Vancouver, British Columbia--(Newsfile Corp. - July 31, 2020) - Tethyan Resource Corp. (TSXV: TETH) ("Tethyan" or the "Company") is pleased to announce the successful completion of its initial drill programme on the recently acquired licence that comprises the central portion of the Kizevak silver-zinc-lead project in Serbia. The programme consisted of 11 diamond drill holes for a total of 1,867.5 metres, targeting the confirmation of historical drill and underground assay data.
The results of drilling will be announced as they become available. In the meantime the Company is preparing for a larger drill programme in an effort to define a maiden resource estimate at Kizevak that is intended to commence in September following the anticipated acquisition of Tethyan by Adriatic Metals Plc. Additionally, Tethyan is currently conducting detailed soil sampling, geological mapping, and a ground magnetic survey over the Kizevak and Sastavci projects in order to further support drill planning and exploration of extensions to historically drilled mineralisation.
Tethyan also wishes to inform it's shareholders that subsequent to the mailing out of the management information circular for its annual general and special meeting with the purpose being to approve the proposed plan of arrangement with Adriatic Metals plc ("Adriatic"), Adriatic have announced the commencement of litigation proceedings by its major shareholder Sandfire Resources Limited ("Sandfire") in the Supreme Court of Western Australia against Adriatic. Sandfire's purported claims refer to its Collaboration and Strategic Partnership Deed ("Deed") with Adriatic and include a declaration that Adriatic has breached the Deed, specific performance of the Deed, damages, interest and costs. Sandfire alleges that it was entitled to acquire a total of 4,127,139 shares in Adriatic, in the form of CHESS Depository Interests, at various issue prices pursuant to its anti-dilution right in the Deed. Adriatic have announced that it intends to vigorously defend these claims. This announcement does not change the recommendation of Tethyan's board of directors to vote in favour of the plan of arrangement with Adriatic. Tethyan will keep its shareholders informed of any material developments in this matter.
About Tethyan Resource Corp.
Tethyan Resource Corp., is a precious and base metals mineral exploration company incorporated in British Columbia, Canada, and listed on the TSX Venture Exchange. 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 mineralization and compelling drill targets. Tethyan emphasizes responsible engagement with local communities and stakeholders, and is committed to the proactive implementation of Good International Industry Practice (GIIP) and sustainable health, safety and environmental management. More information can be found on Tethyan's website: www.tethyan-resources.com.
Fabian Baker, President and Chief Executive Officer
Andjelija Vujovic, Investor Relations
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the exploration program. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expected", "intends", "will be", "look forward", "looks" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements 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 completion of the acquisition of Tethyan by Adriatic Metals Plc; future exploration programs; capital expenditures and other costs; and additional capital requirements. Although management of Tethyan has 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.