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Market: TSX-V:TETH
52-week High/Low: C$0.57 / C$0.17
Sector: General Mining - Gold
Market Cap: C$1.03M
Tethyan Resources PLC (CVE:TETH)

Tethyan Resources PLC

Tethyan Resources is a TSX Venture Exchange junior exploration company, concentrating on building shareholder value by acquiring a portfolio of early-stage precious and base metals projects in the Balkans of Eastern Europe, with a focus on projects with compelling drill targets in regions of historic mining.


Tethyan Resources PLC

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Tethyan Resources Plc (“Tethyan Resources”) is incorporated in England & Wales (company registration number 3781581) and is a gold and copper mineral exploration company. Tethyan Resources listed on TSX Venture Exchange.

Exploration is conducted in the Balkans, in particular Serbia and Bulgaria where we are acquiring a portfolio of quality precious and base metals projects.

Tethyan’s objective is to acquire high quality exploration projects and create value through investing in their exploration.

Sustainability is paramount to all Tethyan’s activities. The long-term success of Tethyan Resources is connected to our ability to operate in a socially and environmentally responsible way.

We are committed to proactively implement sustainable health, safety and environmental management, as well as engage with local communities and all stakeholders. Tethyan Resource’s business philosophy is to adhere to good international best practice (GIIP) and implement the highest standards of corporate governance.


Tethyan Resources entered into an option agreement over the Suva Ruda project in September 2016 (see press release dated 27th September 2016), currently owned by a Serbian private company Deep Reseach d.o.o. According to the option agreement, Tethyan holds the option to purchase 100% of the project at any time during an 8 year period for a EURO 6 million cash payment provided that Tethyan achieves certain exploration and payment milestones (discussed further in the ‘Option Agreement’ tab).


Location Southern Serbia, 240km south of Belgrade
Ownership Tethyan holds an exclusive Option for 100% purchase from Deep Research d.o.o. (private Serbian company)
License Area 87km2
Primary Targets Porphyry copper-gold, high-sulphidation gold, lead-zinc-silver veins



Situated in in the Vardar Metallogenic Belt, an extension of the renowned Trepca mining district, historically the Suva Ruda area has been mined for lead and zinc, beginning in Roman times as is evidenced by more than 130 pits, shafts and development drives, and more recently during the 20th Century as larger open pit operations; however little exploration for porphyry copper and gold has occurred. More recently the Tulare porphyry (Dundee Precious Metals: 523Mt @ 0.24% Cu & 0.23 g/t Au) and Skouries porphyry (Eldorado Gold: 568Mt @ 0.35% Cu & 0.47 g/t Au) deposits have been discovered in the same geological belt.


The Suva Ruda exploration license covers Jurassic serpentinite and Cretaceous andesitic volcanics intruded by Tertiary dacite stocks. There are two well-defined targets within the Suva Ruda exploration license:

High-grade lead and zinc veins such as those mined historically and those on the periphery of the Rudnitza porphyry; and
A well-defined porphyry dacite stock with significant copper and gold mineralisation, named the ‘Rudnitza’ porphyry.
Phelps Dodge located the Rudnitza porphyry stock in 2004 and drilled 7 widely spaced drill holes over an area of 1.2 kilometers by 0.8 kilometers. The holes were centred on a porphyry stock with outcropping quartz stockwork occurring over an area 500 meters by 450 meters surrounded by more widely spread phyllic and advanced argillic alteration with massive silica and alunite occurring over a broader area. Three of the drill holes were drilled into the quartz stockwork and underlying potassic core, the other 4 holes were drilled on the periphery of the stock into phyllic alteration. Generally the holes were drilled to depths between 170 and 300 meters and did not test the porphyry at depth. The 3 holes drilled into the potassic core all intersected substantial mineralisation, see table 1, including drill hole PDRC 04-03 which intersected 144 meters @ 0.4% copper, 0.4 g/t gold from 100 meters and ended still in mineralisation. It should be noted that the Rudnitza porphyry outcrops as a hill which reaches up to an elevation 200 meters higher than the surrounding plain. Hence drill hole PDRC 04-03 only just intercepted the region defined by surrounding ground level, and hence any strip required in a future mining scenario will be substantially reduced.



