Proactiveinvestors USA & Canada Tethyan Resources PLC https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Tethyan Resources PLC RSS feed en Sun, 16 Dec 2018 09:12:32 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Tethyan Resources getting ready for significant work on Kizevak Project ]]> https://www.proactiveinvestors.com/companies/stocktube/10561/tethyan-resources-getting-ready-for-significant-work-on-kizevak-project-10561.html Fri, 21 Sep 2018 14:55:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10561/tethyan-resources-getting-ready-for-significant-work-on-kizevak-project-10561.html <![CDATA[News - Tethyan Resources building value in Serbia; starts drillng at Kizevak target ]]> https://www.proactiveinvestors.com/companies/news/201263/tethyan-resources-building-value-in-serbia-starts-drillng-at-kizevak-target-201263.html Serbia-focused junior explorer Tethyan Resources PLC (CVE:TETH) is making headway in 2018 and is excitingly now drilling at the  Kizevak zinc-lead-silver brownfield target.

On July 18, the company announced a C$1.5mln placing to advance the Kizevak project, which lies within Taor's exploration licenses (ELs), which lie adjacent to Tethyan's key Suva Ruda project.

Taor acquisition pivotal

Indeed, the Taor acquisition has been a major development and pivotal in the Tethyan story this year and shares soared when it announced the deal in March.

Taor was a subsidiary of Balkan Minerals Ltd and holds two exploration licences totalling around 100 sq km adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district.

Of the two Taor licences, the Kremice licence includes a 500m wide area immediately surrounding two formerly producing lead and zinc mines named Kizevak and Sastavci.

The Kizevak mine was operated by the Serbian state between 1984 and 2000, producing 2 Mt (million tonnes) at 1.71 % lead and 3.25 % zinc.

The second -  Kaznovici licence -  covers a 50 sq km area to the south and west of the Suva Ruda licence and is immediately adjacent to the Rudnica copper-gold porphyry where Tethyan drilled in 2016/2017 and returned significant intervals of copper and gold porphyry mineralisation.

In March this year, Fabian Baker, the president and chief executive at Tethyan had said: "The acquisition of Taor will add significantly to Tethyan's potential to make a major mineral discovery."

And the wheels are already turning. Earlier this month, Tethyan revealed it had  kicked off  a 1,000 metre drill programme within an area of historical exploration targets, along-strike from the past-producing Kizevak mine.

Soil and rock sampling recently completed have  returned multiple zinc-lead-silver and gold-copper anomalies, including the Kizevak southern soil anomaly, which is 800m south of the Kizevak open pit.

This is defined by a 1,300m by 150m lead-zinc soil anomaly and coincident 400 by 290 m gold-silver soil anomaly. The results of this drilling will be keenly awaited.

Expanding its land position..

Also in March this year,  the  company increased its footprint in Serbia, with the granting of two new exploration licences called Bucje and Zukovac.

The two licences cover 200 square kilometres (sq km) and are situated in the south of the Timok magmatic complex in eastern Serbia.

Known deposits in the area include Bor, a copper-gold high-sulphidation deposit which was in production throughout most of the 20th Century.

There is also Majdenpek, a copper-gold porphyry, which is still in production today, and mire recently, Cukari Peki  was discovered by Reservoir Minerals, which was subsequently acquired by Nevsun Resources in 2016.

But what about Suva Ruda?

The firm holds an option over the Suva Ruda copper project in Serbia, and under terms struck in 2016, it can take 100% ownership via a €6 mln payment that can be made at any time within eight years. But an amendment has  since been made after the acquisition of Taor, but concerning a defined area within the licence.

Suva Ruda is home to the Rudnica copper-gold porphyry project and covers an 87 sq km area and lies around 240 km south of Belgrade.

Projects on the same mineralised belt, the Vardar Metallogenic, include Dundee’s Tulare porphyry and Eldorado’s Skouries porphyry.

Previous drilling confirmed potential

Back in 2004, when the previous mining boom was just getting underway, US major Phelps Dodge stuck a few holes into the Rudnitza porphyry stock over an area of 1.2 kilometres by 800 metres.

Not all holes hit, but among the better ones that did was an intercept of 144 metres at 0.4% copper, 0.4 grams per tonne gold that ended in mineralisation.

Gokcanica provides additional upside

Tethyan is also exploring on the Gokcanica project in Serbia, ground which covers 110 square kilometres in southern Seriba, five kilometres to the north of the town of Josaniska Banja. It has an option with Rockstone Group on the project, in which it can earn up to an 80% interest.

This area has been explored before, amongst others by Euromax Resources, and among the better intercepts reported in work conducted during the previous decade was 12.4 metres at 1.5% copper, 1.4% lead, 0.8% zinc, 63 grams per tonne silver and 1.6 grams gold.

More recent work has located arsenopyrite bodies and pyrite-rich veins, which Tethyan plans to investigate further to see if there’s potential for a high-grade gold target.

So there's a lot to the Tethyan story and with drill results coming from the Kizevak target, there is a lot to look forward to.

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Fri, 20 Jul 2018 10:43:00 -0400 https://www.proactiveinvestors.com/companies/news/201263/tethyan-resources-building-value-in-serbia-starts-drillng-at-kizevak-target-201263.html
<![CDATA[News - Tethyan Resources kicks off drilling at priority Kizevak target after closing Taor deal ]]> https://www.proactiveinvestors.com/companies/news/200057/tethyan-resources-kicks-off-drilling-at-priority-kizevak-target-after-closing-taor-deal-200057.html Eastern Europe-focused explorer Tethyan Resources PLC (CVE:TETH) has closed the previously announced acquisition of Serbian company Taor and kicked off an initial 1,000m drill programme at the priority Kizevak zinc-lead-silver brownfield target on the licences.

The purchase of Taor's exploration licenses (ELs), which lie adjacent to Tethyan's Suva Ruda project, increases Tethyan's landholding to a total of 443 sq km  in Southwest Serbia and northern Kosovo.

READ: Tethyan Resources amends option to acquire Suva Ruda exploration license

The drilling is targeting zinc-lead-silver mineralisation identified by historical exploration and along strike from the inactive Kizevak open-pit mine, currently held by a third party.

The anomaly is defined by a 500 by up to 260 m zinc-lead-silver soil anomaly (500-2380 ppm (parts per million) zinc, 500-8000 ppm lead, 2-18 ppm silver).

"We see the acquisition of Taor as a pivotal moment for Tethyan," said Fabian Baker, the president and chief executive at Tethyan.

"Tethyan now controls a very significant land package in a historic mining district that includes multiple historic zinc-lead-silver and copper-gold exploration targets, as well as previously-producing small-scale mines.

"During the process of finalizing the acquisition, Tethyan was granted the right to begin permitting for a drill programme, and it is a testament to our local team and the support of the local communities that we were able to secure the required permissions and build the drill pads in a matter of weeks.

READ: Tethyan Resources says Taor acquisition increases potential of making major discovery

"We have immediately commenced a 1,000 metre drill programme within an area of historical exploration targets, along-strike from the past-producing Kizevak mine."

In keeping with the terms of the acquisition, mining industry veteran Dr Radomir Vukcevic has been appointed a director and will assume the role of vice-president – ddevelopment.

Soil and rock sampling recently completed on the Taor licenses returned multiple zinc-lead-silver and gold-copper anomalies, including the Kizevak southern soil anomaly, which is 800m south of the Kizevak open pit.

This is defined by a 1,300 by 150 m lead-zinc soil anomaly and coincident 400 by 290 m gold-silver soil anomaly.

There is also the Sastavci gold-silver-lead-zinc target: defined by a 290 by 230 m gold-silver-lead-zinc soil anomaly, the Bukovik Lithocap, the Lipovica and the Plavkovo targets.

Tethyan shares stand at C$0.19 at the time of writing.

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Tue, 03 Jul 2018 09:42:00 -0400 https://www.proactiveinvestors.com/companies/news/200057/tethyan-resources-kicks-off-drilling-at-priority-kizevak-target-after-closing-taor-deal-200057.html
<![CDATA[News - Tethyan Resources amends option to acquire Suva Ruda exploration license ]]> https://www.proactiveinvestors.com/companies/news/198898/tethyan-resources-amends-option-to-acquire-suva-ruda-exploration-license-198898.html Tethyan Resources (CVE:TETH) announced today that it has signed an agreement to amend its current option to acquire the Suva Ruda exploration license in Serbia.

The amendment would have recently-acquired Taor d.o.o enter into a joint venture with Serbian company Deep Research d.o.o., which holds the Suva Ruda exploration licence. 

In 2016, the company entered into the option agreement with Deep Research. Tethyn would have the rights to manage and perform mineral exploration and could purchase either the entire issued share capital of Deep Research, or the license for €6 million (with possible additional payments). 

Additionally, a number of work and payment milestones were committed to. 

READ: Tethyan expands footprint with subsidiary exploration permit

Tethyan recently announced its acquisition of Taor d.o.o., and in the amended agreement will have Taor enter into a joint venture agreement with Deep Research with respect to a defined geographical area within the license. The company will also pay Deep Research €100,000 within 15 days of signing the agreement and agree not to acquire the company but instead to acquire the license if the option contemplated in the option agreement is exercised. 

The geographical area is an area that surrounds Taor's 'Kremice' exploration license, where Tethyan believes there is potential for the discovery of significant lead-zinc-silver deposits. 

The company said if the joint venture agreement is signed, the option agreement will remain in effect outside of the area of interest. 

Tethyan shares were flat at C$0.25 on Thursday afternoon.

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Thu, 14 Jun 2018 11:43:00 -0400 https://www.proactiveinvestors.com/companies/news/198898/tethyan-resources-amends-option-to-acquire-suva-ruda-exploration-license-198898.html
<![CDATA[News - Tethyan expands footprint with subsidiary exploration permit ]]> https://www.proactiveinvestors.com/companies/news/198725/tethyan-expands-footprint-with-subsidiary-exploration-permit-198725.html Tethyan Resources PLC's (CVE:TETH) subsidiary Kosovo Resources Company LLC announced today that it has been granted a new exploration licence situated in the northwestern part of Serbia's Trepca lead-zinc mining district.

Named Bistrice, it totals 75sq/km, and is valid for an initial period of three years and can be extended up to three times for a period of two years each. The company said the exploration licence must be reduced by at least 50% on each extension.

"We are very pleased to add to our land position in Kosovo and further consolidate the northern 'Trepca' lead-zinc mining district where Tethyan has focused its recent exploration efforts," said president chief executive officer, Fabian Baker.

"As we have begun to demonstrate, the district hosts multiple opportunities for copper-gold porphyry deposits, such as Tethyan's Rudnica porphyry, and lead-zinc-silver vein-type mineral deposits, such as those Tethyan is acquiring via the pending acquisition of Serbian company Taor d.o.o. We look forward to getting our geologists on the ground in Kosovo to commence exploration in an effort to define drill targets."

The Bistrice exploration licence is located 5km southwest of the Belo Brdo active lead-zinc underground mine and is also located south of and adjacent to the Suva Ruda exploration licence in Serbia, which is operated by Tethyan. 

