The company expects to release results from recently drilled holes in early September, and a large geophysical survey programme is due to start in ‘late August’.
Pre-revenue explorer Tethyan Resources PLC confirmed it remains liquid as it continues to advance its gold interests in eastern Europe.
Tethyan, in its half yearly report, revealed it had cash and equivalents of just under £1mln (£979,000 to be precise) plus £338,000 of trade and receivables.
The explorer reported a £523,000 loss for the six month period, which ended on June 30, with exploration and consulting expenditure together accounting for some £223,000 while office, administration, filing and regulatory expenses together amounting to £79,000.
Tethyan noted that it continues to be an active explorer for gold and base metals in eastern Europe, with two key projects in Serbia – the Suva Ruda copper-gold porphyry project and Gokanica, an epithermal and porphyry gold system.
During the six month period, Tethyan began drilling at the Rudnitza prospect within Suva Ruda and in July it confirmed that the programme completed, with some 2,127 metres drilled in four holes.
The company expects to release results from the holes in early September.
It is also now preparing for a large geophysical survey at Rudnitza as well as the Gokcanica project. According to Tethyan, this work is due to start in ‘late August’.