Tethyan Resources has executed an option agreement with Rockstone Group LLC (“RGS”) pursuant to which Tethyan can earn up to an 80% interest in the Gokcanica project licenses in Southern Serbia (“the Gokcanica Permits”).

The Gockanica Permits consist of two adjoining permits with a combined area of 110km² located in southern Serbia, 5 km to the north of the town Josaniska Banja. The area is located within the 500 km² Rashka ore field. A Jurassic ophiolite sequence intruded and overlain by Tertiary andesitic volcanics and intermediate stocks covers the area. The board of Tethyan believes that good potential for porphyry and epithermal style mineralisation as well as deeper-level replacement base metal and gold deposits exists throughout the license.

Mining in the Gokcanica licence area dates back beyond contemporary records and is evidenced by many pits and shafts. Exploration from the 1970s focused on lead-zinc-silver veins. Euromax Resources Limited (“Euromax”) conducted exploration in the area from 2006 to 2008. Following this work a major copper company explored the area for porphyry copper mineralisation in 2014-2015.

Euromax completed a detailed mapping and soil geochemistry program over a 6 km long zone of phyllic to argillic altered andesite volcanics and intrusives with abundant ancient mine workings. Drilling at the northern end of this trend by Euromax intersected multiple gossan and massive sulphide intervals, one of which reported 12.4 metres at 1.5% copper, 1.4% lead, 0.8% zinc, 62 g/t silver and 1.6 g/t gold. This program also defined a 3 km by 2 km magmatic complex at the southern end of the trend which remains undrilled.

A major copper company followed-up this work on the large zone of phyllic to argillic alteration, which measures 6 km by 3 km wide, indicating the potential for a porphyry copper gold deposit. They identified a coincident Cu-Mo soil anomaly within this alteration. However after drilling 6 holes the major copper company did not locate the source of this Cu-Mo anomalism. In addition the phyllic alteration occurs within altered andesites immediately above an unconformity contact with the ophiolite basement. This is a classic contact zone for porphyry copper deposits to form, for example the Resk Project (700 million ton @ 0.7 % Cu, 0.3 g/t Au) in Hungary forms at an unconformity contact between basement and overlying altered volcanics.

More recent prospecting work has located a number of arsenopyrite and pyrite rich veins which outcrop over a 200 meter strike length, can be up to 20 meters wide, and with individual assays up to 67 g/t gold. Detailed channel sampling has not been completed on this zone and it has not been drilled. Tethyan plans to focus initial exploration on these zones for a potential high grade gold target. Exploration will consist of geological mapping, rock chip sampling, trenching and drilling.

With large areas of alteration and many undrilled gossan zones rich in precious metals we feel confident in moving the project forward to the drill stage and with the aim of discovering a significant gold deposit. Much of the previous work has been targeted at base metal veins and porphyry copper deposits and may therefore have overlooked the potential for significant gold mineralisation. The district as a whole is very under explored and previous exploration has mainly focussed on base metals and the Tethyan Resources management therefore feels that we can bring our gold exploration expertise to bear.



Currently Tethyan Resources is developing a regional deposit targeting framework to focus exploration on highly prospective and under explored areas of the Balkans region of Eastern Europe

The Balkans region is under explored as it has seen relatively little serious exploration since the 1980s when the former Soviet Union ceased geological exploration. Since this time technology has improved in both exploration and mining techniques which allows for exploration under cover and development of lower grade deposits previously considered uneconomic and of little interest.

The region is highly mineralised and proven to host world class deposits, importantly opportunity still exists to acquire exploration tenements over and around known mineralisation, a setting proven to be favourable for new discoveries year on year. Currently Tethyan Resources is developing a regional deposit targeting framework to focus exploration on the most prospective and under explored areas of the Balkans and is actively reviewing project opportunities in Serbia and Macedonia.

Conducting exploration in the Balkans where there is such a rich history of mining is an exciting task.

Southern and Central Europe has one of the oldest mining industry in the world. There is evidence of copper mining by the Cretians since the 5th millennium BC in Serbia, Romania and Bulgaria. From the 2d century AD, the Romans obtained gold from the Balkans, in particular in the Carpathian. Two of the oldest copper mines in Europe come from the Balkans.

