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.
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.