The company said a 3.8km long, 1km wide, north-trending zone of undifferentiated hydrothermal alteration is observed on historic regional geology maps in the northern part of the licence, hosted by an andesitic stock and adjacent to a lead-zinc mineral occurrence. 

Tethyan intends to conduct stream sediment and soil sampling over the entire licence to generate targets, as well as 1:2000 scale detailed mapping of the alteration zone as shown on regional historic maps and adjacent lead-zinc mineral occurrence.

Tethyan shares were flat at C$0.25 on Tuesday afternoon. 

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Tue, 12 Jun 2018 12:20:00 -0400 https://www.proactiveinvestors.com/companies/news/198725/tethyan-expands-footprint-with-subsidiary-exploration-permit-198725.html
<![CDATA[News - Tethyan Resources closes over-subscribed placement ]]> https://www.proactiveinvestors.com/companies/news/195697/tethyan-resources-closes-over-subscribed-placement-195697.html Tethyan Resources PLC (CVE:TETH) has closed its previously announced non-brokered private placement, raising C$1.3mln (gross).

The private placement consisted of 5.21mln units at 25 cents a pop.

READ: Tethyan Resources' to close C$1.2mln placing within the next two weeks​

The net proceeds from the private placement will be used to finance the advancement of the Rudnitza copper-gold porphyry prospect, the company's planned acquisition of the Serbian company Taor DOO and the completion of a scout drill program within the Taor exploration licenses.

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Tue, 24 Apr 2018 12:54:00 -0400 https://www.proactiveinvestors.com/companies/news/195697/tethyan-resources-closes-over-subscribed-placement-195697.html
<![CDATA[News - Tethyan Resources' to close C$1.2mln placing within the next two weeks ]]> https://www.proactiveinvestors.com/companies/news/194360/tethyan-resources-to-close-c12mln-placing-within-the-next-two-weeks-194360.html Tethyan Resources PLC (CVE:TETH) told investors it was pressing ahead with the previously announced placing to raise up to C$1.2mln and expects it to close in the next two weeks.

As reported at the end of February, the firm is issuing up to 4.8mln units at 25 cents each.

READ: Tethyan Resources shareholders set for a vote on Taor acquisition in May

The net proceeds will be used to finance Tethyan's planned advancement of the Rudnitza copper-gold porphyry prospect in 2018, as well as other earlier-stage prospects towards the identification of new drill targets and for general working capital, it said.

Southern Arc Minerals Inc aims to invest C$360,000 to acquire 1.44mln units in the fundraise.

Southern Arc currently owns 29.89% of Tethyan on an undiluted basis and it will not exceed 29.99% on closing of the placing.

Each unit consists of one share and one-half of a share purchase warrant.

Each whole warrant will be exercisable into one company share at 35 cents for three years from the closing date.

Last week, the Eastern Europe-focused explorer updated on its acquisition of Taor - a firm which holds ground adjacent to its optioned Suva Ruda licence in Serbia, saying it had set the date for a shareholder meeting to approve the deal.

Shareholders will also vote on an increase to the firm's share capital.

The meeting will take place in London at 12 pm on 18 May 2018, it said.

In Toronto, Tethyan shares were unchanged at C$0.33.

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Thu, 05 Apr 2018 10:29:00 -0400 https://www.proactiveinvestors.com/companies/news/194360/tethyan-resources-to-close-c12mln-placing-within-the-next-two-weeks-194360.html
<![CDATA[News - Tethyan Resources shareholders set for a vote on Taor acquisition in May ]]> https://www.proactiveinvestors.com/companies/news/193964/tethyan-resources-shareholders-set-for-a-vote-on-taor-acquisition-in-may-193964.html Eastern Europe-focused explorer Tethyan Resources PLC (CVE:TETH) updated on its acquisition of Taor - a firm which holds ground adjacent to its optioned Suva Ruda licence in Serbia, saying it had set the date for a shareholder meeting to approve the deal.

Shareholders will also vote on an increase to the firm's share capital.

READ: Tethyan Resources says Taor acquisition increases potential of making major discovery

The meeting will take place in London at 12 pm on 18 May 2018, it said.

As reported previously, Tethyan struck a definitive share purchase agreement with Balkan Minerals Ltd and Dr Radomir Vukcevic to acquire Balkan's wholly-owned Serbian subsidiary Taor.

The latter holds two exploration licences totalling roughly 100 sq km adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia

"The acquisition of Taor will add significantly to Tethyan's potential to make a major mineral discovery," Fabian Baker, president and chief executive of Tethyan, had said.

"Through the consolidation of such a large land position in the Trepca Mining District, which was the largest mining complex in all of Yugoslavia during the 1970s, Tethyan now has multiple exploration targets and opportunities for success.

"We have already begun to demonstrate extensive copper-gold porphyry mineralisation at Rudnica which remains open in all directions.

"Now, with respect to zinc, Tethyan will hold rights over an entire district which includes three historical resources and multiple exploration targets which we believe to have significant exploration upside."

Of the two Taor licences, the Kremice license includes a 500m wide area immediately surrounding two formerly producing lead and zinc mines named Kizevak and Sastavci.

READ: Tethyan Resources expands land position in Serbia with two new licences The Kizevak mine was operated by the Serbian state between 1984 and 2000, producing 2 Mt (million tonnes) at 1.71 % lead and 3.25 % zinc.

The Kaznovici license covers a 50 sq km area to the south and west of the Suva Ruda license and is immediately adjacent to the Rudnica copper-gold porphyry where Tethyan drilled in 2016/2017 and returned significant intervals of copper and gold porphyry mineralisation.

Also within the Kaznovici licence is the Lipovica lead-zinc-gold deposit, initially explored by the British in the late 1930s.

When and if the deal closes, Tethyan will begin an initial drill programme within the Kremice licence in order to test for extensions to the Kizevak lead-zinc-silver mine and verify historical drill and adit sampling results.

It is already underway with a review of the historical data available for the wider district in order to prioritise the various other targets and inform the exploration work programme for 2018.

As previously disclosed, the company will issue 7mln Tethyan shares to Taor's current owner, Dr Radomir Vukcevic, plus €125,000 in cash on closing of the deal.

It will  pay €125,000 in cash to Dr Vukcevic within three months of closing of the transaction, and issue 5mln Tethyan shares Dr Vukcevic on the 12-month anniversary of closing.

The Taor licences were issued in April 2016 and are valid for an initial period of three years, with the right to be renewed for an additional five years to April 2024, at which point Serbia's mining laws require application for a mining permit.

Shares eased around 6% to C$0.28 in Toronto.

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Wed, 28 Mar 2018 09:05:00 -0400 https://www.proactiveinvestors.com/companies/news/193964/tethyan-resources-shareholders-set-for-a-vote-on-taor-acquisition-in-may-193964.html
<![CDATA[News - Tethyan Resources says Taor acquisition increases potential of making major discovery ]]> https://www.proactiveinvestors.com/companies/news/193494/tethyan-resources-says-taor-acquisition-increases-potential-of-making-major-discovery-193494.html Shares in Eastern Europe focused explorer Tethyan Resources PLC (CVE:TETH) soared 25% in Toronto to C$0.25 as it firmed up the previously announced acquisition of a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

The group has entered a definitive share purchase agreement with Balkan Minerals Ltd and Dr Radomir Vukcevic to acquire Balkan's wholly owned Serbian subsidiary Taor.

The latter holds two exploration licences totalling roughly 100 sq km adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia

"The acquisition of Taor will add significantly to Tethyan's potential to make a major mineral discovery," said Fabian Baker, president and chief executive of Tethyan.

"Through the consolidation of such a large land position in the Trepca Mining District, which was the largest mining complex in all of Yugoslavia during the 1970s, Tethyan now has multiple exploration targets and opportunities for success.

"We have already begun to demonstrate extensive copper-gold porphyry mineralisation at Rudnica which remains open in all directions.

"Now, with respect to zinc, Tethyan will hold rights over an entire district which includes three historical resources and multiple exploration targets which we believe to have significant exploration upside."

Of the two Taor licences, the Kremice license includes a 500m wide area immediately surrounding two formerly producing lead and zinc mines named Kizevak and Sastavci.

The Kizevak mine was operated by the Serbian state between 1984 and 2000, producing 2 Mt (million tonnes) at 1.71 % lead and 3.25 % zinc.

The Kaznovici license covers a 50 sq km area to the south and west of the Suva Ruda license and is immediately adjacent to the Rudnica copper-gold porphyry where Tethyan drilled in 2016/2017 and returned significant intervals of copper and gold porphyry mineralisation.

Also within the Kaznovici license is the Lipovica lead-zinc-gold deposit, initially explored by the British in the late 1930s.

When the deal closes, Tethyan will begin an initial drill programme within the Kremice license in order to test for extensions to the Kizevak lead-zinc-silver mine and verify historical drill and adit sampling results.

It is already underway with a review of the historical data available for the wider district in order to prioritise the various other targets and inform the exploration work programme for 2018.

As previously disclosed, the company will issue 7mln Tethyan shares to Taor's current owner, Dr Radomir Vukcevic, plus €125,000 in cash on closing of the deal.

It will  pay €125,000 in cash to Dr Vukcevic within three months of closing of the transaction,  and issue 5mln Tethyan shares Dr Vukcevic on the 12-month anniversary of closing.

The Taor licences were issued in April 2016 and are valid for an initial period of three years, with the right to be renewed for an additional five years to April 2024, at which point Serbia's mining laws require application for a mining permit.

The closing of the deal is still subject to various conditions, including the completion of due diligence and the approval by the TSX Venture Exchange.

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Tue, 20 Mar 2018 15:47:00 -0400 https://www.proactiveinvestors.com/companies/news/193494/tethyan-resources-says-taor-acquisition-increases-potential-of-making-major-discovery-193494.html
<![CDATA[News - Tethyan Resources expands land position in Serbia with two new licences ]]> https://www.proactiveinvestors.com/companies/news/192705/tethyan-resources-expands-land-position-in-serbia-with-two-new-licences-192705.html Eastern Europe focused explorer Tethyan Resources PLC (CVE:TETH) has increased its footprint in Serbia, with the granting of two new exploration licences called Bucje and Zukovac.

The two licences cover 200 square kilometres (sq km) and are situated in the south of the Timok magmatic complex in eastern Serbia.

"We are very pleased to continue to grow our land position in Serbia and to have secured exploration licenses in the Timok area," said Fabian Baker, the president and chief executive of Tethyan said.

READ - Tethyan Resources identifies new copper-gold porphyry exploration target at Rudnica

"It is an area well known to hold potential for the discovery of significant copper and gold."

Known deposits on the Timok magmatic complex include Bor, a copper-gold high-sulphidation deposit which was in production throughout most of the 20th Century.

There is also Majdenpek, a copper-gold porphyry, which is still in production today.

More recently, Cukari Peki  was discovered by Reservoir Minerals, which was subsequently acquired by Nevsun Resources in 2016.

The two licenses are valid for an initial period of three years, after which the firm can apply to extend for  a further three and finally two years, for a total of eight years, before the holder is required to apply for a mining permit.

On Friday last week, Tethyan revealed it had identified a new copper-gold porphyry exploration target adjacent to the Rudnica porphyry on the Suva Ruda exploration license.

