Tethyan Resources Announces Grant of New Exploration Permits in the Timok Magmatic Complex, Serbia24.Mar 2018.
Tethyan Resources announced that the Company’s Serbian subsidiary, Tethyan Resources d.o.o., has been granted two new exploration licenses, named Bucje and Zukovac, totalling 200 square kilometres and situated in the south of the Timok Magmatic Complex in Eastern Serbia.
The Timok Magmatic Complex is a suite of Upper Cretaceous age intrusive and volcanic rocks that are the host to many significant porphyry and epithermal copper-gold deposits. Known deposits include Bor, a copper-gold high-sulphidation deposit which was in production throughout most of the 20thCentury, Majdenpek, a copper-gold porphyry still in production today, and the more recent discovery of Cukari Peki by Reservoir Minerals who were subsequently acquired by Nevsun Resources in 2016.
The Licenses are valid for an initial period of 3 years, following which the Mining Law of Serbia allows for the license holder to apply, subject to various conditions, for extension periods of a further 3 and finally 2 years, for a total of 8 years, before the license holder is required to apply for a mining permit.
Fabian Baker, President and CEO of Tethyan commented: “We are very pleased to continue to grow our land position in Serbia and to have secured exploration licenses in the Timok area. It is an area well known to hold potential for the discovery of significant copper and gold deposits and we look forward to getting our geologists on the ground there to commence exploration.”