The two licences cover 200 square kilometres (sq km) and are situated in the south of the Timok magmatic complex in eastern Serbia.
"We are very pleased to continue to grow our land position in Serbia and to have secured exploration licenses in the Timok area," said Fabian Baker, the president and chief executive of Tethyan said.
"It is an area well known to hold potential for the discovery of significant copper and gold."
Known deposits on the Timok magmatic complex include Bor, a copper-gold high-sulphidation deposit which was in production throughout most of the 20th Century.
There is also Majdenpek, a copper-gold porphyry, which is still in production today.
The two licenses are valid for an initial period of three years, after which the firm can apply to extend for a further three and finally two years, for a total of eight years, before the holder is required to apply for a mining permit.
On Friday last week, Tethyan revealed it had identified a new copper-gold porphyry exploration target adjacent to the Rudnica porphyry on the Suva Ruda exploration license.
The new target, called Rudnica North, was initially identified by soil sampling and is located 500 metres north of Tethyan's previous drilling at its flagship Rudnica copper-gold porphyry project in southwestern Serbia.
Rudnica North displays a similar geophysical and geochemical signature to Rudnica, suggesting that the two areas may be linked at depth., Tethyan told investors.
The announcement came as part of the publication of the results of channel sampling at Rudnica.
Tethyan shares are at C$0.29.