Investment in Tethyan Resources
Tethyan is an AIM quoted junior exploration company with a focus on exploring for copper, gold and other base metals within the Western Tethyan Orogenic Belt in the European Balkan Region. During the period ended December 31, 2016, Southern Arc acquired 29.9% of Tethyan’s issued share capital, represents a strategic investment a junior exploration company exploring for gold and copper within the Tethyan mineral belt in Eastern Europe.
Southern Arc has also negotiated the following additional rights with respect to Tethyan:
· A first right of refusal on any further fundraisings undertaken by Tethyan for a period of two years to enable the Company to increase its holding to, and maintain its interest at 29.9% of Tethyan’s issued share capital; and
· Tethyan’s agreement to use its commercially reasonable efforts to seek a listing on the TSX Venture Exchange.
Currently, Tethyan holds rights with respect to licenses in Serbia and is looking for other copper and gold projects in Eastern Europe.
Tethyan entered into an option agreement over the Suva Ruda project in September 2016, currently owned by a Serbian private company Deep Research d.o.o. According to the option agreement, Tethyan holds the option to purchase 100% of the project at any time during an 8 year period for a €6,000,000 cash payment provided that Tethyan achieves certain exploration and payment milestones.
Tethyan has completed its 4 diamond drill hole program (total 2,318 metres) at the Rudnitza copper-gold porphyry project located within the Suva Ruda exploration permit in Serbia and assay results for all four drill holes which demonstrated good grade distribution and high-grade mineralization.
Further drilling at the Rudnitza porphyry prospect commenced in late April 2017. The plan is to drill approximately 2,000 meters of diamond core in 3 to 4 drill holes. Drilling will be targeted at expanding the area of mineralisation where Tethyan's first drilling program in late 2016 intersected significant copper and gold mineralisation.
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