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BELGRADE (Serbia), October 10 (SeeNews) – UK-based gold and copper miner Tethyan Resources has discovered an outcropping gold porphyry system on the western side of the Kremice project within the Suva Ruda license in southwestern Serbia, it said.
Channel sampling of a large area of exposed stockwork veining at Kremice West returned consistent mineralisation, with individual samples grading up to 0.68 grammes per tonne gold and 0.21% copper, Tethyan said in a statement on Wednesday.
"The discovery of gold porphyry mineralisation at Kremice West is an exciting development for Tethyan and provides us with a high-quality exploration target. The outcrop of porphyry stockwork veining and potassic alteration was identified by our geologists in the same location as predicted by the Fathom model, which gives us additional confidence in targeting the core of the system," the President of Tethyan, Fabian Baker, said.
Tethyan has completed two scout drill holes for a total of 680 metres and is continuing surface mapping and sampling in order to vector towards higher grades, the company noted.
Suva Ruda is part of the Timok Magmatic Complex, 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 20th century, Majdenpek, a copper-gold porphyry still in production today, and the more recent discovery of Cukaru Peki by Reservoir Minerals who were subsequently acquired by Nevsun Resources in 2016.