Eastern Europe-focused explorer Tethyan Resources PLC (CVE:TETH) has closed the previously announced acquisition of Serbian company Taor and kicked off an initial 1,000m drill programme at the priority Kizevak zinc-lead-silver brownfield target on the licences.
The purchase of Taor's exploration licenses (ELs), which lie adjacent to Tethyan's Suva Ruda project, increases Tethyan's landholding to a total of 443 sq km in Southwest Serbia and northern Kosovo.
The drilling is targeting zinc-lead-silver mineralisation identified by historical exploration and along strike from the inactive Kizevak open-pit mine, currently held by a third party.
The anomaly is defined by a 500 by up to 260 m zinc-lead-silver soil anomaly (500-2380 ppm (parts per million) zinc, 500-8000 ppm lead, 2-18 ppm silver).
"We see the acquisition of Taor as a pivotal moment for Tethyan," said Fabian Baker, the president and chief executive at Tethyan.
"Tethyan now controls a very significant land package in a historic mining district that includes multiple historic zinc-lead-silver and copper-gold exploration targets, as well as previously-producing small-scale mines.
"During the process of finalizing the acquisition, Tethyan was granted the right to begin permitting for a drill programme, and it is a testament to our local team and the support of the local communities that we were able to secure the required permissions and build the drill pads in a matter of weeks.
"We have immediately commenced a 1,000 metre drill programme within an area of historical exploration targets, along-strike from the past-producing Kizevak mine."
In keeping with the terms of the acquisition, mining industry veteran Dr Radomir Vukcevic has been appointed a director and will assume the role of vice-president – ddevelopment.
Soil and rock sampling recently completed on the Taor licenses returned multiple zinc-lead-silver and gold-copper anomalies, including the Kizevak southern soil anomaly, which is 800m south of the Kizevak open pit.
This is defined by a 1,300 by 150 m lead-zinc soil anomaly and coincident 400 by 290 m gold-silver soil anomaly.
There is also the Sastavci gold-silver-lead-zinc target: defined by a 290 by 230 m gold-silver-lead-zinc soil anomaly, the Bukovik Lithocap, the Lipovica and the Plavkovo targets.
Tethyan shares stand at C$0.19 at the time of writing.