Southern Arc Provides Update on Strategic Investment in Tethyan Resources Joint Serbia based copper gold project
Southern Arc Minerals Inc. is pleased to provide an update on its strategic investment in Tethyan Resources PLC. Tethyan has announced that:
It has completed its 4 diamond drill hole program at the Rudnitza copper-gold porphyry project located within the Suva Ruda exploration permit in Serbia. Tethyan has received assay results for the first drill hole RDD-001 with assays for the remaining 3 drill holes pending.
Tethyan drilled 567 metres at 0.28% copper and 0.45 g/t gold from surface in its first drill hole RDD-001. Detailed results are in the table below:
Drill hole RDD-001 from surface intersected a thick package of dacitic volcanic rocks showing strong phyllic and propylitic alteration with extensive zones of thin quartz – pyrite ± chalcopyrite veining and stockwork. Between 122 – 160 m, a 38 m chalcocite-bearing zone of supergene enrichment was intersected giving an interval of 38 m at 1.18% copper and 0.38 g/t gold, although copper grades were lower in the leached zone above this interval gold grades remain consistent averaging 0.45 g/t gold. From a depth of 160 m gold and copper grades are consistent up to the intersection of a deeper ophiolite basement rock-type which was intersected between 567 and 584.6 m and where the gold and copper grades reduced. The drill hole was terminated due to drilling issues at 584.6 m still in mineralisation.
Southern Arc owns 43,653,966 ordinary shares of Tethyan which it purchased at a price of C$0.036 per share. Southern Arc has a first right of refusal on any further fundraisings undertaken by Tethyan for a period of two years to enable the Company to maintain its interest at 29.9% of Tethyan’s issued share capital. John Proust and Michael Andrews are members of the Tethyan’s board of directors.
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