READ - Tethyan Resources set for C$1.2mln raise

The new target, called Rudnica North, was initially identified by soil sampling and is located 500 metres north of Tethyan's previous drilling at its flagship Rudnica copper-gold porphyry project in southwestern Serbia.

Rudnica North displays a similar geophysical and geochemical signature to Rudnica, suggesting that the two areas may be linked at depth., Tethyan told investors.

The announcement came as part of the publication of the results of channel sampling at Rudnica.

Tethyan shares are at C$0.29.

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Tue, 06 Mar 2018 10:47:00 -0500 https://www.proactiveinvestors.com/companies/news/192705/tethyan-resources-expands-land-position-in-serbia-with-two-new-licences-192705.html
<![CDATA[News - Tethyan Resources identifies new copper-gold porphyry exploration target at Rudnica ]]> https://www.proactiveinvestors.com/companies/news/192552/tethyan-resources-identifies-new-copper-gold-porphyry-exploration-target-at-rudnica-192552.html Tethyan Resources PLC (CVE:TETH) has identified a new copper-gold porphyry exploration target adjacent to the Rudnica porphyry, situated on the Suva Ruda exploration license.

The new target, called Rudnica North, was initially identified by soil sampling and is located 500 metres north of Tethyan's previous drilling at its flagship Rudnica copper-gold porphyry project in southwestern Serbia.

Rudnica North displays a similar geophysical and geochemical signature to Rudnica, suggesting that the two areas may be linked at depth., Tethyan said.

The announcement came as part of the publication of the results of channel sampling at Rudnica.

Highlights include hole RCH002: 70 metres (m) @ 0.27 grams per tonne (g/t) gold, from 0 m to 70 m; hole RCH003: 71 m @ 0.43 g/t gold, from 0 m to 71 m; hole RCH015: 40m @ 0.21 g/t gold, from 15 to 55 m; hole RCH016: 30m @ 0.24 g/t gold, from 0 to 30 m, and hole RCH017: 10m @ 0.26 g/t gold, from 0 to 10 m.

The first two holes listed above are from Rudnica; the others from Rudnica North.

At Rudnica, the channel samples (RCH002 and RCH003) demonstrate a continuation of the near surface, gold-bearing leached zone 50m to the south of the current limits of drilling. This information will be used to guide drill program planning for the 2018 season and further emphasises the exploration potential at Rudnica, Tethyan said.

At Rudnica North the channel samples were collected from argillic and advanced argillic altered andesite and andesitic volcaniclastic rocks that crop out over an area of 160 by up to 80 metres; the outcrop is limited to road cuts and small, historic exploration pits.

The peripheries of this anomalous area were drilled historically (2011 to 2013) by a private Serbian company on a wide spacing for lead-zinc exploration purposes to between 250 and 370 metres depth. Gold and copper were not routinely assayed or reported during this historic exploration; however, one hole (RB-20) returned 44m at 0.4 g/t gold from surface.

Tethyan said it has not verified the historic drill data and the data should not be relied upon. Hole RB-20 is located 300 metres south of these recent channel samples and indicates that the mineralised zone may extend to an overall strike length of 600 metres.

Copper values returned by the channel samples were generally low, yet anomalous, typically in the range of 0.03 – 0.1 % copper; however, this was to be expected as Tethyan's drilling results indicated there is good evidence of oxidation and leaching of copper mineralisation at shallow depths, and re-precipitation of copper as a high-grade supergene enrichment blanket.

At Rudnica the supergene zone is typically 20 - 40 metres thick, commencing at roughly 80 – 120 metres below surface and grading around 1.0 - 1.5 % copper and 0.2 – 0.4 g/t gold, below which drilling intersected primary sulphide copper and gold mineralization.

Tethyan said gold mineralisation remains largely in-situ during the leaching process, and it believes it is this copper-leached, auriferous zone that it is seeing in the channel results at Rudnica North.

"The Rudnica North target is inferred to represent a leached, gold-bearing, copper-poor lithocap overlying a concealed copper-gold porphyry centre,” said Fabian Baker, Tethyan's president and chief executive officer.

“The same alteration and metal zonation is observed at Rudnica and the two zones may be linked at depth over a total strike length of more than one kilometre, as indicated by the results of the Titan DCIP geophysical survey we completed in late-2017. The Rudnica North porphyry is inferred to lie in a down-thrown fault block relative to Rudnica, therefore copper-gold porphyry mineralisation is anticipated to occur at depth, underlying the auriferous lithocap.

“The potential for supergene copper enrichment at the base of the lithocap has not been tested, but has been proven at Rudnica and Rudnica North appears at this early stage to be an analogous system," he added.

Fabian revealed that rock-chip, channel sampling and mapping is continuing to identify areas of untested alteration east and north of Rudnica.

“Our exploration team is continually building on the understanding and interpretation of the Suva Ruda license area and producing additional near-term exploration targets," Fabian said.

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Fri, 02 Mar 2018 15:15:00 -0500 https://www.proactiveinvestors.com/companies/news/192552/tethyan-resources-identifies-new-copper-gold-porphyry-exploration-target-at-rudnica-192552.html
<![CDATA[News - Tethyan Resources set for C$1.2mln raise ]]> https://www.proactiveinvestors.com/companies/news/192213/tethyan-resources-set-for-c12mln-raise-192213.html Tethyan Resources PLC (CVE:TETH) announced a placing of up to 4.8mln units at 25 cents each for gross proceeds of up to C$1.2mln.

The net proceeds will be used to finance Tethyan's planned advancement of the Rudnitza copper-gold porphyry prospect in 2018 as well as other earlier-stage prospects towards the identification of new drill targets and for general working capital, it said.

Southern Arc Minerals Inc aims to invest C$360,000 to acquire 1.44mln units in the fundraise.

Southern Arc currently owns 29.89% of Tethyan on an undiluted basis and it will not exceed 29.99% on closing of the placing.

Each unit consist of one share and one-half of a share purchase warrant.

Each whole warrant will be exercisable into one  company share at 35 cents for three years from the closing date.

Earlier this month, Tethyan said it was negotiating to acquire a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

Tethyan has entered into a binding letter of intent (LOI) to acquire Taor, a company that holds two exploration licences totalling roughly 100 square kilometres situated adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia.

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Mon, 26 Feb 2018 16:06:00 -0500 https://www.proactiveinvestors.com/companies/news/192213/tethyan-resources-set-for-c12mln-raise-192213.html
<![CDATA[News - Tethyan Resources surges as it closes in on Serbian acquisition ]]> https://www.proactiveinvestors.com/companies/news/191667/tethyan-resources-surges-as-it-closes-in-on-serbian-acquisition-191667.html Tethyan Resources PLC (CVE:TETH) is negotiating to acquire a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

Tethyan has entered into a binding letter of intent (LOI) to acquire Taor, a company that holds two exploration licences totalling roughly 100 square kilometres situated adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia.

The Taor licences were issued in April 2016 and are valid for an initial period of three years, with the right to be renewed for an additional five years to April 2024, at which point Serbia's mining laws require application for a mining permit.

Upon completion of the acquisition of Taor, Tethyan, will own or hold an option over around 300 square kilometres in this mining district.

The LOI gives Tethyan to negotiate, on an exclusive basis, a definitive share purchase agreement that would see the company issue 7mln Tethyan shares to Taor's current owner, Dr Radomir Vukcevic, plus €125,000 in cash on closing of the transaction; pay €125,000 in cash to Dr Vukcevic within three months of closing of the transaction; and issue 5mln Tethyan shares Dr Vukcevic on the 12-month anniversary of closing of the transaction.

All Tethyan shares issued pursuant to the transaction will be subject to a statutory hold period of four months and one day.

In addition, the two tranches of ordinary shares of Tethyan to be issued will be subject to a contractual lock-up period of twelve months following their issue to Dr Vukcevic, during which time these shares may not be transferred.

The closing of the transaction is subject to various conditions, including the completion by Tethyan of satisfactory due diligence, and the approval of the transaction by Tethyan's board of directors and shareholders and the TSX Venture Exchange.

If the deal goes through, Tethyan intends to appoint Dr Vukcevic as a director of the company and engage him as a consultant with the responsibility for overseeing the technical development of Tethyan's exploration projects.

Dr Vukcevic has agreed to provide Tethyan with a first right of refusal to acquire all mineral and mining opportunities which are or become known to him within Serbia, Bulgaria, Kosovo, Macedonia, Albania and Romania.  

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Wed, 14 Feb 2018 14:41:00 -0500 https://www.proactiveinvestors.com/companies/news/191667/tethyan-resources-surges-as-it-closes-in-on-serbian-acquisition-191667.html
<![CDATA[News - Tethyan Resources surges after identifying new exploration target at Suva Ruda ]]> https://www.proactiveinvestors.com/companies/news/190191/tethyan-resources-surges-after-identifying-new-exploration-target-at-suva-ruda-190191.html Tethyan Resources PLC (CVE:TETH) has identified a new exploration target at the Suva Ruda project in Southern Serbia.

The company announced results from soil sampling and mapping at the Kremice exploration target located in the northern part of the Suva Ruda licence, which indicate the potential for gold-copper porphyry mineralisation over a large area.

Highlights included a gold-molybdenum-copper in soils anomaly at Kremice that was 1,200 metres long by up to 1,200 metres wide.

Tethyan said the soil sampling results at Kremice show many similarities to Rudnitza, in particular, a strong molybdenum anomaly that is a common characteristic of porphyry deposits.

READ Tethyan soars after “highly encouraging” geophysics results at Suva Ruda

Tethyan plans to follow-up the encouraging geochemical results and coincident zones of hydrothermal alteration with a ground magnetic survey and channel sampling of road cuts and outcrop, where possible, in order to define exploration drill targets.

"The Kremice area was initially identified through spectral analysis of ASTER satellite imagery which recognised an area of alteration minerals typically associated with porphyry style deposits,” said Fabian Baker, the president and chief executive officer of Tethyan.

“These results of our follow-up geology mapping and soil sampling are highly encouraging, indicating a high-level magmatic-hydrothermal system which bears many geochemical similarities to the Rudnitza porphyry in the south of the Suva Ruda license. The molybdenum anomalism in soils is particularly elevated and covers an area of more than one square kilometre at above 10 ppm [parts per million] with individual samples up to 97 ppm.

“We look forward to advancing this area towards a drill decision during the course of the 2018 field programme," Baker said.

Shares in Tethyan were up 6.7% at C$0.32.

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Wed, 17 Jan 2018 15:31:00 -0500 https://www.proactiveinvestors.com/companies/news/190191/tethyan-resources-surges-after-identifying-new-exploration-target-at-suva-ruda-190191.html
<![CDATA[News - Tethyan Resources to proceed with loan and convertible debenture issue ]]> https://www.proactiveinvestors.com/companies/news/189970/tethyan-resources-to-proceed-with-loan-and-convertible-debenture-issue-189970.html Director Michael Andrews has agreed to lend £350,000 (roughly C$600,000) to Tethyan Resources PLC (LON:TETH,CVE:TETH), interest free.

Southern Arc Minerals Inc (CVE:SA) has also advanced C$400,000 to Tethyan as part of a convertible debenture financing.

