https://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Wed, 24 Oct 2018 14:23:51 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Tethyan Resources building value in Serbia; starts drillng at Kizevak target ]]> https://www.proactiveinvestors.com.au/companies/news/201263/tethyan-resources-building-value-in-serbia-starts-drillng-at-kizevak-target-201263.html Serbia-focused junior explorer Tethyan Resources PLC (CVE:TETH) is making headway in 2018 and is excitingly now drilling at the  Kizevak zinc-lead-silver brownfield target.

On July 18, the company announced a C$1.5mln placing to advance the Kizevak project, which lies within Taor's exploration licenses (ELs), which lie adjacent to Tethyan's key Suva Ruda project.

Taor acquisition pivotal

Indeed, the Taor acquisition has been a major development and pivotal in the Tethyan story this year and shares soared when it announced the deal in March.

Taor was a subsidiary of Balkan Minerals Ltd and holds two exploration licences totalling around 100 sq km adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district.

Of the two Taor licences, the Kremice licence includes a 500m wide area immediately surrounding two formerly producing lead and zinc mines named Kizevak and Sastavci.

The Kizevak mine was operated by the Serbian state between 1984 and 2000, producing 2 Mt (million tonnes) at 1.71 % lead and 3.25 % zinc.

The second -  Kaznovici licence -  covers a 50 sq km area to the south and west of the Suva Ruda licence and is immediately adjacent to the Rudnica copper-gold porphyry where Tethyan drilled in 2016/2017 and returned significant intervals of copper and gold porphyry mineralisation.

In March this year, Fabian Baker, the president and chief executive at Tethyan had said: "The acquisition of Taor will add significantly to Tethyan's potential to make a major mineral discovery."

And the wheels are already turning. Earlier this month, Tethyan revealed it had  kicked off  a 1,000 metre drill programme within an area of historical exploration targets, along-strike from the past-producing Kizevak mine.

Soil and rock sampling recently completed have  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 1,300m by 150m lead-zinc soil anomaly and coincident 400 by 290 m gold-silver soil anomaly. The results of this drilling will be keenly awaited.

Expanding its land position..

Also in March this year,  the  company increased its footprint in Serbia, with the granting of two new exploration licences called Bucje and Zukovac.

The two licences cover 200 square kilometres (sq km) and are situated in the south of the Timok magmatic complex in eastern Serbia.

Known deposits in the area 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, and mire recently, Cukari Peki  was discovered by Reservoir Minerals, which was subsequently acquired by Nevsun Resources in 2016.

But what about Suva Ruda?

The firm holds an option over the Suva Ruda copper project in Serbia, and under terms struck in 2016, it can take 100% ownership via a €6 mln payment that can be made at any time within eight years. But an amendment has  since been made after the acquisition of Taor, but concerning a defined area within the licence.

Suva Ruda is home to the Rudnica copper-gold porphyry project and covers an 87 sq km area and lies around 240 km south of Belgrade.

Projects on the same mineralised belt, the Vardar Metallogenic, include Dundee’s Tulare porphyry and Eldorado’s Skouries porphyry.

Previous drilling confirmed potential

Back in 2004, when the previous mining boom was just getting underway, US major Phelps Dodge stuck a few holes into the Rudnitza porphyry stock over an area of 1.2 kilometres by 800 metres.

Not all holes hit, but among the better ones that did was an intercept of 144 metres at 0.4% copper, 0.4 grams per tonne gold that ended in mineralisation.

Gokcanica provides additional upside

Tethyan is also exploring on the Gokcanica project in Serbia, ground which covers 110 square kilometres in southern Seriba, five kilometres to the north of the town of Josaniska Banja. It has an option with Rockstone Group on the project, in which it can earn up to an 80% interest.

This area has been explored before, amongst others by Euromax Resources, and among the better intercepts reported in work conducted during the previous decade was 12.4 metres at 1.5% copper, 1.4% lead, 0.8% zinc, 63 grams per tonne silver and 1.6 grams gold.

More recent work has located arsenopyrite bodies and pyrite-rich veins, which Tethyan plans to investigate further to see if there’s potential for a high-grade gold target.

So there's a lot to the Tethyan story and with drill results coming from the Kizevak target, there is a lot to look forward to.

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Fri, 20 Jul 2018 10:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201263/tethyan-resources-building-value-in-serbia-starts-drillng-at-kizevak-target-201263.html
<![CDATA[News - Tethyan Resources PLC set to raise up to C$1.5mln to advance Kizevak project ]]> https://www.proactiveinvestors.com.au/companies/news/201061/tethyan-resources-plc-set-to-raise-up-to-c15mln-to-advance-kizevak-project-201061.html Eastern Europe-focused explorer Tethyan Resources PLC (CVE:TETH) unveiled a placing on Wednesday to raise up to C$1.5mln to advance its recently acquired Kizevak zinc-lead-silver project.

The company will issue up to 6mln units at C$0.25 each.

Each unit will consist of one share and one-half of a share purchase warrant, which will be exercisable into a company share at C$0.35 for three years from closing.

Director Dr Mike Andrews intends to invest up to C$200,000 and acquire up to 800,000 units in the fundraising.

Funds to be used on recent acquisition

"The net proceeds from the private placement will be used to finance Tethyan's planned advancement of the recently acquired Kizevak zinc-lead-silver project, where Tethyan is currently drilling, as well as other earlier-stage prospects toward the identification of new drill targets and for general working capital," the company said in the regulatory statement.

Tethyan, as the name suggests, 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 mineralisation and compelling drill targets.

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Wed, 18 Jul 2018 09:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201061/tethyan-resources-plc-set-to-raise-up-to-c15mln-to-advance-kizevak-project-201061.html
<![CDATA[News - Tethyan Resources kicks off drilling at priority Kizevak target after closing Taor deal ]]> https://www.proactiveinvestors.com.au/companies/news/200057/tethyan-resources-kicks-off-drilling-at-priority-kizevak-target-after-closing-taor-deal-200057.html 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.

READ: Tethyan Resources amends option to acquire Suva Ruda exploration license

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.

READ: Tethyan Resources says Taor acquisition increases potential of making major discovery

"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.

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Tue, 03 Jul 2018 09:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200057/tethyan-resources-kicks-off-drilling-at-priority-kizevak-target-after-closing-taor-deal-200057.html
<![CDATA[News - Tethyan Resources amends option to acquire Suva Ruda exploration license ]]> https://www.proactiveinvestors.com.au/companies/news/198898/tethyan-resources-amends-option-to-acquire-suva-ruda-exploration-license-198898.html Tethyan Resources (CVE:TETH) announced today that it has signed an agreement to amend its current option to acquire the Suva Ruda exploration license in Serbia.

The amendment would have recently-acquired Taor d.o.o enter into a joint venture with Serbian company Deep Research d.o.o., which holds the Suva Ruda exploration licence. 

In 2016, the company entered into the option agreement with Deep Research. Tethyn would have the rights to manage and perform mineral exploration and could purchase either the entire issued share capital of Deep Research, or the license for €6 million (with possible additional payments). 

Additionally, a number of work and payment milestones were committed to. 

READ: Tethyan expands footprint with subsidiary exploration permit

Tethyan recently announced its acquisition of Taor d.o.o., and in the amended agreement will have Taor enter into a joint venture agreement with Deep Research with respect to a defined geographical area within the license. The company will also pay Deep Research €100,000 within 15 days of signing the agreement and agree not to acquire the company but instead to acquire the license if the option contemplated in the option agreement is exercised. 

The geographical area is an area that surrounds Taor's 'Kremice' exploration license, where Tethyan believes there is potential for the discovery of significant lead-zinc-silver deposits. 

The company said if the joint venture agreement is signed, the option agreement will remain in effect outside of the area of interest. 

Tethyan shares were flat at C$0.25 on Thursday afternoon.

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Thu, 14 Jun 2018 11:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198898/tethyan-resources-amends-option-to-acquire-suva-ruda-exploration-license-198898.html
<![CDATA[News - Tethyan expands footprint with subsidiary exploration permit ]]> https://www.proactiveinvestors.com.au/companies/news/198725/tethyan-expands-footprint-with-subsidiary-exploration-permit-198725.html Tethyan Resources PLC's (CVE:TETH) subsidiary Kosovo Resources Company LLC announced today that it has been granted a new exploration licence situated in the northwestern part of Serbia's Trepca lead-zinc mining district.

Named Bistrice, it totals 75sq/km, and is valid for an initial period of three years and can be extended up to three times for a period of two years each. The company said the exploration licence must be reduced by at least 50% on each extension.

"We are very pleased to add to our land position in Kosovo and further consolidate the northern 'Trepca' lead-zinc mining district where Tethyan has focused its recent exploration efforts," said president chief executive officer, Fabian Baker.

"As we have begun to demonstrate, the district hosts multiple opportunities for copper-gold porphyry deposits, such as Tethyan's Rudnica porphyry, and lead-zinc-silver vein-type mineral deposits, such as those Tethyan is acquiring via the pending acquisition of Serbian company Taor d.o.o. We look forward to getting our geologists on the ground in Kosovo to commence exploration in an effort to define drill targets."

The Bistrice exploration licence is located 5km southwest of the Belo Brdo active lead-zinc underground mine and is also located south of and adjacent to the Suva Ruda exploration licence in Serbia, which is operated by Tethyan. 

The company said a 3.8km long, 1km wide, north-trending zone of undifferentiated hydrothermal alteration is observed on historic regional geology maps in the northern part of the licence, hosted by an andesitic stock and adjacent to a lead-zinc mineral occurrence. 

Tethyan intends to conduct stream sediment and soil sampling over the entire licence to generate targets, as well as 1:2000 scale detailed mapping of the alteration zone as shown on regional historic maps and adjacent lead-zinc mineral occurrence.

Tethyan shares were flat at C$0.25 on Tuesday afternoon. 

