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Tethyan Resources set to start surveying in Serbia, meanwhile drill results due soon

The company expects to release results from recently drilled holes in early September, and a large geophysical survey programme is due to start in 'late August'.
mining team
The pre-revenue explorer reported a £523,000 loss for the half

Pre-revenue explorer Tethyan Resources PLC (LON:TETH) confirmed it remains liquid as it continues to advance its gold interests in eastern Europe.

Tethyan, in its half yearly report, revealed it had cash and equivalents of just under £1mln (£979,000 to be precise) plus £338,000 of trade and receivables.

READ: Tethyan wraps up drilling at Rudnitza, assays pending

The explorer reported a £523,000 loss for the six month period, which ended on June 30, with exploration and consulting expenditure together accounting for some £223,000 while office,  administration, filing and regulatory expenses together amounting to £79,000.

Results from Rudnitza to be released in early September

Tethyan noted that it continues to be an active explorer for gold and base metals in eastern Europe, with two key projects in Serbia – the Suva Ruda copper-gold porphyry project and Gokanica, an epithermal and porphyry gold system.

During the six month period, Tethyan began drilling at the Rudnitza prospect within Suva Ruda and in July it confirmed that the programme completed, with some 2,127 metres drilled in four holes.

The company expects to release results from the holes in early September.

It is also now preparing for a large geophysical survey at Rudnitza as well as the Gokcanica project. According to Tethyan, this work is due to start in ‘late August’.

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