Tethyan Resources Announces Grant of a New Exploration Permit in the Northern Trepca Mining District, Kosovo
TSX VENTURE: TETH
JERSEY, UK, June 12, 2018 /CNW/ - Tethyan Resources plc (TSXV: TETH) ("Tethyan" or the "Company") is pleased to announce that the Company's 95%-owned Kosovo subsidiary, Kosovo Resources Company LLC, has been granted a new exploration licence named Bistrice, totalling 75 square kilometres and situated in the northwestern part of the Trepca lead-zinc mining district (Figures 1 and 2). The licence is valid for an initial period of three years, and can be extended up to three times for a period of two years each. The exploration licence must be reduced by at least 50% on each extension.
The Bistrice exploration licence is located 5 km southwest of the Belo Brdo active lead-zinc underground mine and is also located south of and adjacent to the Suva Ruda exploration licence in Serbia, which is operated by Tethyan. The exploration licence comprises Paleozoic, serpentinised basement unconformably overlain by Jurassic carbonaceous and siliclastic sedimentary rocks, intruded by Neogene quartz latite and andesitic stocks with coeval pyroclastic andesite flows of the Belo Brdo Volcanic Complex.
A 3.8 km long, 1 km wide, north trending zone of undifferentiated hydrothermal alteration is observed on historic regional geology maps in the northern part of the licence, hosted by an andesitic stock and adjacent to a lead-zinc mineral occurrence. Initial field observations indicate that the hydrothermal alteration zone comprises weak phyllic alteration, with minor linear zones of strong argillic alteration and rare vuggy silica, cross cut by quartz-hematite-goethite veins and veinlets.
Tethyan intends to conduct stream sediment and soil sampling over the entire licence to generate targets, as well as 1:2000 scale detailed mapping of the alteration zone as shown on regional historic maps and adjacent lead-zinc mineral occurrence.
Fabian Baker, President and CEO of Tethyan commented: "We are very pleased to add to our land position in Kosovo and further consolidate the northern 'Trepca' lead-zinc mining district where Tethyan has focused its recent exploration efforts. As we have begun to demonstrate, the district hosts multiple opportunities for copper-gold porphyry deposits, such as Tethyan's Rudnica porphyry, and lead-zinc-silver vein-type mineral deposits, such as those Tethyan is acquiring via the pending acquisition of Serbian company Taor d.o.o. We look forward to getting our geologists on the ground in Kosovo to commence exploration in an effort to define drill targets."
Tethyan Resources plc is a gold and base metal mineral exploration company incorporated in England & Wales. Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets. Tethyan emphasises responsible engagement with local communities and stakeholders, and is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management. More information can be found on our website: www.tethyan-resources.com.
The technical information in this news release has been reviewed and approved by Tethyan's Exploration Manager, Andrew Tunningley, MAusIMM(CP), who is a Qualified Person as defined by National Instrument 43-101.
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Forward Looking Statements
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "intends", "look forward" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the Company's proposed sampling and mapping activities over the license and alteration zone and Company's placing geologists on the ground in Kosovo to commence exploration are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Tethyan to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, and financing and additional capital requirements. Although management of Tethyan have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. Tethyan will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.