high in the porphyry system and Tethyan personnel believe there is every chance of high-grade mineralisation continuing at depth.
“There is sufficient space within the alteration system to host a major porphyry copper-gold system.”
source: proactiveinvestors.co.uk
Latest Posts
- Serbia, The real plans of the Jadar project
- Eurasian Resources Group highly commends the publication of the Critical Raw Materials Act
- Rio Tinto has spent more than a million euros on land in Serbia at the proposed site of a lithium mine that was eventually cancelled a year ago
- A new grievance mechanism for Chinese overseas mining needs to be free to use
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
Popular Post
- Serbia, The real plans of the Jadar project
- Avala Resources shareholders invited to approve transaction with Dundee, copper-gold projects in Serbia
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- Gazprom-OMV deal exclude Romania OMV refinery
- How valuable is Kosovo’s mineral wealth?
- Rosia Montana in Romania, UNESCO protection and value of civic action
- Canadian mining companies in Europe & ISDS
- Zidjin opens the “Chukaru Peki” mine in Serbia in the next two years
- Gold mining project in Northern Ireland threatens livelihood of communities
- Serbian calcite exploitation company Belkalhan opening supply channels toward Europe industrial users for delivery contracts 2024/2025