The debenture will bear interest annually at a rate of four percentage points above the London Interbank Offer Rate (LIBOR), and will have a maturity date of six months.

The debentures will be convertible into Tethyan shares on the same terms as the company's next equity financing, provided that Southern Arc's stake does not rise to 30% or above, as this would trigger a mandatory offer for the company.

The loan and convertible debenture are subject to the approval of the TSX Venture Exchange.

Having made alternative financing arrangements, the company will not be proceeding with its previously announced private placement.

READ Tethyan Resources poised to raise up to $3.15mln via placing

Shares in the minerals exploration company were up 3.8% in Canada following the announcement.

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Fri, 12 Jan 2018 15:16:00 -0500 https://www.proactiveinvestors.com/companies/news/189970/tethyan-resources-to-proceed-with-loan-and-convertible-debenture-issue-189970.html
<![CDATA[News - Tethyan Resources unveils management changes, including new finance chief ]]> https://www.proactiveinvestors.com/companies/news/188391/tethyan-resources-unveils-management-changes-including-new-finance-chief-188391.html Tethyan Resources PLC (CVE:TETH), the exploration group, has reported management changes, including the appointment of a new chief financial officer.

Sol Thacker has resigned as finance chief and corporate secretary and has become the controller of the company.

Vince Boon has been hired as chief financial officer with immediate effect and Eileen Au has been appointed as corporate secretary.

Accountant Boon is currently the chief financial officer at Japan Gold Corp (CVE:JG), Southern Arc Minerals Inc (CVE:SA), Canada Energy Partners Inc (CVE:CE). and TekModo Industries Inc (CVE:TEK).

Au  has served as corporate secretary to various public and private companies since 2005, mainly in the mining and resources sector.

She is currently the corporate secretary of Southern Arc Minerals Inc, Canada Energy Partners Inc and TekModo Industries Inc.

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Wed, 06 Dec 2017 13:14:00 -0500 https://www.proactiveinvestors.com/companies/news/188391/tethyan-resources-unveils-management-changes-including-new-finance-chief-188391.html
<![CDATA[News - Tethyan Resources'1:6 share consolidation to take effect from Monday ]]> https://www.proactiveinvestors.com/companies/news/187447/tethyan-resources-16-share-consolidation-to-take-effect-from-monday-187447.html Tethyan Resources PLC (LON:TETH) says its share consolidation plans have received TSX venture approval and will take effect on market open on November 20.

A special resolution was passed by shareholders on November 1 and the firm has now consolidated shares on a  one-new-for-six-old (1:6) basis.

The name of the company has not been changed.

Earlier this week, the group said it was set to raise up to $3.15mln in a private placing, consisting of up to 10.5mln shares at 30 cents each on a post-consolidated basis.

Southern Arc Minerals Inc (CVE: SA), which owns 29.9% of Tethyan, plans to invest up to $950,000 and acquire up to 3.167mln shares in the financing. It will not exceed that percentage on closing of the placing.

Closing of the placing was subject to the completion of the previously announced 1:6 share consolidation and  approval by the TSX Venture Exchange. 

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Fri, 17 Nov 2017 09:55:00 -0500 https://www.proactiveinvestors.com/companies/news/187447/tethyan-resources-16-share-consolidation-to-take-effect-from-monday-187447.html
<![CDATA[News - Tethyan Resources poised to raise up to $3.15mln via placing ]]> https://www.proactiveinvestors.com/companies/news/187259/tethyan-resources-poised-to-raise-up-to-315mln-via-placing-187259.html Tethyan Resources PLC (LON:TETH) is set to raise up to $3.15 million in a private placing, consisting of up to 10.5mln shares at 30 cents each on a post-consolidated basis.

Southern Arc Minerals Inc (CVE: SA), which owns 29.9% of Tethyan, plans to invest up to $950,000 and acquire up to 3.167mln shares in the financing. It will not exceed that percentage on closing of the placing.

The closing of the placing is subject to the completion of the previously announced 1:6 share consolidation (one new share for each existing six)  and  approval by the TSX Venture Exchange. 

The company may pay a 6% finder's fee in cash and 6% in warrants in connection with the financing. 

The net proceeds from the placing will be used to finance Tethyan's planned drilling program at the Rudnitza copper-gold porphyry prospect in early 2018 and to advance other earlier-stage prospects.

Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets. 

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Tue, 14 Nov 2017 16:02:00 -0500 https://www.proactiveinvestors.com/companies/news/187259/tethyan-resources-poised-to-raise-up-to-315mln-via-placing-187259.html
<![CDATA[News - Tethyan soars after “highly encouraging” geophysics results at Suva Ruda ]]> https://www.proactiveinvestors.com/companies/news/186684/tethyan-soars-after-highly-encouraging-geophysics-results-at-suva-ruda-186684.html Tethyan Resources PLC (LON:TETH, CVE:TETH) shares boomed late on Thursday after the metals explorer revealed “highly encouraging” geophysics results from the Rudnitza copper-gold porphyry prospect at its Suva Ruda project in Serbia.

The AIM-listed company said the results showed a “significant anomaly of coincident high chargeability and low resistivity” – a common signature of porphyry systems.

That anomaly ran from around 300 metres (m) below surface to the depth of the survey at 1,500m.

A “high chargeability anomaly” typically represents an elevated of conductive sulphide minerals, Tethyan said.

READ: Tethyan building real value at Suva Ruda Look: Take a look at the geophysics diagrams

Now that could mean there is a lot of pyrite (fool’s good) present or possibly high concentrations of copper-bearing minerals.

At roughly 400m, Tethyan said the geophysics results indicated the possibility of two porphyry centres – or a ‘double-headed porphyry’.

Slightly further down at 600m, the anomalies combined into one large anomaly which the company reckons extends 1,500m north to south and 400m east to west.

Perhaps most encouragingly of all is that Tethyan is still to drill the main anomaly, with all of the holes so far having been drilled above and to the east of it.

‘Results surpassed our expectations’

“These results have surpassed our hopes and expectations for the survey,” said chief operating officer Fabian Baker.

“Although geophysical results are not conclusive evidence of mineralisation, this is a compelling exploration target as the strength and continuity of this anomaly is impressive.

“It is also very interesting to note that our drilling to date has only tested the margins of the anomaly. These results give us some clear targets for next year's drilling, which we will begin planning and permitting for right away.”

The data generated from the geophysics will be used to inform the next round of drilling, which is pencilled in for the second quarter of 2018.

Shares jumped 60% to 3p late on Thursday.

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Thu, 02 Nov 2017 15:34:00 -0400 https://www.proactiveinvestors.com/companies/news/186684/tethyan-soars-after-highly-encouraging-geophysics-results-at-suva-ruda-186684.html
<![CDATA[News - Tethyan Resources building real value at Suva Ruda copper project in Serbia ]]> https://www.proactiveinvestors.com/companies/news/185351/tethyan-resources-building-real-value-at-suva-ruda-copper-project-in-serbia-185351.html Tethyan Resources PLC (LON:TETH)(CVE:TETH) holds an option over the Suva Ruda copper project in Serbia, under the terms of which it can take 100% ownership via a €6 mln payment that can be made at any time with in an eight year period.

WATCH: Tethyan Resources building a strong pipeline of projects

Along the way, Tethyan will have to meet certain exploration and payment milestones, but at the moment there doesn’t look to be any difficulty about that.

Suva Ruda setting is highly prospective

In fact, Tethyan has set about its exploration activities at Suva  Ruda with gusto, because it’s already caught a whiff of success.

Suva Rudia covers an 87 square kilometre area and lies approximately 240 kilometres south of Belgrade. Projects on the same mineralised belt, the Vardar Metallogenic, include Dundee’s Tulare porphyry and Eldorado’s Skouries porphyry.

On the whole, however, exploration in Serbia has been hindered by a complicated political context that’s only now beginning to recede in importance.

Previous drilling confirmed potential

Back in 2004, when the previous mining boom was just getting underway US major Phelps Dodge stuck a few holes into the Rudnitza porphyry stock over an area of 1.2 kilometres by 800 metres. Not all holes hit, but among the better ones that did was an intercept of 144 metres at 0.4% copper, 0.4 grams per tonne gold that ended in mineralisation.

With Tethyan in charge, more mineralisation is being revealed

The latest drilling at Rudnitz undertaken by Tethyan has delivered 460 metres at 0.21% copper and 0.2 grams gold from surface, including 1.04% copper and 0.2 grams gold from 92 metres, and 260 metres at 0.22% copper and 0.2 grams gold from six metres, including 12 metres at 0.78% copper and 01.3 grams gold from 116 metres.

The company has also undertaken soil sampling and mapping programmes at additional exploration targets within the wider Suva Ruda exploration permit.

Gokcanica project provides additional upside

Tethyan is also exploring on the Gokcanica project in Serbia, ground which covers 110 square kilometres in southern Seriba, five kilometres to the north of the town of Josaniska Banja.

This area has been explored before, amongst others by Euromax Resources, and among the better intercepts reported in work conducted during the previous decade was 12.4 metres at 1.5% copper, 1.4% lead, 0.8% zinc, 63 grams per tonne silver and 1.6 grams gold.

More recent work has located arsenopyrite bodies and pyrite-rich veins, which Tethyan plans to investigate further to see if there’s potential for a high-grade gold target.

Geophysics now complete on both projects

Geophysical work at Rudnitza and Gokcanica has now been completed. In a recent press release the company referred to the Rudnitza mineralisation as “very extensive”

Canadian listing now the focus

Subject to shareholder approval, the company’s shares will cease to trade on Aim shortly, and the new Venture Exchange listing will become the primary way to trade. The shares spike in early 2017, but subsequently weakened in London on low volumes. It will be interesting to see how they trade in Canada.  

 

 

 

 

 

 

 

 

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Tue, 10 Oct 2017 13:55:00 -0400 https://www.proactiveinvestors.com/companies/news/185351/tethyan-resources-building-real-value-at-suva-ruda-copper-project-in-serbia-185351.html
<![CDATA[Media files - Tethyan Resources PLC welcomes Southern Arc on board as strategic cornerstone investor ]]> https://www.proactiveinvestors.com/companies/stocktube/6426/tethyan-resources-plc-welcomes-southern-arc-on-board-as-strategic-cornerstone-investor-6426.html Mon, 21 Nov 2016 12:31:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/6426/tethyan-resources-plc-welcomes-southern-arc-on-board-as-strategic-cornerstone-investor-6426.html <![CDATA[News - Aurasian Minerals bids farewell to Manus Island; Wamum sale goes through ]]> https://www.proactiveinvestors.com/companies/news/67059/aurasian-minerals-bids-farewell-to-manus-island-wamum-sale-goes-through-78232.html South East Asia focused Aurasian Minerals (LON:AUM) has relinquished the Manus Island project in Papua New Guinea but revealed the sale of its stake in Wamum project is going through.

After joint venture manager Newcrest withdrew from Manus, the firm sought an investor to purchase or earn in to the project but only one pursued discussions to an advanced stage, but they have decided not to proceed.

One of the conditions of the US$750,000 sale deal of the 12.14% interest in Wamum was that a Barrick Gold subsidiary completed negotiations for selling its 87.86% interest to the same party, which has now been achieved.