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Tue, 12 Jun 2018 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198725/tethyan-expands-footprint-with-subsidiary-exploration-permit-198725.html
<![CDATA[News - Tethyan Resources says two significant shareholders agree to convert C$1.012mln loan into company units ]]> https://www.proactiveinvestors.com.au/companies/news/195891/tethyan-resources-says-two-significant-shareholders-agree-to-convert-c1012mln-loan-into-company-units-195891.html Tethyan Resources PLC (CVE:TETH) said two significant stakeholders have agreed to convert a total of C$1,012,500 in an advance extended to the company in exchange for company units.

In a statement, the company said Southern Arc Minerals Inc. and Dr Michael Andrews will receive 1,600,000 units and 2,450,000 units respectively on completion of the transaction.

READ: Tethyan Resources closes over-subscribed placement

The units will have the same terms as the recently completed private placement.

Each unit will consist of one ordinary share and one-half of one transferable share purchase warrant of the company. Each whole warrant will be exercisable into one ordinary share of the Company at an exercise price of C$0.35 per share for a period of three years from the date of issuance.

Tethyan noted that both Southern Arc and Dr. Andrews would have participated in its recently completed private placement, which was oversubscribed.

Priority was given to arm's-length parties who participated in the financing.

READ: Tethyan Resources says Taor acquisition increases potential of making major discovery

Fabian Baker, the company’s CEO said: "The support of Southern Arc and Dr. Andrews is a strong signal of confidence from significant shareholders in the future prospects of the Company as we focus on the advancement of the Rudnitza copper-gold porphyry prospect, the Company's planned acquisition of the Serbian company Taor D.O.O., and the completion of a scout drill program within the Taor exploration licenses."

The company will be holding its General and Special Meeting in London on May 18, 2018 to seek shareholders’ approval to increase its authorized capital and go-ahead with the Taor Acquisition.

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 mineralisation and compelling drill targets.

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Thu, 26 Apr 2018 11:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195891/tethyan-resources-says-two-significant-shareholders-agree-to-convert-c1012mln-loan-into-company-units-195891.html
<![CDATA[News - Tethyan Resources closes over-subscribed placement ]]> https://www.proactiveinvestors.com.au/companies/news/195697/tethyan-resources-closes-over-subscribed-placement-195697.html Tethyan Resources PLC (CVE:TETH) has closed its previously announced non-brokered private placement, raising C$1.3mln (gross).

The private placement consisted of 5.21mln units at 25 cents a pop.

READ: Tethyan Resources' to close C$1.2mln placing within the next two weeks​

The net proceeds from the private placement will be used to finance the advancement of the Rudnitza copper-gold porphyry prospect, the company's planned acquisition of the Serbian company Taor DOO and the completion of a scout drill program within the Taor exploration licenses.

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Tue, 24 Apr 2018 12:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195697/tethyan-resources-closes-over-subscribed-placement-195697.html
<![CDATA[News - Tethyan Resources' to close C$1.2mln placing within the next two weeks ]]> https://www.proactiveinvestors.com.au/companies/news/194360/tethyan-resources-to-close-c12mln-placing-within-the-next-two-weeks-194360.html Tethyan Resources PLC (CVE:TETH) told investors it was pressing ahead with the previously announced placing to raise up to C$1.2mln and expects it to close in the next two weeks.

As reported at the end of February, the firm is issuing up to 4.8mln units at 25 cents each.

READ: Tethyan Resources shareholders set for a vote on Taor acquisition in May

The net proceeds will be used to finance Tethyan's planned advancement of the Rudnitza copper-gold porphyry prospect in 2018, as well as other earlier-stage prospects towards the identification of new drill targets and for general working capital, it said.

Southern Arc Minerals Inc aims to invest C$360,000 to acquire 1.44mln units in the fundraise.

Southern Arc currently owns 29.89% of Tethyan on an undiluted basis and it will not exceed 29.99% on closing of the placing.

Each unit consists of one share and one-half of a share purchase warrant.

Each whole warrant will be exercisable into one company share at 35 cents for three years from the closing date.

Last week, the Eastern Europe-focused explorer updated on its acquisition of Taor - a firm which holds ground adjacent to its optioned Suva Ruda licence in Serbia, saying it had set the date for a shareholder meeting to approve the deal.

Shareholders will also vote on an increase to the firm's share capital.

The meeting will take place in London at 12 pm on 18 May 2018, it said.

In Toronto, Tethyan shares were unchanged at C$0.33.

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Thu, 05 Apr 2018 10:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194360/tethyan-resources-to-close-c12mln-placing-within-the-next-two-weeks-194360.html
<![CDATA[News - Tethyan Resources shareholders set for a vote on Taor acquisition in May ]]> https://www.proactiveinvestors.com.au/companies/news/193964/tethyan-resources-shareholders-set-for-a-vote-on-taor-acquisition-in-may-193964.html Eastern Europe-focused explorer Tethyan Resources PLC (CVE:TETH) updated on its acquisition of Taor - a firm which holds ground adjacent to its optioned Suva Ruda licence in Serbia, saying it had set the date for a shareholder meeting to approve the deal.

Shareholders will also vote on an increase to the firm's share capital.

READ: Tethyan Resources says Taor acquisition increases potential of making major discovery

The meeting will take place in London at 12 pm on 18 May 2018, it said.

As reported previously, Tethyan struck a definitive share purchase agreement with Balkan Minerals Ltd and Dr Radomir Vukcevic to acquire Balkan's wholly-owned Serbian subsidiary Taor.

The latter holds two exploration licences totalling roughly 100 sq km adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia

"The acquisition of Taor will add significantly to Tethyan's potential to make a major mineral discovery," Fabian Baker, president and chief executive of Tethyan, had said.

"Through the consolidation of such a large land position in the Trepca Mining District, which was the largest mining complex in all of Yugoslavia during the 1970s, Tethyan now has multiple exploration targets and opportunities for success.

"We have already begun to demonstrate extensive copper-gold porphyry mineralisation at Rudnica which remains open in all directions.

"Now, with respect to zinc, Tethyan will hold rights over an entire district which includes three historical resources and multiple exploration targets which we believe to have significant exploration upside."

Of the two Taor licences, the Kremice license includes a 500m wide area immediately surrounding two formerly producing lead and zinc mines named Kizevak and Sastavci.

READ: Tethyan Resources expands land position in Serbia with two new licences The Kizevak mine was operated by the Serbian state between 1984 and 2000, producing 2 Mt (million tonnes) at 1.71 % lead and 3.25 % zinc.

The Kaznovici license covers a 50 sq km area to the south and west of the Suva Ruda license and is immediately adjacent to the Rudnica copper-gold porphyry where Tethyan drilled in 2016/2017 and returned significant intervals of copper and gold porphyry mineralisation.

Also within the Kaznovici licence is the Lipovica lead-zinc-gold deposit, initially explored by the British in the late 1930s.

When and if the deal closes, Tethyan will begin an initial drill programme within the Kremice licence in order to test for extensions to the Kizevak lead-zinc-silver mine and verify historical drill and adit sampling results.

It is already underway with a review of the historical data available for the wider district in order to prioritise the various other targets and inform the exploration work programme for 2018.

As previously disclosed, the company will issue 7mln Tethyan shares to Taor's current owner, Dr Radomir Vukcevic, plus €125,000 in cash on closing of the deal.

It will  pay €125,000 in cash to Dr Vukcevic within three months of closing of the transaction, and issue 5mln Tethyan shares Dr Vukcevic on the 12-month anniversary of closing.

The Taor licences were issued in April 2016 and are valid for an initial period of three years, with the right to be renewed for an additional five years to April 2024, at which point Serbia's mining laws require application for a mining permit.

Shares eased around 6% to C$0.28 in Toronto.

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Wed, 28 Mar 2018 09:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193964/tethyan-resources-shareholders-set-for-a-vote-on-taor-acquisition-in-may-193964.html
<![CDATA[News - Tethyan Resources says Taor acquisition increases potential of making major discovery ]]> https://www.proactiveinvestors.com.au/companies/news/193494/tethyan-resources-says-taor-acquisition-increases-potential-of-making-major-discovery-193494.html Shares in Eastern Europe focused explorer Tethyan Resources PLC (CVE:TETH) soared 25% in Toronto to C$0.25 as it firmed up the previously announced acquisition of a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

The group has entered a definitive share purchase agreement with Balkan Minerals Ltd and Dr Radomir Vukcevic to acquire Balkan's wholly owned Serbian subsidiary Taor.

The latter holds two exploration licences totalling roughly 100 sq km adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia

"The acquisition of Taor will add significantly to Tethyan's potential to make a major mineral discovery," said Fabian Baker, president and chief executive of Tethyan.

"Through the consolidation of such a large land position in the Trepca Mining District, which was the largest mining complex in all of Yugoslavia during the 1970s, Tethyan now has multiple exploration targets and opportunities for success.

"We have already begun to demonstrate extensive copper-gold porphyry mineralisation at Rudnica which remains open in all directions.

"Now, with respect to zinc, Tethyan will hold rights over an entire district which includes three historical resources and multiple exploration targets which we believe to have significant exploration upside."

Of the two Taor licences, the Kremice license includes a 500m wide area immediately surrounding two formerly producing lead and zinc mines named Kizevak and Sastavci.

The Kizevak mine was operated by the Serbian state between 1984 and 2000, producing 2 Mt (million tonnes) at 1.71 % lead and 3.25 % zinc.

The Kaznovici license covers a 50 sq km area to the south and west of the Suva Ruda license and is immediately adjacent to the Rudnica copper-gold porphyry where Tethyan drilled in 2016/2017 and returned significant intervals of copper and gold porphyry mineralisation.

Also within the Kaznovici license is the Lipovica lead-zinc-gold deposit, initially explored by the British in the late 1930s.

