The payment was due before March 1, a further three payments of €100,000 are due annually to Deep Research.
Peter Mullens, Tethyan chief executive, said: “we are very pleased with our initial results from the Suva Ruda project.
“We have intersected consistent, good grade mineralisation over large intervals, including 567 meters at 0.28 % copper and 0.45 g/t gold in drill hole RDD-001.
“This, our first drill programme, highlights that the project has the potential to be a major copper-gold discovery. Currently Tethyan's technical team is planning a significant field program for the 2017 season.”
Tethyan is planning a 2,000 metre drill programme, due to get underway in April, and it is presently in talks with possible contractors for the work.
It is anticipated that a larger programme of at least 5,000 metres could follow, in August through to November, depending upon funding.
Tethyan added that it is also planning programmes for other projects including its joint venture Gokcanica project as well as other exploration targets in the Balkan region.