However, Aureus said it will take some months before all further conditions are met and Aurasian receives the money.

Aurasian chairman Tony Shearer said today: "It is obviously disappointing that we have been unable to continue the project at Manus Island.

"However, I am delighted that we have finally signed the Wamum agreement. It will take some months for the necessary approvals to be obtained from the PNG authorities and for the cash to be paid. When it arrives, it will be a useful contribution to the company's coffers as the new management team seeks additional opportunities in South-East Asia."

Now, AuM's only remaining interest in Papua New Guinea will be its 3% net smelter royalty from the Morobe project and a contractual 10% undilutable carried interest in its former Vietnamese project at Pu Sam Cap, through to the start of commercial production.

Shares were unchanged at 0.3p.

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Fri, 13 Mar 2015 08:57:00 -0400 https://www.proactiveinvestors.com/companies/news/67059/aurasian-minerals-bids-farewell-to-manus-island-wamum-sale-goes-through-78232.html
<![CDATA[News - Aurasian Minerals turns to Newmont Mining veteran ]]> https://www.proactiveinvestors.com/companies/news/66826/aurasian-minerals-turns-to-newmont-mining-veteran-77962.html Aurasian Minerals (LON:AUM) has revealed details of the changes to the board flagged on 12 January.

Bruce Kay, vice-president of exploration at Aurasian, will join the board as non-executive chairman, taking over from Tony Shearer, who has previously indicated that he wanted to step down now that the company is moving into an exploration stage.

"He [Kay] knows the company well and his excellent knowledge of, and achievements in, geology and mining, as well as his industry contacts, are well-known; they are what Aurasian needs at this this stage of its development," Shearer said.

Kay was formerly head of worldwide exploration at Newmont Mining, the company that has granted Aurasian (formerly known as Triple Plate Junction) access to its south-east Asia exploration database.

Tim Coughlin, founder of Lydian International and currently chief executive of Tigris Resources, will be joining the board as a non-executive director, replacing Patrick Gorman, who has resigned.

"Tim's background and achievements in exploration geology will be of great benefit to the company as it moves forward," predicted Shearer.

Chris Goss and Simon Bullock will remain on the board as non-executive directors.

The value of the company shot up by more than a quarter on the announcement, with the shares trading at 0.27p in mid-morning, up 0.055p on the day.

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Thu, 05 Mar 2015 10:37:00 -0500 https://www.proactiveinvestors.com/companies/news/66826/aurasian-minerals-turns-to-newmont-mining-veteran-77962.html
<![CDATA[News - Aurasian Minerals gets clear run at Myanmar licences ]]> https://www.proactiveinvestors.com/companies/news/65182/aurasian-minerals-gets-clear-run-at-myanmar-licences-76112.html Aurasian Minerals (LON:AUM) has been granted temporary exclusivity over three licence applications in Myanmar.

The explorer submitted the applications in December for copper, gold and silver.

It has now received confirmation they have been registered and that no other company can lodge an application that overlaps the areas they cover.

“For the moment our applications are regarded as ‘pending’ due to the current security situation in the relevant areas,” it said.

When the areas have been given security clearance, the authorities will process Aurasia’s applications leaving out the jade and gem mining concessions that currently exist over the areas.

Talks have started over other potential licences in Myanmar, it said, while it is mulling whether to apply for licences in Lao PDR after a team visited the country in December.

On the legacy assets from the company’s previous incarnation as Triple Plate Junction, an agreement on the disposal of its interest in Wamum, Papua New Guinea, is hoped for in the near future.

Discussions over the sale of one of the properties at Manus Island are described as “quite advanced”.

Chairman Tony Shearer, meanwhile, is to step down and Aurasian said it will look at whether other changes should be made to the composition and structure of the board and the management team.

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Mon, 12 Jan 2015 08:41:00 -0500 https://www.proactiveinvestors.com/companies/news/65182/aurasian-minerals-gets-clear-run-at-myanmar-licences-76112.html
<![CDATA[News - Aurasian Minerals applies for licences in Myanmar ]]> https://www.proactiveinvestors.com/companies/news/64090/aurasian-minerals-applies-for-licences-in-myanmar-74884.html Aurasian Minerals (LON:AUM) has submitted application for three exploration licences in Myanmar and is looking at possible opportunities in Lao.

The gold explorer, formerly known as Triple Plate Junction, has exclusive access to Newmont Mining’s exploration database for South East Asia.

Tony Shearer, Aurasian’s chairman, said it had identified encouraging targets in both Myanmar and Lao.

After visiting Myanmar on a number of occasions, he said the company submitted its applications last week with detailed discussions now underway with the Myanmar mining authorities.

Shearer added the company’s team will also be visiting Lao this month to explore the feasibility of submitting applications there.

If that visit goes well, the aim is to carry out field inspections of targets after the New Year and be in a position to submit licence applications.

Shearer cautioned that because mining regulations and taxes in both these countries are in the early stages of being developed “there could easily be delays outside our control.“

“As it continues to be likely that time will elapse before we can start to develop these projects, we are also looking at other countries in South-East Asia to see if we can obtain, on favourable terms, an interest in an advanced project,” he added.

This won’t be in Cambodia, though, as the company’s plans there have gone on hold.

Elsewhere, Aurasian is still waiting for the funds following its sale of its stake in the Warum project, while it is still hopeful of a sale of its Manus Island interest.

Losses in the half year to September were £208,000, while the company had cash of £908,000 at the period end. 

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Mon, 01 Dec 2014 09:07:00 -0500 https://www.proactiveinvestors.com/companies/news/64090/aurasian-minerals-applies-for-licences-in-myanmar-74884.html
<![CDATA[News - Aurasian Minerals encouraged by early work on Newmont data ]]> https://www.proactiveinvestors.com/companies/news/61776/aurasian-minerals-encouraged-by-early-work-on-newmont-data-72270.html Aurasian Minerals (LON:AUM) has identified a number of promising areas from its early work on Newmont Mining’s South East Asia database.

The group, the former Triple Plate Junction, was granted access to Newmont’s exploration information in March.

It has now integrated this with other regional exploration sources of information.

“Our team members have undertaken a technical review of the data, and we have completed an initial visit to the region. We are very pleased to report that a number of promising areas have been identified.”

More detailed target assessments are now underway in Myanmar, Cambodia and Lao PDR with the objective of, in due course, making field inspections and licence applications.

Tony Shearer, chairman, said: “The new South-East Asian exploration programme is very encouraging.

“We are very excited about the mineral prospectivity, and we intend to maintain our patient, methodical approach as we seek to establish the company in the region.”

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Tue, 16 Sep 2014 09:11:00 -0400 https://www.proactiveinvestors.com/companies/news/61776/aurasian-minerals-encouraged-by-early-work-on-newmont-data-72270.html
<![CDATA[News - Aurasian Minerals happy to play the long game ]]> https://www.proactiveinvestors.com/companies/news/60740/aurasian-minerals-happy-to-play-the-long-game-71167.html Formed from the bones of the Papua New Guinea gold explorer Triple Plate Junction, Aurasian Minerals’ (LON:AUM) edge now is exclusive access to Newmont Mining’s play book for South East Asia.

A major plus is that the author of much of that work and one of Newmont’s former senior geologists, Bruce Kay, has joined Aurasian in a similar role to find “one more giant ore body”.

Tony Shearer, chairman, is optimistic but cautions it will be a slow and steady development process.

The company is navigating some tricky political waters, he says, and must move cautiously.

The main focus is three countries, Myanmar, Cambodia and Laos, which are still very new to the modern mining environment.

Myanmar will be the main target but the former Burma has barely emerged from being a closed country. Laos, meanwhile, has a moratorium on exploration.

How it steers around these and other issues pose the greatest challenges for the company, Shearer believes.

“It is real pioneer work. The targets are straightforward but getting title to them with the right benefit for us is the challenge,” he says.

“The question is can we get into these countries in a way that we have security over tenements and in a way that we know what lies ahead in the way of tax and royalties?”

There has been some exploration already but Aurasian is coy about revealing details until it has some of these ownership issues resolved.

“What we’ve done so far has been reasonably quick, but we haven’t come out publicly with the result of our exploration because that would just tell everyone what our targets are.”

It means investors must put a lot of faith in the reputation and experience of Aurasian’s new management, although the collective CV does much to reassure.

Bruce Kay was the former head of global exploration for Normandy before Newmont bought it.

Jon Loraine was Normandy’s international MD while chief geologist Paddy Waters was senior geologist at BP Minerals after spells at Normandy and Anglo American.

Shearer himself hails from finance house Singer & Friedlander, while Chris Goss, one of Aurasian’s non-executive directors, has a long history in the area through work for World Bank’s investment arm, the IFC.

It’s a powerful looking forward line, but even so Shearer admits Aurasian is a high-risk counter.

A patient, methodical strategy to ensure all of the 'I's are dotted and 'T's crossed also means Aurasian is not going to be a high news flow story – at least not in the early days.

Investors will need to be patient, he says.

Cash holdings currently are about £1mln, with potentially another US$0.75mln to come once an exit from Wamum in PNG is settled. Against that are US$450,000 of exploration commitments this year.

Bolstering the balance sheet though is the presence of Newmont. The US gold mining titan has around a 25% stake and is very supportive, according to Shearer.

Newmont was not looking to spend much itself on greenfield exploration, he says, so it made sense to give its data to Aurasian and introduce the company to Kay to see what they could get out of the database.

Shearer is confident a substantial amount can be gleaned, but it will take time and patience.

For those prepared for that, the rewards could be significant especially as at the current 0.4p share price, the market value is a paltry £1.5mln.

Bruce Kay, because of his reputation and experience, has all of the important contacts and also knows what work has been carried out by companies other than Newmont, says Shearer.

“So not only do we have the database, we have assembled what we think is all the relevant data that has existed.”

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Mon, 11 Aug 2014 10:53:00 -0400 https://www.proactiveinvestors.com/companies/news/60740/aurasian-minerals-happy-to-play-the-long-game-71167.html
<![CDATA[Media files - Aurasian Minerals chairman confident of securing licences ]]> https://www.proactiveinvestors.com/companies/stocktube/2593/aurasian-minerals-chairman-confident-of-securing-licences-2963.html Mon, 28 Jul 2014 12:10:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/2593/aurasian-minerals-chairman-confident-of-securing-licences-2963.html <![CDATA[News - Aurasian Minerals upbeat over new strategy ]]> https://www.proactiveinvestors.com/companies/news/59764/aurasian-minerals-upbeat-over-new-strategy-70142.html Aurasian Minerals’ (LON:AUM) new strategy is high risk but offers a very real opportunity, its chairman said today.

The former Triple Plate Junction has agreed access to Newmont’s exploration database and proprietary geochemical analysis in South-East Asia for two years and will use this to focus on targets in Myanmar, Cambodia, Lao PDR, Indonesia and Malaysia.

A new management team of Bruce Kay, Jon Loriane and Paddy Water, all of whom have held senior managerial positions at Normandy, Newmont and Anglo American, has also taken over.

Aurasian said it is committed to spend up to US$450,000 this year on work in Cambodia, Lao PDR and Myanmar.