When the deal closes, Tethyan will begin an initial drill programme within the Kremice license in order to test for extensions to the Kizevak lead-zinc-silver mine and verify historical drill and adit sampling results.

It is already underway with a review of the historical data available for the wider district in order to prioritise the various other targets and inform the exploration work programme for 2018.

As previously disclosed, the company will issue 7mln Tethyan shares to Taor's current owner, Dr Radomir Vukcevic, plus €125,000 in cash on closing of the deal.

It will  pay €125,000 in cash to Dr Vukcevic within three months of closing of the transaction,  and issue 5mln Tethyan shares Dr Vukcevic on the 12-month anniversary of closing.

The Taor licences were issued in April 2016 and are valid for an initial period of three years, with the right to be renewed for an additional five years to April 2024, at which point Serbia's mining laws require application for a mining permit.

The closing of the deal is still subject to various conditions, including the completion of due diligence and the approval by the TSX Venture Exchange.

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Tue, 20 Mar 2018 15:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193494/tethyan-resources-says-taor-acquisition-increases-potential-of-making-major-discovery-193494.html
<![CDATA[News - Tethyan Resources expands land position in Serbia with two new licences ]]> https://www.proactiveinvestors.com.au/companies/news/192705/tethyan-resources-expands-land-position-in-serbia-with-two-new-licences-192705.html Eastern Europe focused explorer Tethyan Resources PLC (CVE:TETH) has increased its footprint in Serbia, with the granting of two new exploration licences called Bucje and Zukovac.

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.

READ - Tethyan Resources identifies new copper-gold porphyry exploration target at Rudnica

"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.

More recently, Cukari Peki  was discovered by Reservoir Minerals, which was subsequently acquired by Nevsun Resources in 2016.

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.

READ - Tethyan Resources set for C$1.2mln raise

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.

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Tue, 06 Mar 2018 10:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192705/tethyan-resources-expands-land-position-in-serbia-with-two-new-licences-192705.html
<![CDATA[News - Tethyan Resources identifies new copper-gold porphyry exploration target at Rudnica ]]> https://www.proactiveinvestors.com.au/companies/news/192552/tethyan-resources-identifies-new-copper-gold-porphyry-exploration-target-at-rudnica-192552.html Tethyan Resources PLC (CVE:TETH) has identified a new copper-gold porphyry exploration target adjacent to the Rudnica porphyry, situated 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 said.

The announcement came as part of the publication of the results of channel sampling at Rudnica.

Highlights include hole RCH002: 70 metres (m) @ 0.27 grams per tonne (g/t) gold, from 0 m to 70 m; hole RCH003: 71 m @ 0.43 g/t gold, from 0 m to 71 m; hole RCH015: 40m @ 0.21 g/t gold, from 15 to 55 m; hole RCH016: 30m @ 0.24 g/t gold, from 0 to 30 m, and hole RCH017: 10m @ 0.26 g/t gold, from 0 to 10 m.

The first two holes listed above are from Rudnica; the others from Rudnica North.

At Rudnica, the channel samples (RCH002 and RCH003) demonstrate a continuation of the near surface, gold-bearing leached zone 50m to the south of the current limits of drilling. This information will be used to guide drill program planning for the 2018 season and further emphasises the exploration potential at Rudnica, Tethyan said.

At Rudnica North the channel samples were collected from argillic and advanced argillic altered andesite and andesitic volcaniclastic rocks that crop out over an area of 160 by up to 80 metres; the outcrop is limited to road cuts and small, historic exploration pits.

The peripheries of this anomalous area were drilled historically (2011 to 2013) by a private Serbian company on a wide spacing for lead-zinc exploration purposes to between 250 and 370 metres depth. Gold and copper were not routinely assayed or reported during this historic exploration; however, one hole (RB-20) returned 44m at 0.4 g/t gold from surface.

Tethyan said it has not verified the historic drill data and the data should not be relied upon. Hole RB-20 is located 300 metres south of these recent channel samples and indicates that the mineralised zone may extend to an overall strike length of 600 metres.

Copper values returned by the channel samples were generally low, yet anomalous, typically in the range of 0.03 – 0.1 % copper; however, this was to be expected as Tethyan's drilling results indicated there is good evidence of oxidation and leaching of copper mineralisation at shallow depths, and re-precipitation of copper as a high-grade supergene enrichment blanket.

At Rudnica the supergene zone is typically 20 - 40 metres thick, commencing at roughly 80 – 120 metres below surface and grading around 1.0 - 1.5 % copper and 0.2 – 0.4 g/t gold, below which drilling intersected primary sulphide copper and gold mineralization.

Tethyan said gold mineralisation remains largely in-situ during the leaching process, and it believes it is this copper-leached, auriferous zone that it is seeing in the channel results at Rudnica North.

"The Rudnica North target is inferred to represent a leached, gold-bearing, copper-poor lithocap overlying a concealed copper-gold porphyry centre,” said Fabian Baker, Tethyan's president and chief executive officer.

“The same alteration and metal zonation is observed at Rudnica and the two zones may be linked at depth over a total strike length of more than one kilometre, as indicated by the results of the Titan DCIP geophysical survey we completed in late-2017. The Rudnica North porphyry is inferred to lie in a down-thrown fault block relative to Rudnica, therefore copper-gold porphyry mineralisation is anticipated to occur at depth, underlying the auriferous lithocap.

“The potential for supergene copper enrichment at the base of the lithocap has not been tested, but has been proven at Rudnica and Rudnica North appears at this early stage to be an analogous system," he added.

Fabian revealed that rock-chip, channel sampling and mapping is continuing to identify areas of untested alteration east and north of Rudnica.

“Our exploration team is continually building on the understanding and interpretation of the Suva Ruda license area and producing additional near-term exploration targets," Fabian said.

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Fri, 02 Mar 2018 15:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192552/tethyan-resources-identifies-new-copper-gold-porphyry-exploration-target-at-rudnica-192552.html
<![CDATA[News - Tethyan Resources set for C$1.2mln raise ]]> https://www.proactiveinvestors.com.au/companies/news/192213/tethyan-resources-set-for-c12mln-raise-192213.html Tethyan Resources PLC (CVE:TETH) announced a placing of up to 4.8mln units at 25 cents each for gross proceeds of up to C$1.2mln.

The net proceeds will be used to finance Tethyan's planned advancement of the Rudnitza copper-gold porphyry prospect in 2018 as well as other earlier-stage prospects towards the identification of new drill targets and for general working capital, it said.

Southern Arc Minerals Inc aims to invest C$360,000 to acquire 1.44mln units in the fundraise.

Southern Arc currently owns 29.89% of Tethyan on an undiluted basis and it will not exceed 29.99% on closing of the placing.

Each unit consist of one share and one-half of a share purchase warrant.

Each whole warrant will be exercisable into one  company share at 35 cents for three years from the closing date.

Earlier this month, Tethyan said it was negotiating to acquire a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

Tethyan has entered into a binding letter of intent (LOI) to acquire Taor, a company that holds two exploration licences totalling roughly 100 square kilometres situated adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia.

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Mon, 26 Feb 2018 16:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192213/tethyan-resources-set-for-c12mln-raise-192213.html
<![CDATA[News - Tethyan Resources surges as it closes in on Serbian acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/191667/tethyan-resources-surges-as-it-closes-in-on-serbian-acquisition-191667.html Tethyan Resources PLC (CVE:TETH) is negotiating to acquire a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

Tethyan has entered into a binding letter of intent (LOI) to acquire Taor, a company that holds two exploration licences totalling roughly 100 square kilometres situated adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia.

The Taor licences were issued in April 2016 and are valid for an initial period of three years, with the right to be renewed for an additional five years to April 2024, at which point Serbia's mining laws require application for a mining permit.

Upon completion of the acquisition of Taor, Tethyan, will own or hold an option over around 300 square kilometres in this mining district.

The LOI gives Tethyan to negotiate, on an exclusive basis, a definitive share purchase agreement that would see the company issue 7mln Tethyan shares to Taor's current owner, Dr Radomir Vukcevic, plus €125,000 in cash on closing of the transaction; pay €125,000 in cash to Dr Vukcevic within three months of closing of the transaction; and issue 5mln Tethyan shares Dr Vukcevic on the 12-month anniversary of closing of the transaction.

All Tethyan shares issued pursuant to the transaction will be subject to a statutory hold period of four months and one day.

In addition, the two tranches of ordinary shares of Tethyan to be issued will be subject to a contractual lock-up period of twelve months following their issue to Dr Vukcevic, during which time these shares may not be transferred.

The closing of the transaction is subject to various conditions, including the completion by Tethyan of satisfactory due diligence, and the approval of the transaction by Tethyan's board of directors and shareholders and the TSX Venture Exchange.

If the deal goes through, Tethyan intends to appoint Dr Vukcevic as a director of the company and engage him as a consultant with the responsibility for overseeing the technical development of Tethyan's exploration projects.

Dr Vukcevic has agreed to provide Tethyan with a first right of refusal to acquire all mineral and mining opportunities which are or become known to him within Serbia, Bulgaria, Kosovo, Macedonia, Albania and Romania.  

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Wed, 14 Feb 2018 14:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191667/tethyan-resources-surges-as-it-closes-in-on-serbian-acquisition-191667.html
<![CDATA[News - Tethyan Resources surges after identifying new exploration target at Suva Ruda ]]> https://www.proactiveinvestors.com.au/companies/news/190191/tethyan-resources-surges-after-identifying-new-exploration-target-at-suva-ruda-190191.html Tethyan Resources PLC (CVE:TETH) has identified a new exploration target at the Suva Ruda project in Southern Serbia.

The company announced results from soil sampling and mapping at the Kremice exploration target located in the northern part of the Suva Ruda licence, which indicate the potential for gold-copper porphyry mineralisation over a large area.

Highlights included a gold-molybdenum-copper in soils anomaly at Kremice that was 1,200 metres long by up to 1,200 metres wide.

