Based on current knowledge and geological interpretation, the mineralising system is closed off and has limited potential to be increased.
Tethyan Resources announced disappointing drilling results from the six drill holes on the polymetallic Cadinje project in Western Serbia on Wednesday.
The AIM-traded company has completed six diamond drill holes for 1085.7 meters on the polymetallic Cadinje project, which is a joint venture with Balkan Mining Company, a private Serbian company.
Its board said the drilling targeted both areas where historic Yugoslav state drilling had intersected significant mineralisation and the projected down dip extension of the mineralisation.
All drill holes commenced with PQ size core which was reduced to HQ once fresh rock was intercepted.
The board said overall the drilling went well, and over 90% recoveries were achieved with the use of triple tube drilling.
“Overall we were pleased to complete the drill program at Cadinje,” said CEO Peter Mullens.
“Unfortunately grades drilled were not an improvement on former drilling grades and little gold was intercepted.
“In addition, a new understanding of the geology indicates that mineralisation is dipping at a flatter angle than previously understood and the mineralisation appears to be cut off at depth and down-dip by two large low-angle thrust faults.”
Mullens said that as a result, based on current knowledge and geological interpretation, the mineralising system is closed off and has limited potential to be increased.
“Ground conditions surrounding the mineralisation were poor and this, coupled with inconsistent grades of mineralisation, is expected to make mechanised underground mining challenging.”