Southern Arc Minerals provided an update on its strategic investment in Tethyan Resources PLC . Tethyan has announced that:
– It has completed its 4 diamond drill hole program (total 2,318 m) at the Rudnitza copper-gold porphyry project located within the Suva Ruda exploration permit in Serbia. Tethyan has received assay results for the first drill hole RDD-001 with assays for the remaining 3 drill holes pending.
– Tethyan drilled 567 metres at 0.28% copper and 0.45 g/t gold from surface in its first drill hole RDD-001. Detailed results are in the table below:
– Drill hole RDD-001 from surface intersected a thick package of dacitic volcanic rocks showing strong phyllic and propylitic alteration with extensive zones of thin (2-20 mm) quartz – pyrite ± chalcopyrite veining and stockwork. Between 122 – 160 m, a 38 m chalcocite-bearing zone of supergene enrichment was intersected giving an interval of 38 m at 1.18% copper and 0.38 g/t gold, although copper grades were lower in the leached zone above this interval gold grades remain consistent averaging 0.45 g/t gold. From a depth of 160 m gold and copper grades are consistent up to the intersection of a deeper ophiolite basement rock-type which was intersected between 567 and 584.6 m and where the gold and copper grades reduced. The drill hole was terminated due to drilling issues at 584.6 m still in mineralisation.
Southern Arc owns 43,653,966 ordinary shares of Tethyan which it purchased at a price of C$0.036 per share (29.9% of Tethyan’s issued and outstanding ordinary shares). Southern Arc has a first right of refusal on any further fundraisings undertaken by Tethyan for a period of two years to enable the Company to maintain its interest at 29.9% of Tethyan’s issued shares.