Tethyan said the soil sampling results at Kremice show many similarities to Rudnitza, in particular, a strong molybdenum anomaly that is a common characteristic of porphyry deposits.

READ Tethyan soars after “highly encouraging” geophysics results at Suva Ruda

Tethyan plans to follow-up the encouraging geochemical results and coincident zones of hydrothermal alteration with a ground magnetic survey and channel sampling of road cuts and outcrop, where possible, in order to define exploration drill targets.

"The Kremice area was initially identified through spectral analysis of ASTER satellite imagery which recognised an area of alteration minerals typically associated with porphyry style deposits,” said Fabian Baker, the president and chief executive officer of Tethyan.

“These results of our follow-up geology mapping and soil sampling are highly encouraging, indicating a high-level magmatic-hydrothermal system which bears many geochemical similarities to the Rudnitza porphyry in the south of the Suva Ruda license. The molybdenum anomalism in soils is particularly elevated and covers an area of more than one square kilometre at above 10 ppm [parts per million] with individual samples up to 97 ppm.

“We look forward to advancing this area towards a drill decision during the course of the 2018 field programme," Baker said.

Shares in Tethyan were up 6.7% at C$0.32.

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Wed, 17 Jan 2018 15:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190191/tethyan-resources-surges-after-identifying-new-exploration-target-at-suva-ruda-190191.html
<![CDATA[News - Tethyan Resources to proceed with loan and convertible debenture issue ]]> https://www.proactiveinvestors.com.au/companies/news/189970/tethyan-resources-to-proceed-with-loan-and-convertible-debenture-issue-189970.html Director Michael Andrews has agreed to lend £350,000 (roughly C$600,000) to Tethyan Resources PLC (LON:TETH,CVE:TETH), interest free.

Southern Arc Minerals Inc (CVE:SA) has also advanced C$400,000 to Tethyan as part of a convertible debenture financing.

The debenture will bear interest annually at a rate of four percentage points above the London Interbank Offer Rate (LIBOR), and will have a maturity date of six months.

The debentures will be convertible into Tethyan shares on the same terms as the company's next equity financing, provided that Southern Arc's stake does not rise to 30% or above, as this would trigger a mandatory offer for the company.

The loan and convertible debenture are subject to the approval of the TSX Venture Exchange.

Having made alternative financing arrangements, the company will not be proceeding with its previously announced private placement.

READ Tethyan Resources poised to raise up to $3.15mln via placing

Shares in the minerals exploration company were up 3.8% in Canada following the announcement.

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Fri, 12 Jan 2018 15:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189970/tethyan-resources-to-proceed-with-loan-and-convertible-debenture-issue-189970.html
<![CDATA[News - Tethyan Resources unveils management changes, including new finance chief ]]> https://www.proactiveinvestors.com.au/companies/news/188391/tethyan-resources-unveils-management-changes-including-new-finance-chief-188391.html Tethyan Resources PLC (CVE:TETH), the exploration group, has reported management changes, including the appointment of a new chief financial officer.

Sol Thacker has resigned as finance chief and corporate secretary and has become the controller of the company.

Vince Boon has been hired as chief financial officer with immediate effect and Eileen Au has been appointed as corporate secretary.

Accountant Boon is currently the chief financial officer at Japan Gold Corp (CVE:JG), Southern Arc Minerals Inc (CVE:SA), Canada Energy Partners Inc (CVE:CE). and TekModo Industries Inc (CVE:TEK).

Au  has served as corporate secretary to various public and private companies since 2005, mainly in the mining and resources sector.

She is currently the corporate secretary of Southern Arc Minerals Inc, Canada Energy Partners Inc and TekModo Industries Inc.

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Wed, 06 Dec 2017 13:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188391/tethyan-resources-unveils-management-changes-including-new-finance-chief-188391.html
<![CDATA[News - Tethyan Resources'1:6 share consolidation to take effect from Monday ]]> https://www.proactiveinvestors.com.au/companies/news/187447/tethyan-resources-16-share-consolidation-to-take-effect-from-monday-187447.html Tethyan Resources PLC (LON:TETH) says its share consolidation plans have received TSX venture approval and will take effect on market open on November 20.

A special resolution was passed by shareholders on November 1 and the firm has now consolidated shares on a  one-new-for-six-old (1:6) basis.

The name of the company has not been changed.

Earlier this week, the group said it was set to raise up to $3.15mln in a private placing, consisting of up to 10.5mln shares at 30 cents each on a post-consolidated basis.

Southern Arc Minerals Inc (CVE: SA), which owns 29.9% of Tethyan, plans to invest up to $950,000 and acquire up to 3.167mln shares in the financing. It will not exceed that percentage on closing of the placing.

Closing of the placing was subject to the completion of the previously announced 1:6 share consolidation and  approval by the TSX Venture Exchange. 

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Fri, 17 Nov 2017 09:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187447/tethyan-resources-16-share-consolidation-to-take-effect-from-monday-187447.html
<![CDATA[News - Tethyan Resources poised to raise up to $3.15mln via placing ]]> https://www.proactiveinvestors.com.au/companies/news/187259/tethyan-resources-poised-to-raise-up-to-315mln-via-placing-187259.html Tethyan Resources PLC (LON:TETH) is set to raise up to $3.15 million in a private placing, consisting of up to 10.5mln shares at 30 cents each on a post-consolidated basis.

Southern Arc Minerals Inc (CVE: SA), which owns 29.9% of Tethyan, plans to invest up to $950,000 and acquire up to 3.167mln shares in the financing. It will not exceed that percentage on closing of the placing.

The closing of the placing is subject to the completion of the previously announced 1:6 share consolidation (one new share for each existing six)  and  approval by the TSX Venture Exchange. 

The company may pay a 6% finder's fee in cash and 6% in warrants in connection with the financing. 

The net proceeds from the placing will be used to finance Tethyan's planned drilling program at the Rudnitza copper-gold porphyry prospect in early 2018 and to advance other earlier-stage prospects.

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 mineralisation and compelling drill targets. 

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Tue, 14 Nov 2017 16:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187259/tethyan-resources-poised-to-raise-up-to-315mln-via-placing-187259.html
<![CDATA[News - Tethyan Resources appoints Fabian Baker as chief executive and president ]]> https://www.proactiveinvestors.com.au/companies/news/186686/tethyan-resources-appoints-fabian-baker-as-chief-executive-and-president-186686.html Tethyan Resources PLC (LON:TETH) has appointed its chief operating officer, Fabian Baker, as president and chief executive to replace Peter Mullens.

Mullens, who has been chief executive for the past two years, will move into the role of executive director and senior vice president of exploration and development. He will oversee the company's exploration and development of its existing assets and evaluate new business opportunities.

Baker has been chief operating officer of Tethyan since May 2016. Tethyan said during this time he has “successfully acquired and developed significant exploration assets, built a highly capable team and implemented the company's business strategy in the region”.

The company added that Baker has a wealth of experience in the Western Tethyan Mineral Belt and his previous roles include chief geologist at Lydian International's newly discovered Amulsar gold deposit in Armenia and exploration manager for Royal Road Minerals.

Baker founded the private company that secured exploration assets in Serbia, which was then acquired by Tethyan and led to the group’s entry into the Balkan region.

Chairman John Proust said: "The board is very pleased to appoint Fabian Baker as president and CEO, he has been fundamental to the development of the company and we see him as a rising star in the mineral exploration industry. He has an in-depth knowledge of the region's geology, and has developed Tethyan to be a leading player in Serbia and the greater Balkan region.”

He added: "Peter Mullens has guided the company through many important changes during the past two years and the board thanks him for his successful tenure as CEO.”

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Thu, 02 Nov 2017 16:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186686/tethyan-resources-appoints-fabian-baker-as-chief-executive-and-president-186686.html
<![CDATA[News - Tethyan soars after “highly encouraging” geophysics results at Suva Ruda ]]> https://www.proactiveinvestors.com.au/companies/news/186684/tethyan-soars-after-highly-encouraging-geophysics-results-at-suva-ruda-186684.html Tethyan Resources PLC (LON:TETH, CVE:TETH) shares boomed late on Thursday after the metals explorer revealed “highly encouraging” geophysics results from the Rudnitza copper-gold porphyry prospect at its Suva Ruda project in Serbia.

The AIM-listed company said the results showed a “significant anomaly of coincident high chargeability and low resistivity” – a common signature of porphyry systems.

That anomaly ran from around 300 metres (m) below surface to the depth of the survey at 1,500m.

A “high chargeability anomaly” typically represents an elevated of conductive sulphide minerals, Tethyan said.

READ: Tethyan building real value at Suva Ruda Look: Take a look at the geophysics diagrams

Now that could mean there is a lot of pyrite (fool’s good) present or possibly high concentrations of copper-bearing minerals.

At roughly 400m, Tethyan said the geophysics results indicated the possibility of two porphyry centres – or a ‘double-headed porphyry’.

Slightly further down at 600m, the anomalies combined into one large anomaly which the company reckons extends 1,500m north to south and 400m east to west.

Perhaps most encouragingly of all is that Tethyan is still to drill the main anomaly, with all of the holes so far having been drilled above and to the east of it.

‘Results surpassed our expectations’

“These results have surpassed our hopes and expectations for the survey,” said chief operating officer Fabian Baker.

“Although geophysical results are not conclusive evidence of mineralisation, this is a compelling exploration target as the strength and continuity of this anomaly is impressive.

“It is also very interesting to note that our drilling to date has only tested the margins of the anomaly. These results give us some clear targets for next year's drilling, which we will begin planning and permitting for right away.”

The data generated from the geophysics will be used to inform the next round of drilling, which is pencilled in for the second quarter of 2018.

Shares jumped 60% to 3p late on Thursday.

