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.