Tony Shearer, chairman, added: “The new South-East Asian project gives us a very real opportunity. It will not be easy and, in common with all exploration projects, it contains a high degree of risk.

“This is particularly so as we are looking to work in countries in South-East Asia that, whilst they have very promising geology, do not have much current experience of exploration; as a result their mining laws and procedures are untested.”

Aurasian posted a loss of £821,000 (£4.83mln) in the year to March and finished the year with £1mln in cash.

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Mon, 07 Jul 2014 09:54:00 -0400 https://www.proactiveinvestors.com/companies/news/59764/aurasian-minerals-upbeat-over-new-strategy-70142.html
<![CDATA[News - Aurasian Minerals mulls options at Manus Island after Newcrest withdraws ]]> https://www.proactiveinvestors.com/companies/news/59216/aurasian-minerals-mulls-options-at-manus-island-after-newcrest-withdraws-69564.html Aurasian Minerals (LON:AUM) has received notice from Newcrest  that it is pulling out of the  Manus Island joint venture in Papua New Guinea from next month.

The effects of this decision, the transfer of the tenements, and the mechanics of the closure will be discussed at the joint venture meeting July.

Aurasian, which recently changed its name from Triple Plate Junction, will now consider what options, if any, exist for these tenements.

The accounts to March 2014 will carry a £500,000 provision against the carrying value of its investment due to the uncertainty. Aurasian had a 10.38% contributing interest in the prospect.

In March, it was granted access gold mining major Newmont's exploration database covering Myanmar, Laos, Malaysia, Indonesia and Cambodia and brought in an experienced technical team of ex-Newmont personnel to assess its potential.

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Wed, 18 Jun 2014 09:48:00 -0400 https://www.proactiveinvestors.com/companies/news/59216/aurasian-minerals-mulls-options-at-manus-island-after-newcrest-withdraws-69564.html
<![CDATA[News - Triple Plate Junction calls in Newmont Mining veterans ]]> https://www.proactiveinvestors.com/companies/news/57394/triple-plate-junction-calls-in-newmont-mining-veterans-67627.html Triple Plate Junction (LON:TPJ) has called in a brains trust to help it analyse the proprietary database it acquired from Newmont Mining.

When it announced in March it had been granted access to gold mining major Newmont's exploration database covering Myanmar, Laos, Malaysia, Indonesia and Cambodia, it said it was in discussion with an experienced exploration team to enable it to take advantage of this opportunity, and it turns out that not only is the exploration team experienced, it also has inside knowledge of the Newmont database.

The team comprises three key technical and corporate personnel who were involved in the successful exploration programmes of Normandy Mining, which Newmont acquired in 2002.

Bruce Kay (former head of Global Exploration for Normandy and Newmont), Jon Loraine (former managing director, International for Normandy and executive general manager Exploration and Development for MIM Holdings) and Paddy Waters (former senior geologist at BP Minerals, Australian Consolidated Minerals, Normandy Mining and Anglo American) have all been involved in successful exploration programmes worldwide.

The expectation is that all three will be offered positions on the Triple Plate Junction (TPJ) board once the company has completed an initial programme of work generated by analysis of the technical data.

The plan is for an option pool of just under 70mln shares, representing one-fifth of TPJ’s current share capital, to be made available to the trio should they join the board, with the options being exercisable at 0.625p.

The group has called for a general meeting to ratify a proposed sub-division of the shares, which currently have a nominal value of 1p each, into one ordinary share of 0.1p and nine deferred shares of 0.9p; stock exchange rules prevent a company from issuing shares below their nominal value, so this sub-division would be required for the issue of shares to Kay, Loraine and Waters should they choose to exercise their options.

At the meeting, shareholders will also get to vote on the new share option scheme plus various changes to the company’s articles of association arising from the proposed sub-division.

The company also intends to change its name to Aurasian Minerals, and its ticker symbol to AUM.

Shares in Triple Plate Junction rose 6.7% to 0.4p as investors welcomed another step in the company’s reinvigoration.

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Mon, 14 Apr 2014 10:30:00 -0400 https://www.proactiveinvestors.com/companies/news/57394/triple-plate-junction-calls-in-newmont-mining-veterans-67627.html
<![CDATA[News - Triple Plate Junction receives payment for Crater Mountain stake sale ]]> https://www.proactiveinvestors.com/companies/news/57118/triple-plate-junction-receives-payment-for-crater-mountain-stake-sale-67334.html Triple Plate Junction (LON:TPJ) said it had received the payment for the disposal of its 8% stake in the Crater Mountain project in Papua New Guinea.

As previously reported, the firm had fulfilled the conditions required for the release of the A$200,000 (£106,000) payment and has now received it.

In April it agreed to sell the interest to the operator Gold Anomaly (GOA)  for a cash payment of $200,000.

The payment was to be be placed in escrow by GOA, pending the formal transfer of the interest and its approval by the Government of Papua New Guinea.


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Thu, 03 Apr 2014 16:40:00 -0400 https://www.proactiveinvestors.com/companies/news/57118/triple-plate-junction-receives-payment-for-crater-mountain-stake-sale-67334.html
<![CDATA[News - Triple Plate Junction gets access to Newmont's SE Asia database ]]> https://www.proactiveinvestors.com/companies/news/56464/triple-plate-junction-gets-access-to-newmonts-se-asia-database-66644.html Triple Plate Junction (LON:TPJ) has been granted access to gold mining major Newmont's exploration database covering Myanmar, Laos, Malaysia, Indonesia and Cambodia. 

The licence agreement is for an initial term of two years and may be extended.

TPJ has also negotiated use of Newmont's proprietary Bulk Leach Extractable Gold (BLEG) technology and a limited number of TPJ's BLEG samples will be processed at the US giant's laboratory in Perth, Western Australia.

In consideration, TPJ will pay reasonable processing costs for the BLEG samples and Newmont a 1% net smelter royalty over any property with a one million ounce or greater resource that is discovered through use of the database or BLEG samples. 

Tony Shearer, TPJ’s chairman, said: "Access to Newmont's South-East Asia database represents an excellent opportunity for TPJ to conduct exploration analysis at a fraction of the cost that would otherwise be associated with such a task. We are grateful for Newmont's continued support.”

“We are in the process of negotiating with an experienced exploration team to help us take advantage of this opportunity.”


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Thu, 13 Mar 2014 10:02:00 -0400 https://www.proactiveinvestors.com/companies/news/56464/triple-plate-junction-gets-access-to-newmonts-se-asia-database-66644.html
<![CDATA[News - Triple Plate sells Papua New Guinea licence ]]> https://www.proactiveinvestors.com/companies/news/56156/triple-plate-sells-papua-new-guinea-licence-66306.html Triple Plate Junction (LON:TPJ) has disposed of another of its licences in Papua New Guinea, with the transfer of  exploration licence EL 1365 to Niuminco Group.

The consdieration is a Net Smelter Royalty of 3% on any production from the 143 sq km tenement. 

Separately, Triple Plate said it had also now fulfilled the conditions for the sale of its 8% stake in the Crater Mountain project in PNG and it had requested Crater Gold Mining to release A$200,000 (£106,000) held in escrow.

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Mon, 03 Mar 2014 09:49:00 -0500 https://www.proactiveinvestors.com/companies/news/56156/triple-plate-sells-papua-new-guinea-licence-66306.html
<![CDATA[News - Triple Plate Junction shares edge higher as Gorman rejoins board ]]> https://www.proactiveinvestors.com/companies/news/55029/triple-plate-junction-shares-edge-higher-as-gorman-rejoins-board-65091.html Shares in Triple Plate Junction (LON:TPJ) edged higher as it announced experienced mining engineer Patrick Gorman will rejoin the board from next month (Feb).

He steps up from the position of chairman on the firm's advisory board, where he will be replaced by Dave Royle.

On Wednesday, the company also updated on projects.

The group's chairman Tony Shearer told investors the board will now consist of  Gorman, Chris Goss and Shearer, with the advisory board comprising Dave Royle (chairman), Bill Howell and John Catchpole.

"We remain committed to finding new opportunities for the company and creating value for our shareholders. We will update shareholders as soon as practically possible, and when we are able to do so," he said.

At the Pu Sam Cap project in Vietnam, assays are awaited, which, if sufficiently encouraging, should provide the vectors to identify some deep drill holes, the company said.

At Manus Island in Papua New Guinea, TPJ's partner, Newcrest, is assessing potential targets and is expected to decide on a possible drilling programme during the first half of this year.

As reported last year, the firm accepted US$750,000 cash for its 12.14% stake in the Wamum project in Papua New Guinea.

The sale depends on partner Barrick completing its negotiations for a joint venture involving its 87.86% holding and negotiations are progressing, though slowly, the firm said.

Triple Plate  is actively pursuing new ventures, including one copper project in Ethiopia, a gold project in Australia, an Antimony Project in Australia, and two oil and gas projects in the United States, as well as the opportunity to do further exploration in South-East Asia, it added.

"Whilst progress has been made, due to confidentiality restrictions, the board is not yet in a position to announce any details, and which, if any, of these projects it expects will come to fruition."

Shares added 2.66% to stand at  0.36p.

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Wed, 22 Jan 2014 13:04:00 -0500 https://www.proactiveinvestors.com/companies/news/55029/triple-plate-junction-shares-edge-higher-as-gorman-rejoins-board-65091.html
<![CDATA[News - Triple Plate Junction shares lifted; remains committed to finding new opportunities ]]> https://www.proactiveinvestors.com/companies/news/53685/triple-plate-junction-shares-lifted-remains-committed-to-finding-new-opportunities--63671.html Triple Plate Junction (LON:TPJ) shares advanced in early deals as it confirmed it remained committed to finding new opportunities to develop the company.

In the six months to end September, it spent £52,000 looking at possibilities.

"None of these has yet come to a successful conclusion and the project that we have spent the most time on fell away in September due to some significant due diligence issues that we uncovered in our target," the mining firm said, releasing half year numbers.

Triple Plate has a stake in a project in Vietnam and in four joint ventures in Papua New Guinea.

Among them is Manus Island in Papua New Guinea, where Newcrest, with which the firm has a joint venture, is currently assessing potential drill targets, the company said.

For the six months to September 30, the firm posted a loss before tax of £234,000 compared to a pre-tax loss of £320,000 in 2012.

Triple Plate ended the period with £1.15mln in cash compared to £1.7mln in 2012.

Shares are up 8.06% to 0.335p.

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Thu, 28 Nov 2013 08:48:00 -0500 https://www.proactiveinvestors.com/companies/news/53685/triple-plate-junction-shares-lifted-remains-committed-to-finding-new-opportunities--63671.html
<![CDATA[News - Triple Plate Junction set for more work at Manus Island JV ]]> https://www.proactiveinvestors.com/companies/news/50243/triple-plate-junction-set-for-more-work-at-manus-island-jv-59807.html Triple Plate Junction (LON:TPJ) says further exploration work is to be carried out on the Manus Island exploration joint venture with Newcrest Mining.

"Newcrest, TPJ and the partners are encouraged by the geological prospectivity in the Manus Island licences and have decided to carry out further surface and geophysical work on the exploration prospects for up to the next twelve months in order to prioritise and understand better the exploration targets for potential follow up drilling in the future," it said in a brief stock exchange statement.