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Thu, 02 Nov 2017 15:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186684/tethyan-soars-after-highly-encouraging-geophysics-results-at-suva-ruda-186684.html
<![CDATA[Media files - Tethyan Resources building a strong pipeline of projects ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8265/tethyan-resources-building-a-strong-pipeline-of-projects-8265.html Fri, 20 Oct 2017 08:33:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8265/tethyan-resources-building-a-strong-pipeline-of-projects-8265.html <![CDATA[News - Tethyan Resources building real value at Suva Ruda copper project in Serbia ]]> https://www.proactiveinvestors.com.au/companies/news/185351/tethyan-resources-building-real-value-at-suva-ruda-copper-project-in-serbia-185351.html Tethyan Resources PLC (LON:TETH)(CVE:TETH) holds an option over the Suva Ruda copper project in Serbia, under the terms of which it can take 100% ownership via a €6 mln payment that can be made at any time with in an eight year period.

WATCH: Tethyan Resources building a strong pipeline of projects

Along the way, Tethyan will have to meet certain exploration and payment milestones, but at the moment there doesn’t look to be any difficulty about that.

Suva Ruda setting is highly prospective

In fact, Tethyan has set about its exploration activities at Suva  Ruda with gusto, because it’s already caught a whiff of success.

Suva Rudia covers an 87 square kilometre area and lies approximately 240 kilometres south of Belgrade. Projects on the same mineralised belt, the Vardar Metallogenic, include Dundee’s Tulare porphyry and Eldorado’s Skouries porphyry.

On the whole, however, exploration in Serbia has been hindered by a complicated political context that’s only now beginning to recede in importance.

Previous drilling confirmed potential

Back in 2004, when the previous mining boom was just getting underway US major Phelps Dodge stuck a few holes into the Rudnitza porphyry stock over an area of 1.2 kilometres by 800 metres. Not all holes hit, but among the better ones that did was an intercept of 144 metres at 0.4% copper, 0.4 grams per tonne gold that ended in mineralisation.

With Tethyan in charge, more mineralisation is being revealed

The latest drilling at Rudnitz undertaken by Tethyan has delivered 460 metres at 0.21% copper and 0.2 grams gold from surface, including 1.04% copper and 0.2 grams gold from 92 metres, and 260 metres at 0.22% copper and 0.2 grams gold from six metres, including 12 metres at 0.78% copper and 01.3 grams gold from 116 metres.

The company has also undertaken soil sampling and mapping programmes at additional exploration targets within the wider Suva Ruda exploration permit.

Gokcanica project provides additional upside

Tethyan is also exploring on the Gokcanica project in Serbia, ground which covers 110 square kilometres in southern Seriba, five kilometres to the north of the town of Josaniska Banja.

This area has been explored before, amongst others by Euromax Resources, and among the better intercepts reported in work conducted during the previous decade was 12.4 metres at 1.5% copper, 1.4% lead, 0.8% zinc, 63 grams per tonne silver and 1.6 grams gold.

More recent work has located arsenopyrite bodies and pyrite-rich veins, which Tethyan plans to investigate further to see if there’s potential for a high-grade gold target.

Geophysics now complete on both projects

Geophysical work at Rudnitza and Gokcanica has now been completed. In a recent press release the company referred to the Rudnitza mineralisation as “very extensive”

Canadian listing now the focus

Subject to shareholder approval, the company’s shares will cease to trade on Aim shortly, and the new Venture Exchange listing will become the primary way to trade. The shares spike in early 2017, but subsequently weakened in London on low volumes. It will be interesting to see how they trade in Canada.  

 

 

 

 

 

 

 

 

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Tue, 10 Oct 2017 13:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185351/tethyan-resources-building-real-value-at-suva-ruda-copper-project-in-serbia-185351.html
<![CDATA[News - Tethyan Resources completes geophysical surveys for Serbian projects, with interpretation expected in October ]]> https://www.proactiveinvestors.com.au/companies/news/184581/tethyan-resources-completes-geophysical-surveys-for-serbian-projects-with-interpretation-expected-in-october-184581.html Tethyan Resources PLC (LON:TETH) said today it has completed substantial geophysical surveys at the Suva Ruda and Gokcanica projects located in Serbia, with interpretation of the data expected to be completed and announced in October.

The AIM-listed firm said the surveys were conducted by Canadian company Quantec Geoscience, a world leader in the field, using their proprietary 'TITAN 24' system, which collects two separate geophysical surveys - Induced Polarisation, as well as Magnetotelluric.

WATCH: Tethyan Resources building a strong pipeline of projects

Tethyan said, at the Suva Ruda Project, the survey consisted of ten survey lines, each 2.4 kilometres long and 200 metres apart, covering the entire Rudnitza porphyry system where Tethyan have completed eight drill holes to date.

At the Gokcanica Project, five survey lines were measured, each 400 metres apart, over a mountain ridge where stream sediment and soil geochemistry indicated elevated levels of gold, copper and other elements regarded as indicative of porphyry-type mineralisation.

In preparation for the surveys, Tethyan said it was successful in gaining land access permissions to hundreds of small agricultural land plots, and from the municipal road and rail authorities as well as the local military and police forces.

READ: Tethyan Resources unearths more drill results from “very extensive mineralised system” in Serbia

Peter Mullens, Tethyan’s CEO commented "We are pleased to have completed this geophysical survey, it is a key step in building our understanding of the deposit geology at Rudnitza and the earlier-stage Gokcanica Project.”

He added: “We look forward to identifying new exploration targets which we will follow-up with drilling in due course."

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Tue, 26 Sep 2017 08:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184581/tethyan-resources-completes-geophysical-surveys-for-serbian-projects-with-interpretation-expected-in-october-184581.html
<![CDATA[News - Tethyan Resources unearths more drill results from “very extensive mineralised system” in Serbia ]]> https://www.proactiveinvestors.com.au/companies/news/183971/tethyan-resources-unearths-more-drill-results-from-very-extensive-mineralised-system-in-serbia-183971.html Tethyan Resources PLC (LON:TETH) has released the results of new drill holes at the Rudnitza copper-gold prospect, in Serbia, where the explorer is unearthing what is described as “a very extensive mineralised system.”

Drill hole RDD-006, which is one of four in a recent drill programme, encountered some 460 metres of mineralisation from surface with an overall grade of 0.21% copper and 0.2 grams per tonne, and which included 20 metres of higher grade 1.04% copper and 0.2 g/t gold from a depth of 92 metres.

READ: Tethyan Resources set to start surveying in Serbia, meanwhile drill results due soon

Also, hole RDD-005 hit 260 metres of mineralisation starting at a depth of 6 metres with a grade of 0.22% copper and 0.2 grams per tonne gold, including a 12 metre section with 0.78% copper and 0.13 g/t gold.

Tethyan chief operating officer Fabian Baker, in a statement, said: “We are pleased that further drilling at Rudnitza has confirmed that this is a very extensive mineralised system.

“These results show good continuity and significantly add to our understanding of the geological setting of the mineralisation. Rudnitza is evidently a large mineralised system with numerous zones as yet undrilled."

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Thu, 14 Sep 2017 08:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183971/tethyan-resources-unearths-more-drill-results-from-very-extensive-mineralised-system-in-serbia-183971.html
<![CDATA[News - Tethyan Resources set to start surveying in Serbia, meanwhile drill results due soon ]]> https://www.proactiveinvestors.com.au/companies/news/183144/tethyan-resources-set-to-start-surveying-in-serbia-meanwhile-drill-results-due-soon-183144.html Pre-revenue explorer Tethyan Resources PLC (LON:TETH) confirmed it remains liquid as it continues to advance its gold interests in eastern Europe.

Tethyan, in its half yearly report, revealed it had cash and equivalents of just under £1mln (£979,000 to be precise) plus £338,000 of trade and receivables.

READ: Tethyan wraps up drilling at Rudnitza, assays pending

The explorer reported a £523,000 loss for the six month period, which ended on June 30, with exploration and consulting expenditure together accounting for some £223,000 while office,  administration, filing and regulatory expenses together amounting to £79,000.

Results from Rudnitza to be released in early September

Tethyan noted that it continues to be an active explorer for gold and base metals in eastern Europe, with two key projects in Serbia – the Suva Ruda copper-gold porphyry project and Gokanica, an epithermal and porphyry gold system.

During the six month period, Tethyan began drilling at the Rudnitza prospect within Suva Ruda and in July it confirmed that the programme completed, with some 2,127 metres drilled in four holes.

The company expects to release results from the holes in early September.

It is also now preparing for a large geophysical survey at Rudnitza as well as the Gokcanica project. According to Tethyan, this work is due to start in ‘late August’.

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Wed, 30 Aug 2017 07:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183144/tethyan-resources-set-to-start-surveying-in-serbia-meanwhile-drill-results-due-soon-183144.html
<![CDATA[News - Tethyan wraps up drilling at Rudnitza, assays pending ]]> https://www.proactiveinvestors.com.au/companies/news/180196/tethyan-wraps-up-drilling-at-rudnitza-assays-pending-180196.html Tethyan Resources PLC (LON:TETH) has completed its drill programme at the Rudnitza copper-gold porphyry prospect on the Suva Ruda project in Serbia.

The programme comprised four diamond drill holes for a total of 2,127.6 metres and the last of the drill core samples have now been dispatched to ALS Laboratories in Bor, Serbia.

They will there be prepared for gold and multi-element assay.

Additionally, Tethyan will submit a sub-set of samples for check assay at a second laboratory as a part of its Quality Control and Quality Assurance (QA/QC) procedures, as such the results of all four drill holes are expected to be received and released by the company in mid-August.

Tethyan is immediately rehabilitating the drilling sites and access roads in accordance with recent warranties which Tethyan made to the Raska municipality and Rudniza community, demonstrating the Company's commitment to sustainable operation.

Additionally Tethyan has now completed a comprehensive programme of engagement with local landowners, the municipality, utility companies and law enforcement agencies throughout the area of the planned induced polarisation geophysical survey.

This survey will commence in late-August following the harvesting of key crops.

