The lure of gold is worldwide, and Canadian firms, however large or small, are second to none in following that path and turning their search into something productive.
Wednesday, Tethyan Resource Corp. (TSX-Venture:TETH) reported the discovery of an “outcropping gold porphyry system” on the western side of the Kremice project, southwestern Serbia. Kremice is located 10 kilometres to the north of the Rudnica copper-gold project, and within two kilometres of a paved road, rail and power lines, and water supply.
Channel sampling of a large area of exposed stockwork veining at Kremice West returned consistent mineralization, with individual samples grading up to 0.68 grams per tonne ("g/t") gold and 0.21% copper. 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.
CEO Fabian Baker enthused, "The discovery of gold porphyry mineralization 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.”
Tethyan shares leaped three cents, or 16.7%, to 21 cents, on volume of 157,500 shares