Tethyan-Resources-21

Tethyan Resources (TETH.V) had an excellent week last week as the company’s share price more than doubled on the news a group around Richard Warke has taken a strategic stake of almost 25% (of which Warke himself will own 16%) in the Balkan-focused exploration company.

Warke is best known for his successful sales of Ventana Gold in 2011, Augusta Resource Corp in 2014 and more recently Arizona Mining in 2018. The combination of all buyouts totalled approximately C$4.4B, so it’s understandable a lot of new investors are flocking into Tethyan Resources on the back of the Warke investment, as the market now considers this to be the next ‘Warke-play’.

District scale map of the Raška lead and zinc mining district in Southern Serbia where Tethyan is consolidating exploration license holdings. Also shown are the multiple known exploration targets and historical mines.
District scale map of the Raška lead and zinc mining district in Southern Serbia where Tethyan is consolidating exploration license holdings. Also shown are the multiple known exploration targets and historical mines.

Warke also brings some key people with him. Don Taylor who won the Thayer Lindsley award for the discovery of the Taylor deposit – Arizona Mining’s flagship project – will be joining the company as a non-executive director while Jerrold Annett will replace Fabian Baker as CEO of the company. Baker is transitioning into the role of Chief Operating Officer, which will allow him to spend more time on the ground in Serbia where Tethyan now expects to complete about 4,000 meters of drilling before the summer. Surprisingly, the majority of the drilling will be focusing on the Rudnica copper-gold porphyry zone but we are convinced the Kizevak zinc-lead-silver project will also get the attention it deserves.

With in excess of C$3M in the bank and a share price of C$0.40 (which could trigger the exercise of some of the previously issued warrants as there are about 7.75 million warrants outstanding with a strike price of C$0.35), Tethyan is now fully cashed up for its 2019 exploration season, and we are looking forward to see the assay results of the 2018 drill program and the plans for the upcoming drill program. However, now the share price has more than doubled since our previous reports, it could make sense to take some profits off the table and let the ‘free shares’ run.

Go to Tethyan’s website
The author has a long position in Tethyan Resources. Tethyan is a sponsor of the website. Please read the disclaimer

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