"We are pleased to complete another well-run drilling programme at Rudnitza and look forward to receiving the results in August,” said Tethyan chief operating officer Fabian Baker.

“Our focus is now to prepare for and carry out the TITAN IP survey, which we hope will guide our future drill programmes and identify new targets within this large mineralised system, which to date we have only drilled a small part of."

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Mon, 03 Jul 2017 07:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180196/tethyan-wraps-up-drilling-at-rudnitza-assays-pending-180196.html
<![CDATA[News - Tethyan Resources completes access agreement for 2017 exploration at Suva Ruda ]]> https://www.proactiveinvestors.com.au/companies/news/179126/tethyan-resources-completes-access-agreement-for-2017-exploration-at-suva-ruda-179126.html Tethyan Resources PLC (LON:TETH) has signed an access agreement with the Municipality of Raska for the use of roads in Southern Serbia. The company has also received regulatory approval for all drilling pads required for the 2017 drilling campaign on the Company's Suva Ruda copper-gold project.

Exploration work at Suva Ruda is already underway, with three drill holes completed and mapping and soil sampling progressing.

"Tethyan has been working hard on establishing positive relationships with local communities for the last nine months, and the formal documentation for the use and maintenance of public roads is now in place,” said Tethyan chief executive Peter Mullens.

"This local support allows Tethyan to progress its 2017 field programme with drilling, Induced Polarisation geophysics, surface mapping and geochemistry at Rudnitza and elsewhere within the Suva Ruda permit. Our community team will continue to regularly engage with local stakeholders and we look forward to an ongoing successful working relationship.”

It is expected that approximately 2,000 metres of diamond core drilling, at four drill holes, will be completed by the end of June 2017.

 

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Tue, 13 Jun 2017 07:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179126/tethyan-resources-completes-access-agreement-for-2017-exploration-at-suva-ruda-179126.html
<![CDATA[News - Tethyan Resources to advance Serbia projects and mull acquisition potential ]]> https://www.proactiveinvestors.com.au/companies/news/178705/tethyan-resources-to-advance-serbia-projects-and-mull-acquisition-potential-178705.html Balkans-focused Tethyan Resources PLC (LON:TETH) plans to advance both the Suva Ruda and Gokcanica projects in Serbia in the  rest of 2017 and sees potential for further acquisitions in the area, it said, posting final results.

In April, the group said it had kicked off summer drilling on its Rudinitza porphyry, at Suva Ruda, to expand the footprint of mineralisation and test areas.

First assays are anticipated in late June.

In keeping with a firm at this formative stage, the loss before tax (for the nine months to end December) was £1.3mln, cersus £465,000 for the 12 months to end March 2016.

Cash at the end of 2016 stood at £985,000.

Tethyan shares added 3,23% in London today, to stand at  4p.

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Fri, 02 Jun 2017 11:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178705/tethyan-resources-to-advance-serbia-projects-and-mull-acquisition-potential-178705.html
<![CDATA[News - Tethyan Resources kicks off next drilling round at Rudinitza ]]> https://www.proactiveinvestors.com.au/companies/news/176852/tethyan-resources-kicks-off-next-drilling-round-at-rudinitza-176852.html Tethyan Resources PLC (LON:TETH) has commenced summer drilling on its Rudinitza porphyry project in South West Serbia.

The plan is to drill approximately 2,000 metres of diamond core in 3 to 4 drill holes adjacent to the previous results in order to expand the footprint of mineralisation and test areas. 

Drilling will be carried out by Serbian contractor Drillex International.  

Peter Mullens, Tethyan’s chief executive, said there was a full program planned for 2017 at the Serbian properties of Suva Ruda and Gokcinica.

This includes drilling, IP Geophysics, surface mapping and geochemistry and reflects the fact this area of Serbia is developing into a new porphyry epithermal field with the potential to make a major discovery. 

First assay results from the drill programme are anticipated in late June and Tethyan to build on decent grades in earlier exploration.

Shares eased 4% to 4.08p.

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Tue, 25 Apr 2017 12:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176852/tethyan-resources-kicks-off-next-drilling-round-at-rudinitza-176852.html
<![CDATA[News - Tethyan Resources all set to drill Rudnitza in late April ]]> https://www.proactiveinvestors.com.au/companies/news/176270/tethyan-resources-all-set-to-drill-rudnitza-in-late-april-176270.html Tethyan Resources PLC (LON:TETH) has hired Serbian contractor Drillex International to drill the Rudnitza porphyry prospect in late April 2017.

The plan is to drill approximately 2,000 meters of diamond core in 3-to-4 drill holes with a view to expanding the area of mineralisation where Tethyan's first drilling programme in late 2016 intersected significant copper and gold mineralisation.

Among the better intercepts from that campaign were 567 metres at 0.28% copper and 0.45 grams gold from surface and 356 metres at 0.38% copper and 0.31 grams gold from 48 metres.

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The new drill programme will step away from and drill adjacent to these previous results in order to expand the footprint of mineralisation and test areas where mineralisation appears to be open, particularly to the north of previous drilling.

"We are excited to commence drilling and build on the excellent results of 2016, which indicate to us that Rudnitza holds potential for the discovery of a significant copper-gold porphyry deposit,” said chief executive Peter Mullens.

“We expect the 2017 drill programme to expand the known extents of mineralisation as previous drilling indicates that the deposit is still open in all directions, and soil sampling has defined a surficial footprint of mineralisation extending over an area 1,400 by 600 metres. We expect to release the first assay results from this drill programme in late June 2017."

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Tue, 11 Apr 2017 07:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176270/tethyan-resources-all-set-to-drill-rudnitza-in-late-april-176270.html
<![CDATA[News - Tethyan Resources PLC raises £1 mln for work on Suva Ruda ]]> https://www.proactiveinvestors.com.au/companies/news/175511/tethyan-resources-plc-raises-1-mln-for-work-on-suva-ruda-175511.html Tethyan Resources PLC (LON:TETH) has raised £1 mln from the issue of just over 22.2 mln new ordinary shares at a placing price of 4.5p per share.

The placing was supported by both new and existing investors, including Southern Arc Minerals Inc several of the directors and senior management of Tethyan. 

The money raised will be used to fund a 6,000 metre exploration drilling programme at Tethyan’s Suva Ruda copper project and for general working capital requirements.

"We are very pleased to complete this financing with SP Angel at this time in the market,” said chief executive Peter Mullens.

“A number of existing shareholders and directors participated in the placing, as did Southern Arc, our major shareholder who took up their entire entitlement. This will allow us to move forward with a major work program over the summer of 2017 to advance the Suva Ruda project in Serbia and to build a pipeline of projects. Drilling will commence at Suva Ruda in late April 2017."

 

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Tue, 28 Mar 2017 07:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175511/tethyan-resources-plc-raises-1-mln-for-work-on-suva-ruda-175511.html
<![CDATA[News - Tethyan Resources advancing Suva Ruda exploration project in Serbia ]]> https://www.proactiveinvestors.com.au/companies/news/173889/tethyan-resources-advancing-suva-ruda-exploration-project-in-serbia-173889.html Tethyan Resources PLC (LON:TETH) has confirmed that it has retained its 100% interest in the Suva Ruda project in Serbia, making a €100,000 milestone payment to Deep Research.

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.

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Tue, 28 Feb 2017 08:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173889/tethyan-resources-advancing-suva-ruda-exploration-project-in-serbia-173889.html
<![CDATA[News - Tethyan says Rudnitza programme has confirmed copper/gold potential ]]> https://www.proactiveinvestors.com.au/companies/news/172162/tethyan-says-rudnitza-programme-has-confirmed-coppergold-potential-172162.html A drill campaign at Suva Ruda in Serbia had confirmed porphyry style copper-gold mineralisation at the licence said Tethyan Resources PLC (LON:TETH).

In total, Tethyan drilled four holes on the Rudnitza copper-gold porphyry target and the best intersections of the final three holes indicated metal over a width of 356m at 0.38% copper and 0.31 g/t gold from 48m.

Another hole showed similar grades over 285m, also reasonably near the surface while there were high grade areas within both holes  of 1.45% and 1.55% copper.

Fabian Baker, Tethyan’s chief operating officer, said the drilling, its first at the site, had expanded the porphyry-style system's footprint.

“Given that the project is situated in an area of excellent infrastructure, with a history of mining and with good access to the European market, the copper and gold grades encountered thus far make a strong case for further exploration and development at Rudnitza."

Tethyan has an option to acquire 100% of the Suva Ruda permit from local Serbian company Deep Research. A second program of drilling is planned for the second half of 2017.

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Wed, 25 Jan 2017 08:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172162/tethyan-says-rudnitza-programme-has-confirmed-coppergold-potential-172162.html
<![CDATA[Media files - Tethyan Resources PLC chief 'very excited' by results from first drill hole at Rudnitza ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6730/tethyan-resources-plc-chief-very-excited-by-results-from-first-drill-hole-at-rudnitza-6730.html Mon, 16 Jan 2017 09:47:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6730/tethyan-resources-plc-chief-very-excited-by-results-from-first-drill-hole-at-rudnitza-6730.html <![CDATA[News - Tethyan Resources hits encouraging copper grades at Suva Ruda ]]> https://www.proactiveinvestors.com.au/companies/news/171658/tethyan-resources-hits-encouraging-copper-grades-at-suva-ruda-171658.html Tethyan Resources PLC (LON:TETH) has completed the first round of drilling at its Rudnitza copper-gold porphyry prospect within the Suva Ruda exploration permit in Serbia.

Four holes were drilled and the results from the first are already in.

This showed an encouraging 38 metres at 1.18% copper, with gold at 0.38 grams per tonne. Gold grades throughout the 567 metre hole averaged at around 0.45 grams per tonne.