The main one in Serbia is the Rudna Glava belonging to the Vinča culture. The discovery of these mines have changed the thinking of the Neolithic and the Chalcolithic periods of European history by pushing back European usage of copper by a thousand years or more.

Modern, industrialised mining was started by the Austrians and by the 20th Century the copper mines of Bor in Serbia and the Trepca lead complex in what is now Kosovo were among the largest operations of their kind in Europe. However this proud tradition of mining was dramatically interrupted by the breakup of Yugoslavia, the ensuing civil war and international economic sanctions. Today there is a momentum to carry exploration in this promising region.

Non-Executive Chairman
John received the designation of Chartered Director (C.Dir.) from McMaster University, Directors College, Michael G. DeGroote School of Business. He is the founder and principal shareholder of numerous public and private companies. He has directed, managed and advised public and private companies regarding corporate strategy and structure, debt and equity financing, mergers and acquisitions, and corporate restructuring since 1986. Mr. Proust has held senior positions and served on the boards of many private and TSX-V/CSE listed companies. He is currently Chairman and CEO of Japan Gold Corp., Chairman and CEO of Southern Arc Minerals Inc., Chairman of Canada Energy Partners Inc., Interim President & CEO and a director of Outrider Energy Corp., and a director of Q Investments Ltd.

Non-Executive Director
Gokhan has over 15 years’ experience in the gold trading, coal trading and mining industry. In 2007 he was one of the founders of a private Turkish mining and exploration company called VTG Holdings which he was CEO until 2014. Gokhan was been involved in the discovery, construction and production of the Brummersheim coal project in South Africa which is currently producing in excess of 1 million tons of export quality thermal coal per year. In 2011, He bought the Caldag Nickel project located in Western Turkey from AIM listed ENK. He has moved the project forward to a production decision and acquired all mining permits, environmental permits and social licenses needed. In 2014, He sold the project to a Turkish private company. Gokhan currently invests into gold and copper exploration projects in Eastern Europe and Latin America.

Non-Executive Director
Mike is a geologist with more than 35 years of research and mining industry experience in gold, copper, coal and iron exploration. He holds an honours degree in Geology from the University of Reading, and a doctorate in exploration geochemistry from the University of Wales. Mike is currently President and Chief Operating Officer of Southern Arc Minerals, President and Chief Operating of Japan Gold, and a Director of Q Investments. He played an instrumental role in the discovery, exploration, feasibility and development of the Way Linggo Gold Mine in Indonesia. He also held the positions of executive director and chief geologist of AuIron Energy Ltd., Director of Gold Operations for Meekatharra Minerals Ltd., and managed the Teck-MM Gold Indonesian Joint Venture, an exploration portfolio of thirteen gold and copper projects in Indonesia. He also held senior exploration positions with Ashton Mining Ltd, Aurora Gold Ltd and Muswellbrook Energy and Minerals Ltd.

President and CEO
Fabian is a geologist with significant experience in the Western Tethyan Mineral Belt, including leading grassroots exploration through to completion of Bankable Feasibility. Previous roles include Chief Geologist at Lydian International’s newly discovered Amulsar gold deposit in Armenia and Exploration Manager for Royal Road Minerals whilst the company was focused in Turkey. He founded the private company that secured exploration assets in Serbia which was subsequently acquired by Tethyan and led to the Company’s entry into the Balkan region. He  was the Chief Operating Officer of Tethyan for two years since early-2016, during which time he successfully acquired and developed significant exploration assets, built a highly capable team and implemented the Company’s business strategy in the region. He has a Bachelor of Science in Applied Geology from the Camborne School of Mines.

Executive Director, Senior Vice-President Exploration and Development
Peter has over 30 years’ of extensive mining and exploration industry experience. He has successfully developed four Canadian-listed exploration companies and is credited with the discovery drill hole of Pico Machay in Peru and the acquisition of Navidad (700Moz silver), Calcatreu in Argentina (1Moz gold-silver) and Westmoreland in Australia (50Mlb’s uranium). He has strong experience as a geologist and also in the commercial aspects of junior exploration companies including the evaluation of ore reserves, financial studies, mine plans, and the financing of junior exploration companies. He is currently the CEO of AIM listed Tethyan Resources (AIM:TETH) and also a Non-Executive Chairman of Royal Road Minerals Ltd (TSXV:RYR).


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