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.
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.