The drill hole terminated in mineralisation and was drilled very near to the site of an earlier Phelps Dodge drill hole which had reported 144 m grading at 0.4% copper and 0.4 g/t gold. This earlier hole had been completed at 244 metres depth, but was also still in mineralisation.

Taken together, the results indicate that porphyry copper-gold mineralisation continues to a far deeper extent at Rudnitza.

Fabian Baker, COO of Tethyan, commented: "We are very pleased with the results of this first drill hole, which validate Rudnitza as an exploration prospect with great potential. Following receipt of results from the remaining three drill holes Tethyan will be finalising its exploration program for 2017 to further develop the Rudnitza prospect."

 

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Mon, 16 Jan 2017 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171658/tethyan-resources-hits-encouraging-copper-grades-at-suva-ruda-171658.html
<![CDATA[News - Tethyan finishes Serbia drill programme in good time ]]> https://www.proactiveinvestors.com.au/companies/news/170458/tethyan-finishes-serbia-drill-programme-in-good-time-170458.html Tethyan Resources PLC (LON:TETH) has ticked off the first requirement of its option over the Suva Ruda permit in Serbia.

A four hole drilling programme comprising 2,318 metres on the Rudnitza copper-gold porphyry prospect has been finished, which meets the licence condition to drill 2,000m before 28 December. Assay results are expected by late-January.

Additionally, Tethyan is rehabilitating the drilling sites and access roads in accordance with the licence requirements.

Fabian Baker, chief operating officer, said: "We are pleased with the timely completion of our first drilling programme at Rudnitza, which is a good testament to our local team and the operating environment in Serbia.

“We achieved the meters that we set out to complete, which holds the Option Agreement in good standing and will give us a good initial understanding of the local geology and extent of copper and gold mineralisation on the prospect.” 

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Wed, 14 Dec 2016 07:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170458/tethyan-finishes-serbia-drill-programme-in-good-time-170458.html
<![CDATA[News - Tethyan Resources eyeing other projects in Balkans ]]> https://www.proactiveinvestors.com.au/companies/news/170097/tethyan-resources-eyeing-other-projects-in-balkans-170097.html Tethyan Resources PLC (LON:TETH) aims to advance its Suva Ruda and Gokcanica projects in Serbia in the coming financial year and make progress in acquiring other project interests.

The gold and base metals-focused group posted results today for the six months to September 30 - a period which charted significant activity including the change of name from Aurasian Minerals PLC.

The group raised £163,400 in a private placing in April and  is now in the process of raising additional financing in two tranches. As part of this, Southern Arc has come aboard as a strategic partner and will hold 29.9% of Tethyan shares.

Under the terms of its option agreement for Suva Ruda, Tethyan needs to drill 2,000 metres in 2016 on the 'Rudnitza' porphyry, which is taking place in November and this month.

At Gokcanica, it may earn up to an 80% interest by completing exploration worth US$ 500,000 to be followed by a PFS (pre-feasibility study) and BFS (bankable feasibility study).

In keeping with a firm at this stage, the firm spent £577,000 on pursuing exploration and operating costs and the cash balance declined by £411,000 from £1,024,000 to £613,000.

The pre-tax loss was £570,000 (2015: loss of £281,000).

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Wed, 07 Dec 2016 07:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170097/tethyan-resources-eyeing-other-projects-in-balkans-170097.html
<![CDATA[Media files - Tethyan Resources 'well funded' to complete Suva Ruda program ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6534/tethyan-resources-well-funded-to-complete-suva-ruda-program-6534.html Fri, 02 Dec 2016 12:37:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6534/tethyan-resources-well-funded-to-complete-suva-ruda-program-6534.html <![CDATA[Media files - Tethyan Resources PLC welcomes Southern Arc on board as strategic cornerstone investor ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6426/tethyan-resources-plc-welcomes-southern-arc-on-board-as-strategic-cornerstone-investor-6426.html Mon, 21 Nov 2016 12:31:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6426/tethyan-resources-plc-welcomes-southern-arc-on-board-as-strategic-cornerstone-investor-6426.html <![CDATA[News - Tethyan Resources secures new cornerstone investor ]]> https://www.proactiveinvestors.com.au/companies/news/169243/tethyan-resources-secures-new-cornerstone-investor-169243.html Tethyan Resources PLC (LON:TETH) has secured a new cornerstone investor in Southern Arc Minerals Inc (CVE:SA).

Southern Arc has agreed to subscribe for 16.5 mln new ordinary shares in Tethyan at a price of C$0.036 per share, bringing at total of £353,570 in new money into the company.

The money raised will be used to fund work on Tethyan’s prospective copper porphyry targets in the Republic of Serbia.

WATCH: Tethyan CEO Peter Mullens speaks to Proactive's Stocktube

In addition, Southern Arc has acquired a block of just over 14.6 mln shares in Tethyan from Newmont, bringing Southern Arc’s total holding in Tethyan to 29.15% of the enlarged issued share capital.

A plan to list Tethyan on the Canadian Venture Exchange has now been set in motion, and two Southern Arc directors will join the Tethyan board.

 

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Mon, 21 Nov 2016 07:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169243/tethyan-resources-secures-new-cornerstone-investor-169243.html
<![CDATA[News - Tethyan Resources kicks off drilling in Serbia ]]> https://www.proactiveinvestors.com.au/companies/news/168350/tethyan-resources-kicks-off-drilling-in-serbia-168350.html Tethyan Resources PLC (LON:TETH) has started drilling at  Rudnitza porphyry on the Suva Ruda exploration permit located in Serbia.

Four to five holes covering 2,500 metres are planned to target a significant copper-molybdenum-gold anomaly identified by recent soil sampling.

The drilling will confirm the historic drilling results and to test for extensions to the mineralisation at depth, the junior said.

Tethyan believes mineralisation is likely to extend to significant depth and that the concentration of mineralisation may increase the further down you go.

It is obliged to complete at least 2,000m of drilling before 28 December.

Peter Mullens, chief executive, said:  "We are excited by our first drill program at Rudnitza.

Initial surface geochemistry and mapping returned highly encouraging results indicating that the size of the mineralised porphyry system is much larger than previously recognised.”

Assay results will be available in late-January 2017, he added.

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Tue, 01 Nov 2016 14:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168350/tethyan-resources-kicks-off-drilling-in-serbia-168350.html
<![CDATA[News - Tethyan’s Serbian upside is about to be put to the drillbit test ]]> https://www.proactiveinvestors.com.au/companies/news/167646/tethyans-serbian-upside-is-about-to-be-put-to-the-drillbit-test-167646.html Drilling at Suva Ruda is set to get underway by 26 October, according to Peter Mullens, chief executive of Tethyan Resources PLC (LON:TETH).

The news comes as Tethyan initiates an £890,000 fundraising to help it accelerate the pace of work on its portfolio of Serbian copper-gold projects.

The idea is to place around 30 mln new Tethyan shares with Canadian investors and a further 10 mln shares with UK investors and to use the money to make further progress at Suva Ruda, and at Gokcanica, Tethyan’s second, less advanced project.

The first bit of work is already in the bag, following the signing of the option over Suva Ruda back in September. Tethyan has completed a programme of geological mapping and soil sampling that was designed to zero in on potential drill targets.

That’s now been done, and the news that a new zone of mineralisation has been identified as part of this process was seen as a real boon by investors, who boosted the company’s share price by 5% to 2.5p on 18 October.

A second zone targeted an area about which significant data is already known, but this too delivered positive results, and now sets the company up well for the rigs to begin turning within the next couple of days.

And it could be a real game-changer for Tethyan if it lives up to expectations. Both First Quantum and Euromax Resources have been active in this area, but Mullens points out that previous exploration work was done only to relatively shallow depths.

And if, as Tethyan is now hypothesising, Suva Ruda is in fact a copper porphyry of some size and scale, then it’s likely that mineralisation will run much deeper.

“We’re optimistic the grades will improve at depth,” he says. And he cites recent success from other copper companies as one reason why the market may well support that view.

Solgold’s (LON:SOLG) mineralisation runs down deeper than 1,000 metres at Cascabel, and that company is now worth several hundred million dollars, after two majors bid up the price of the latest funding.

And Reservoir Minerals, now part of Nevsun, has also had a major success in Serbia itself, with the discovery of Timok project.

So with £500,000 already in the bank, new money coming in, and a growing appetite in the market Tethyan looks likely to gain some real traction as the exploration cranks up.

Approximately 2,500 metres of drilling is planned before Christmas. But that’ll be just the start.

“Depending on what we get we’ll then do a bigger programme,” says Mullens.

By the spring of next year it’s likely that Tethyan will also be ready to drill Gokcanica, following an ongoing programme of stream sediment sampling.

All told, it should be a very busy period for Tethyan, but it may not end there.

For one thing, the question of how to fund Suva Ruda and Gokcanica into and beyond next year is likely to recur.

“We have two choices,” says Mullens. “One would be looking for a mid-tier partner. But for preference we’d like to drive our own bus. Let’s see what the results bring first.”

So there’s that. And there’s also the possibility of other projects emerging in what, all told, is a country that remains relatively under-explored.

Gokcanica and Suva Ruda both occur on highly prospective ground that forms part of a total Tethyan land package of 197 square kilometres.

This ground, says the Tethyan literature, is highly prospective for the discovery of epithermal and porphyry copper, gold and polymetallic mineralisation. It will be interesting to see how it all plays out. 

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Wed, 19 Oct 2016 12:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167646/tethyans-serbian-upside-is-about-to-be-put-to-the-drillbit-test-167646.html
<![CDATA[News - Tethyan Resources zeroes in on drill targets at Suva Ruda ]]> https://www.proactiveinvestors.com.au/companies/news/167548/tethyan-resources-zeroes-in-on-drill-targets-at-suva-ruda-167548.html Tethyan Resources PLC (LON:TETH) has defined what it calls “two compelling target areas” on its Suva Ruda project in Serbia. First pass geological mapping and the collection of 223 soil samples at the Rudnitza prospect have revealed a northern and a southern zone of potential copper-gold porphyry mineralisation.