The company has a 10.38% contributing interest in the venture.

Manus consists of licences covering 674 square kilometres; the island lies to the north of the Papua New Guinea mainland and to the west of a chain of islands hosting a number of gold and copper deposits.

These licences include a massive epithermal gold deposit on Lihir Island and Panguna’s major porphyry copper-gold deposit on Bougainville Island.

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Wed, 07 Aug 2013 10:40:00 -0400 https://www.proactiveinvestors.com/companies/news/50243/triple-plate-junction-set-for-more-work-at-manus-island-jv-59807.html
<![CDATA[News - Triple Plate Junction looking for new projects ]]> https://www.proactiveinvestors.com/companies/news/49905/triple-plate-junction-looking-for-new-projects-59420.html After a disappointing year last year Triple Plate Junction (LON:TPJ) is on the look-out for new projects, but nothing yet has taken its fancy.

Chairman Tony Shearer admitted that none of its joint ventures in the year to 31 March 2013 worked out as well as it hoped, despite a good deal of money and expertise being spent on them.

Triple Plate Junction (TPJ) has been cutting back on its operations and conserving cash after its major gold mining partners scaled backed operations in Papua New Guinea.

The company is hoping for better luck with its next lot of ventures, though it has yet to determine what those ventures might be. One option under consideration is to explore parts of the Papua New Guinean projects that Barrick, Newcrest or Newmont do not want to pursue. However, the board is aware that the costs of operating in Papua New Guinea may be too high for TPJ to fund on its own.

An alternative option is for the group to pursue gold exploration opportunities in other parts of the world where TPJ executives have considerable expertise.

“No opportunity has yet crystallised that the board believes represents an acceptable balance of the upside with the risk and dilution for shareholders, but it continues to consider a number of opportunities,” Shearer said.

Cash currently stands at around £1.2mln, while total liabilities stand at £50,000. On balance the board considers that the group has adequate financial resources to see it through to the end of calendar year 2014.

In common with many early stage explorers, TPJ has no revenue other than finance income. In the year to 31 March 2013, loss before tax was £4.82mln, versus a loss the year before of £4.44mln.

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Fri, 26 Jul 2013 07:54:00 -0400 https://www.proactiveinvestors.com/companies/news/49905/triple-plate-junction-looking-for-new-projects-59420.html
<![CDATA[News - Triple Plate Junction agrees sale of Wamum stake ]]> https://www.proactiveinvestors.com/companies/news/47935/triple-plate-junction-agrees-sale-of-wamum-stake-57122.html  

Gold explorer Triple Plate Junction (LON:TPJ) has accepted US$750,000 cash for its holding in the Wamum project in Papua New Guinea.

TPJ has a 12% stake in the project and said the sale depends on partner Barrick completing its negotiations for a joint venture involving its 88% holding.

TPJ has been cutting back on its operations and conserving cash after its major gold mining partners scaled backed operations in Papua New Guinea.

Earlier this year, it sold its stake in Crater Mountain, while the Morobe licence will now be relinquished after partner Newmont pulled any further funding and could not find a buyer for its stake.

Newcrest, meanwhile, will tell TPJ what its exploration plans are for Manus Island this month.

Elsewhere, TPJ has a 10% interest in an early stage exploration in Vietnam where field work has shown a potential new drill target that has the potential to contain higher alkalic porphyry copper grades.

The company said it is also looking at exploring acreage in Papua New Guinea that Barrick, Newcrest or Newmont are not following up, but the costs of operating in the country are too high in its own, it said.

TPJ is also looking at other parts of the world where the board have experience, but no opportunity has yet given the right balance between risk and dilution for shareholders.

Net cash currently stands at £1.2mln.

 

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Tue, 21 May 2013 08:13:00 -0400 https://www.proactiveinvestors.com/companies/news/47935/triple-plate-junction-agrees-sale-of-wamum-stake-57122.html
<![CDATA[News - Triple Plate Junction sells off Crater Mountain stake ]]> https://www.proactiveinvestors.com/companies/news/46837/triple-plate-junction-sells-off-crater-mountain-stake-55862.html Triple Plate Junction (LON:TPJ), the exploration company focused on South East Asia, is to sell its 8% interest in the Crater Mountain joint venture to the operator, Gold Anomaly.

Gold Anomaly is paying US$200,000 in cash for the pre-revenue gold exploration project in Papua New Guinea.

Triple Plate (TPJ) will use the cash to fund its current operations.

The disposal will leave TPJ with three gold exploration projects in Papua New Guinea, namely: Morobe, Manus Island and Wamum.

It also has a 10% interest in the Pu Sam Cap project in Vietnam.

The company said it remains open to new opportunities as they arise.

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Tue, 16 Apr 2013 10:20:00 -0400 https://www.proactiveinvestors.com/companies/news/46837/triple-plate-junction-sells-off-crater-mountain-stake-55862.html
<![CDATA[News - Triple Plate Junction reveals Arie porphyry drill results ]]> https://www.proactiveinvestors.com/companies/news/44905/triple-plate-junction-reveals-arie-porphyry-drill-results-53582.html  

 

Triple Plate Junction (LON:TPJ) today revealed the findings of exploration drilling on the Arie porphyry copper-gold prospect on Manus Island, Papua New Guinea.

The drilling returned low-grade but extensive copper-gold mineralization, the company said. The results also included ‘including narrow significant copper values of 1-2%’.

TPJ also said, however, that it would not contribute its pro-rata joint venture (JV) costs for the period ending September 2012, and as a result its stake in the project will be diluted down to 11.73% from 15.2%.

Another cash call from the JV partner, Newcrest Mining, is expected for the period ending December 31 2012.

The results disclosed today came from three drill holes. The first AD0001 was drilled to a depth of 528 metres and it intersected 518 metres of mineralisation grading 0.16% copper and 0.06 grams per tonne (g/t) gold.

Meanwhile, AD0002 was drilled to 405 metres and it hit 357 metres of mineralisation with copper grades of 0.23% and 0.07 g/t gold. AD0003 was drilled to 481 metres encountering 422 metres at 0.24% copper and 0.04 g/t gold.

The company also said that mapping work on the Mt Dremsel Range has been completed and a review of the geochemistry will be undertaken.

 

 

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Tue, 12 Feb 2013 08:35:00 -0500 https://www.proactiveinvestors.com/companies/news/44905/triple-plate-junction-reveals-arie-porphyry-drill-results-53582.html
<![CDATA[News - Triple Plate Junction reviews Morobe plans as Newmont stops its search ]]> https://www.proactiveinvestors.com/companies/news/44315/triple-plate-junction-reviews-morobe-plans-as-newmont-stops-its-search-52866.html Triple Plate Junction (LON:TPJ) says it is carrying out a review of the prospects within the Morobe joint venture acreage.

This comes as partner Newmont has decided to stop its search to find bulk tonnage - minimum of 5mln ounces - gold-copper porphyry systems in the area and last month decided not to spend any money on the project.

AIM quoted TPJ says Newmont is in the process of exploring its options in consultation with the company.

TPJ is also now reviewing its own plans and reviewing the ‘very significant’ amount of data, gathered by both TPJ and Newmont, to assess whether there are areas within the acreage that would be suitable for further exploration by TPJ.

This is focusing on areas where high grades were encountered, but, the prospects were disregarded by Newmont as being too small to be bulk tonnage targets. Such prospects could be of ‘great interest’ to TPJ, the company said.

A report on this assessment is expected by the end of next month.

The company also said it is talking with Barrick Gold about its future intentions for the Wamum joint venture acreage, where it says exploration work has been very limited over the past two years.

Meanwhile TPJ also said that results from Newcrest Mining’s drilling on the Arie prospects have been due for a month.

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Fri, 25 Jan 2013 07:28:00 -0500 https://www.proactiveinvestors.com/companies/news/44315/triple-plate-junction-reviews-morobe-plans-as-newmont-stops-its-search-52866.html
<![CDATA[News - Triple Plate Junction chief McGee to step down ]]> https://www.proactiveinvestors.com/companies/news/43292/triple-plate-junction-chief-mcgee-to-step-down-51652.html  

Triple Plate Junction (LON:TPJ) chief executive Fraser McGee is to leave the company at the end of February.

This comes as the company looks to new opportunities following the divestment of its Vietnam assets, which leaves it with non-operated stakes in gold exploration projects in Papua New Guinea.

“The group needs a new geological focus and lower fixed cost base to manage these activities," chairman Tony Shearer said.

Meanwhile McGee said: “Despite disappointing exploration results from our various projects the company has funds to continue its business and begin a new chapter.

“I thank my colleagues at TPJ for their hard and valued work and I wish them and our shareholders every success in the future."

 

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Tue, 18 Dec 2012 08:15:00 -0500 https://www.proactiveinvestors.com/companies/news/43292/triple-plate-junction-chief-mcgee-to-step-down-51652.html
<![CDATA[News - Triple Plate Junction sells Vietnam assets ]]> https://www.proactiveinvestors.com/companies/news/43073/triple-plate-junction-sells-vietnam-assets-51404.html  

Triple Plate Junction (LON:TPJ) has sold its gold assets in Vietnam to Bill Howell after the exploration director exercised his option to buy its subsidiary Triple Plate Junction Limited for £1.

Triple Plate Junction Limited holds a 70% interest in the joint venture project under a mineral exploration licence covering an area of 27 square kilometres at Pu Sam Cap, Lai Chau Province.

“We continue with our strategy to focus on Papua New Guinea and wish Bill all the best with the future development of the project at Pu Sam Cap,” said chief executive Fraser McGee.

“We will continue to work closely with Bill as our experienced Exploration Director.”

Earlier this year, Triple Plate announced it would look for a partner for its Vietnam interests after deciding to focus on its gold projects in Papua New Guinea.

 

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Tue, 11 Dec 2012 07:25:00 -0500 https://www.proactiveinvestors.com/companies/news/43073/triple-plate-junction-sells-vietnam-assets-51404.html
<![CDATA[News - Triple Plate Junction says Morobe not in Newmont development budget ]]> https://www.proactiveinvestors.com/companies/news/42802/triple-plate-junction-says-morobe-not-in-newmont-development-budget-51091.html  

Triple Plate Junction (LON:TPJ) said today it is considering the implications for the Morobe gold project in Papua New Guinea after partner Newmont cut its development budget for 2013.

Newmont had been spending US$1mln per month on exploration at the project with TPJ having a 25% undilutable carried interest through to the commencement of commercial production.

Newmont said it will work with TPJ to try to ensure that the next steps for the Morobe project are successful and result in its continued development, the statement today said.

As well as a partner in Morobe, Newmont is also TPJ’s largest shareholder.

Drilling was suspended at Morobe earlier in the year in order for priority targets to be accessed and assessed through programmes of mapping and sampling.

 

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Mon, 03 Dec 2012 11:05:00 -0500 https://www.proactiveinvestors.com/companies/news/42802/triple-plate-junction-says-morobe-not-in-newmont-development-budget-51091.html
<![CDATA[News - Triple Plate Junction considering variety of options ]]> https://www.proactiveinvestors.com/companies/news/42504/triple-plate-junction-considering-variety-of-options-50724.html Triple Plate Junction (LON:TPJ) is open to selling one or more of its four joint venture prospects in Papua New Guinea.

