TYC tethyan copper company limited

miningnet.news article

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    Tethyan intercepts new copper-gold mineralisation

    Wednesday, March 24, 2004
    SHARES in junior Tethyan Copper surged this morning after the discovery of a significant new gold zone at its Reko Diq copper-gold project in Pakistan.

    The Perth-based explorer was up 9c, or 15%, at 69c at press time off an intraday high of 73c.

    Tethyan, which listed on the ASX in October, said it had received "outstanding" results from the first of four new holes drilled into the H36 complex, featuring wide intersections and strongly elevated gold values.

    Intercepts included 244m at 0.3% copper and 0.53gpt gold, including 160m at 0.31% Cu and 0.7% Au, and 60m at 0.35% Cu and 0.92gpt gold; and 190m at 0.37% Cu and 0.18gpt Au.

    The H36 complex is one of the southern porphyries and is located 9km from the western porphyries, which host the bulk of the resources identified to date at Reko Diq (inferred resource of 730 million tonnes at 0.64% copper and 0.39gpt gold).

    Managing director David Moore said the results confirmed the generally gold rich nature of the southern porphyries and dramatically extend a gold zone encountered in previous drilling.

    Tethyan is also moving to rapidly test the possibility of a major westward extension to the H4 orebody, raised by the discovery last month of extensive leached cap-rock about 500m west of the known resource.

    The company is currently completing a program of two drill holes over the new area, and simultaneously extending onto it an IP geophysical survey from the H4 orebody.

    The IP survey crew and equipment are now on site and a major regional IP survey – the third leg of Tethyan's exploration strategy – is about to commence.

    Moore said the bankable feasibility study on the H4 project was proceeding well, with initial major contracts awarded, metallurgical testwork underway in Perth, and detailed resource drilling due to commence upon arrival of the third drill rig.

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    Drilling at Reko Diq.

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