The company found the presence of molybdenum particularly encouraging as molybdenum is a good indicator of porphyry mineralisation and does not tend to move around as a result of weathering.

Tethyan also noted that the central copper and molybdenum soil anomaly is surrounded by a zinc anomaly, a feature often associated with porphyry systems worldwide.

Meanwhile, stream sediment sampling has also revealed several gold anomalies at Tethyan’s other Serbian project, Gokcanica.

Drilling is expected to get underway at Suva Ruda shortly.

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Tue, 18 Oct 2016 07:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167548/tethyan-resources-zeroes-in-on-drill-targets-at-suva-ruda-167548.html
<![CDATA[Media files - Suva Ruda has potential to be Tethyan's 'flagship project' says CEO ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6195/suva-ruda-has-potential-to-be-tethyan-s-flagship-project-says-ceo-6195.html Mon, 17 Oct 2016 12:17:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6195/suva-ruda-has-potential-to-be-tethyan-s-flagship-project-says-ceo-6195.html <![CDATA[News - Tethyan Resources raises new funds for Serbian exploration ]]> https://www.proactiveinvestors.com.au/companies/news/167485/tethyan-resources-raises-new-funds-for-serbian-exploration-167485.html Tethyan Resources PLC (LON:TETH) is planning to raise up to C$1.44 mln (£890,000) through the issue of 40 mln new shares, of which 30 mln are expected to be placed in Canada by broker PowerOne, with the rest earmarked for UK investors.

Tethyan plans to use the money raised to undertake further work its Serbian assets, Suva Ruda and Gokcinica, and for general corporate purposes.

In accordance with the terms of its option and as previously announced, the company plans to commence a 2,500 meter drill program on the Suva Ruda project by October 26, 2016 and intends to complete this drill program by mid December 2016.

This will create new information for the company and allow it to plan for more extensive work next year.

 

 

 

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Mon, 17 Oct 2016 08:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167485/tethyan-resources-raises-new-funds-for-serbian-exploration-167485.html
<![CDATA[News - Tethyan Resources drops Cadinje joint venture ]]> https://www.proactiveinvestors.com.au/companies/news/167038/tethyan-resources-drops-cadinje-joint-venture-167038.html AIM-listed junior Tethyan Resources PLC (LON:TETH) has pulled out its joint venture with Balkan Minerals at the Cadinje polymetallic project located in Serbia. 

Recent drilling results did not improve on historical assays from the area and gold assays were low.

In addition, the geological interpretation of the project has changed with the recognition of two thrust faults which cut the mineralisation off at depth, it said. 

Tethyan recently took an option over the Suva Ruda project also in Serbia.

Through the option Tethyan, which changed its name from Aurasian Minerals in July, can purchase 100% of the licence, or alternatively buy its current owner Deep Research, for €6mln cash plus mine construction costs.

Peter Mullens, chief executive, said:  "Tethyan is committed to exploring for gold and base metals within the Balkans and we plan to focus our resources on projects which can deliver the highest return to shareholders".

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Thu, 06 Oct 2016 15:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167038/tethyan-resources-drops-cadinje-joint-venture-167038.html
<![CDATA[News - Tethyan takes option over Serbian copper/gold prospect ]]> https://www.proactiveinvestors.com.au/companies/news/166534/tethyan-takes-option-over-serbian-coppergold-prospect-166534.html AIM-listed junior Tethyan Resources PLC (LON:TETH) has taken an option over the Suva Ruda project in Serbia.

The licence ,170 km directly south of Belgrade and within the Raska ore district, comprises one exploration permit with a surface area of 87 sq km.

Through the option Tethyan, which changed its name from Aurasian Minerals in July,  can purchase 100% of the licence, or alternatively its current owner Deep Research, for €6mln cash plus mine construction costs.

Tethyan for its part has to carry out 2,000m of drilling this year, 5,000m by the end of 2018 and complete a preliminary economic assessment within six years and a fuller study in year seven.

It estimates the drill programme up until 2018 will cost £500,000.

Suva Ruda is in an area historically mined for lead and zinc but Tethyan said little exploration for copper or gold has been undertaken.

Two defined targets lie within the exploration licence:  a high-grade lead and zinc veins on the edge of the Rudnitza porphyry and a well-defined porphyry dacite stock with significant copper and gold mineralisation, the 'Rudnitza' porphyry.

Peter Mullens, Tethyan Resources’ chief executive, added: “The project is centred around a dacite porphyry stock with potential dimensions of 1.2 kilometers by 0.8 kilometers.

“Within this zone of alteration several drill holes have intersected high-grade mineralisation with drill hole PDRC 04-04 bottoming in rock averaging 0.4% copper and 0.37 g/t gold.

"The outcropping mineralisation indicates that we are very high in the porphyry system and Tethyan personnel believe there is every chance of high-grade mineralisation continuing at depth.

“There is sufficient space within the alteration system to host a major porphyry copper-gold system."

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Tue, 27 Sep 2016 11:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166534/tethyan-takes-option-over-serbian-coppergold-prospect-166534.html
<![CDATA[News - Aurasian Minerals shares fly as unveils new Laos venture ]]> https://www.proactiveinvestors.com.au/companies/news/106625/aurasian-minerals-shares-fly-as-unveils-new-laos-venture-106625.html Aurasian Minerals (LON:AUM) moved a step closer to unlocking the mineral wealth of Laos in Southeast Asia as it unveiled a new joint venture, sending shares in the company rocketing.

The tie-up is with Lao investment company Sahamit Phattana and the new group will undertake exploration in the country.

Bruce Kay,  Aurasian's chairman, told investors: "We are delighted to be forming this partnership with Sahamit, a highly respected and capable group with excellent in-country contacts. 

"Through the Aurasian team's deep knowledge of the area based over 20 years' experience in the country we believe that we are now in a very good position to take advantage of the highly prospective mineral potential of Laos."

Laos is a landlocked country with a population of around 7mln. Its neighbours are China Burma, Vietnam, Cambodia and Thailand.

Aurasian will hold a 70% stake in the new entity and Sahamit 30%. 

Ten percent of the Sahamit stake will be financed by Aurasian through a loan to be made to Sahamit, which will be repayable out of its share of any dividends paid by the joint venture company. 

Sahamit is involved in activities, which span agriculture, aquaculture, and construction and its president is Khuanchai Siphakanlaya - also president of Lao Consulting Group, a well-established and respected infrastructure contractor.

Shares in Aurasian rose 130.16% to 0.725p.

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Tue, 12 May 2015 12:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/106625/aurasian-minerals-shares-fly-as-unveils-new-laos-venture-106625.html
<![CDATA[News - Aurasian Minerals happy to play the long game ]]> https://www.proactiveinvestors.com.au/companies/news/60740/aurasian-minerals-happy-to-play-the-long-game-71167.html Formed from the bones of the Papua New Guinea gold explorer Triple Plate Junction, Aurasian Minerals’ (LON:AUM) edge now is exclusive access to Newmont Mining’s play book for South East Asia.

A major plus is that the author of much of that work and one of Newmont’s former senior geologists, Bruce Kay, has joined Aurasian in a similar role to find “one more giant ore body”.

Tony Shearer, chairman, is optimistic but cautions it will be a slow and steady development process.

The company is navigating some tricky political waters, he says, and must move cautiously.

The main focus is three countries, Myanmar, Cambodia and Laos, which are still very new to the modern mining environment.

Myanmar will be the main target but the former Burma has barely emerged from being a closed country. Laos, meanwhile, has a moratorium on exploration.

How it steers around these and other issues pose the greatest challenges for the company, Shearer believes.

“It is real pioneer work. The targets are straightforward but getting title to them with the right benefit for us is the challenge,” he says.

“The question is can we get into these countries in a way that we have security over tenements and in a way that we know what lies ahead in the way of tax and royalties?”

There has been some exploration already but Aurasian is coy about revealing details until it has some of these ownership issues resolved.

“What we’ve done so far has been reasonably quick, but we haven’t come out publicly with the result of our exploration because that would just tell everyone what our targets are.”

It means investors must put a lot of faith in the reputation and experience of Aurasian’s new management, although the collective CV does much to reassure.

Bruce Kay was the former head of global exploration for Normandy before Newmont bought it.

Jon Loraine was Normandy’s international MD while chief geologist Paddy Waters was senior geologist at BP Minerals after spells at Normandy and Anglo American.

Shearer himself hails from finance house Singer & Friedlander, while Chris Goss, one of Aurasian’s non-executive directors, has a long history in the area through work for World Bank’s investment arm, the IFC.

It’s a powerful looking forward line, but even so Shearer admits Aurasian is a high-risk counter.

A patient, methodical strategy to ensure all of the 'I's are dotted and 'T's crossed also means Aurasian is not going to be a high news flow story – at least not in the early days.

Investors will need to be patient, he says.

Cash holdings currently are about £1mln, with potentially another US$0.75mln to come once an exit from Wamum in PNG is settled. Against that are US$450,000 of exploration commitments this year.

Bolstering the balance sheet though is the presence of Newmont. The US gold mining titan has around a 25% stake and is very supportive, according to Shearer.

Newmont was not looking to spend much itself on greenfield exploration, he says, so it made sense to give its data to Aurasian and introduce the company to Kay to see what they could get out of the database.

Shearer is confident a substantial amount can be gleaned, but it will take time and patience.

For those prepared for that, the rewards could be significant especially as at the current 0.4p share price, the market value is a paltry £1.5mln.

Bruce Kay, because of his reputation and experience, has all of the important contacts and also knows what work has been carried out by companies other than Newmont, says Shearer.

“So not only do we have the database, we have assembled what we think is all the relevant data that has existed.”

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Mon, 11 Aug 2014 10:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/60740/aurasian-minerals-happy-to-play-the-long-game-71167.html