TPJ added it will not need to raise additional funds before 2014. It has also started to look for new projects, which could possibly be part of the projects in Papua New Guinea that its major partners – Barrick, Newcrest, Newmont – are no longer pursuing, thereby making Triple Plate less reliant on their drilling plans.

The gold explorer, which has minority interests at Morobe (Newmont), Manua Island (Newcrest), Wamum (Barrick) and Crater Mountain (Gold Anomaly), still expects ultimately to discover a major quantity of gold at one of the prospects, but said this process may take longer than its cash resources will last.

Tony Shearer, chairman, added that other options under consideration include a move into South-Eastern Europe where management has expertise already or a merger with another company.

The immediate strategy is to “hunker down," stretch the cash resources longer and give its joint venture partners more time to produce the exploration results that should drive the share price again, he added.

For the six months to September, TPJ posted a reduced loss of £439,000 (£811,000) and closed the period with net cash of £1.73 mln.

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Fri, 23 Nov 2012 07:52:00 -0500 https://www.proactiveinvestors.com/companies/news/42504/triple-plate-junction-considering-variety-of-options-50724.html
<![CDATA[News - Triple Plate Junction reveals Kisi-Soon Poet drill results ]]> https://www.proactiveinvestors.com/companies/news/42192/triple-plate-junction-reveals-kisi-soon-poet-drill-results-50321.html

Papua New Guinea focussed gold explorer Triple Plate Junction (LON:TPJ) today said that a drill programme at the Manus Island venture with Newcrest Mining is now complete.

It has now received the results from the remaining holes drilled on the Kisi-Soon Poet epithermal gold-silver system.

This area yielded encouraging sampling results previously – with gold grades of 5.8 and 40 grams per tonne (g/t).

However the initial phase of first pass drilling has not intersected economic grade mineralization.

The results have yet to explain the source of the surface high gold values, it said.

TPJ says a full review of the results is now underway.

The best intersections from today’s results included 4 metres of mineralisation with 0.34 g/t gold and 9.4g/t silver, and 4 metres of 0.26g/t gold and 0.3g/t silver.

Drill results from another programme at Manus Island on the Arie copper-porphyry prospect are expected before the end of this year.

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Wed, 14 Nov 2012 14:17:00 -0500 https://www.proactiveinvestors.com/companies/news/42192/triple-plate-junction-reveals-kisi-soon-poet-drill-results-50321.html
<![CDATA[News - Triple Plate Junction: A cheap option on major exploration ]]> https://www.proactiveinvestors.com/companies/news/41994/triple-plate-junction-a-cheap-option-on-major-exploration-50079.html Triple Plate Junction (LON:TPJ) has in many ways an enviable position, even though it has yet to strike the major discovery that would become its ‘flagship’ project.

It is referred to by its supporters as a ‘cheap option’ on the exploration efforts of the major mining companies.

Having staked out large prospective territories in Papua New Guinea - which already hosts a number of huge gold mines - it signed up major partners and it is now waiting to reap the rewards.

It has a stable cash position. And its tie-ups with three of the largest mining firms provide low cost exposure to world class expertise, and its exploration costs are mostly carried. 

The partnership with Newmont in particular underscores the potential scale of TPJ’s opportunity, explains chief executive Fraser McGee.

“[In Morobe] we’ve got a 25% un-dilutable carry to production. It is still Newmont’s biggest greenfield exploration play (by budget) in the world this year,” McGee told Proactive Investors.

“They have just given me the new budget, and they’re going to maintain the spending rate of around $1 million per month this year despite bringing down global greenfields exploration spend by approximately 20%.”

The drill programme was put on hold in June so that the next phase of exploration could be pursued with lower risks. And McGee is hopeful that meaningful drilling work will resume in the not too distant future.

“It is a hard enough business anyway, so we must do all that we can to make sure that future drilling is as low risk as possible.” 

 “We are hopeful the drilling will be sooner rather than later, fingers crossed the programme will start before Christmas and we could expect the initial results to be available in the first quarter of next year.”

TPJ also has partnerships with Barrick Gold and Newcrest, each of which already operate producing mines in PNG.

“We have great partners. And while it is not always easy (when it comes to timing), theoretically we’ve got access to the best, in terms of diligence work that’s done and future operations. 

“They’ve got the budgets, people and inclination to make sure the work is done correctly and efficiently.”

“And of course there is a prestige that comes from working with a major.” 

Newcrest has actively been drilling a number of targets this year. 

In recent weeks the initial results have been revealed from some of the prospects within the Manus Island venture.  

The results from the Kisi and Soon_Poet prospects could not yet be deemed a home-run by majors’ standards, but they do provide some encouragement. And a decision will be made soon on the next steps for these prospects during the first quarter of  2013.

The exploration team has now moved on to the potentially larger Arie porphyry target and results are expected before the end of the calendar year.

McGee describes Newcrest as a ‘very efficient’ partner and points to the fact that they completed their minimum spend of US$6 million early, before the deadline envisaged in the farm-in deal.

He explains that Newcrest will shortly assess the findings of the campaign to date before choosing its next course of action. 

TPJ’s free carry on the exploration costs has now expired because of the amount Newcrest has spent and as a result the AIM quoted company will now have to pay its 15.2% share of the future costs.

 “We’ll know what this really holds for our budget once the [assessment] process has been completed.

“And we’ll have to weigh up spending the cash versus dilution. I think we’ve really got to put our minds to this one.”

Elsewhere the progress has been somewhat slower with the Barrick joint venture acreage. Indeed McGee says the project has been so inert some investors may have even forgotten the partnership is still in place.

Having spent US$10 million so far without making the strike they were looking for the project has largely moved into the background, but McGee says he is keen for things to move forward and he wants to see some ‘dynamic work’ on the project.

“Of all our partners Barrick has got the greatest tunnel vision on 5 million ounces. If they can’t see that, or as near as damn it see it, then they’re not interested.

“You’ve got to ask yourself ‘what is Barrick’s global strategy at the moment?’ No doubt investors have seen parts of their huge divestiture programme, which includes some projects in PNG.

“But, they’ve got the Porgera mine there, so they’re not leaving PNG. And the issue they’ve got (when it comes to our JV acreage) is that at the nearest point it is 2km away from the main deposit at Wafi-Golpu (a 13.3 million ounce Newcrest/Harmony venture).

“You could chuck a stone at it. And they are absolutely terrified of leaving and the next person coming in and finding the prize. We hope to be able to announce new plans for the development of the project in the next few weeks.”

Speaking more broadly about TPJ’s strategy going forward McGee highlights a number of options that are open to the company.

“We are looking at our business development plans. We’ve got the potential to take ground from within our existing JV territories. These would be prospects that are too small for them but could be right up our street.

“We are looking at a couple of territories at the moment. 

“These are prospects they we’ll either pursue by ourselves or potentially with new partners that can bring cash and skills to the project.

“That’s one option. Another option, as a lot of people are doing in these testing global equity markets, is to batten down the hatches and simply wait for one of our partners to make the anticipated discoveries at our existing projects. Now, as I have said it is an option that as a board we should rightly consider.”

McGee says when he joined the company a year ago he thought TPJ shares were heavily undervalued and that has now been eroded further since then – something which he says is in part a symptom of the broader market conditions.

“We’re doing all that we can, leveraging our relationships with our partners to try and get them to do as much work as possible, and to make it more dynamic work.

“It is a simple story. It is about keeping the cash tight. 

“As well as generating newsflow ourselves by taking on potential new projects from our partners we may also look to take on new ground. There are a lot of junior exploration companies out there struggling for cash with interesting projects in the region.

“We will look at opportunities. It is what we’re paid to do - to add value.”

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Thu, 08 Nov 2012 08:50:00 -0500 https://www.proactiveinvestors.com/companies/news/41994/triple-plate-junction-a-cheap-option-on-major-exploration-50079.html
<![CDATA[News - Triple Plate Junction reveals drill results from Manus Island ]]> https://www.proactiveinvestors.com/companies/news/41305/triple-plate-junction-reveals-drill-results-from-manus-island-49256.html

Triple Plate Junction (LON:TPJ) has today revealed the first batch of drill results from recent work on the Manus Island exploration joint venture with Newcrest Mining.

Today’s results come from four of the first six drill holes in the Newcrest programme.

Meanwhile Newcrest is assessing the nearby Arie porphyry prospect. This ahead of a review, by Newcrest, into its future plans for the Manus Island campaign.

“Following the recent completion of the intended initial 6 holes the rig has now moved to the porphyry prospect at Arie and our partner, Newcrest, has been working efficiently to complete this initial programme,” said chief executive Fraser McGee.

“Newcrest is currently finishing the final of three holes (going to a combined depth of ~1,400m) at Arie and we are looking forward to receiving, reviewing and announcing the drilling results from the balance of this programme. 

“It is anticipated that Newcrest will have completed its review of both the Kisi and Arie prospects and decided upon its next steps during January 2013."

Exploration work has now delineated a broad gold and silver epithermal district, TPJ said. This area, referred to as the Kisi-Soon_Poet system, is believed to be around 4 kilometres long and up to 1 kilometre wide.

This area comprises two zones - Kisi and Soon_Poet.

Newcrest drilled two holes on the southern part Kisi zone. Assays have been received for one of them, yielding 5.8 metres at 1.2 grams per tonne (g/t) gold and 12 g/t silver. 

In the northern part of the Kisi zone three diamond holes were drilled though no significant assays were returned from the hard rock drill core. In one hole, gold from loose surface sediment contained 18 metres at 0.34 g/t. Near surface results from another hole are still awaited.

“Low sulphidation epithermal deposits are notoriously elusive and a great deal of patience and perseverance is generally required prior to success,” the company said. 

It added however that high grade sampling in the past and the more wide spread sampling by Newcrest demonstrate that the Kisi-Soon_Poet area is a significant mineralising system.

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Wed, 17 Oct 2012 12:46:00 -0400 https://www.proactiveinvestors.com/companies/news/41305/triple-plate-junction-reveals-drill-results-from-manus-island-49256.html
<![CDATA[News - Triple Plate Junction divests Vietnam assets ]]> https://www.proactiveinvestors.com/companies/news/41213/triple-plate-junction-divests-vietnam-assets-49145.html

Triple Plate Junction (LON:TPJ) has agreed an option to sell its assets in Vietnam to exploration director Bill Howell for a nominal sum and a 10% free carry through to production.

Triple Plate Junction holds a 70% interest in the joint venture project under a mineral exploration licence covering an area of 27km² at Pu Sam Cap, Lai Chau Province. 

The option agreement is conditional on Howell indemnifying TPJ for the costs of withdrawing from Vietnam and the grant of a 10% undilutable carried interest in the licence through to the point of commencement of commercial production of a mine. 

Subject to these conditions, the option can be exercised any time at Bill Howell's discretion before 10 December 2012.

Earlier this year, TPJ announced it would look for a partner for its Vietnam interests after deciding to focus on its gold projects in Papua New Guinea.

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Mon, 15 Oct 2012 11:45:00 -0400 https://www.proactiveinvestors.com/companies/news/41213/triple-plate-junction-divests-vietnam-assets-49145.html