Tethyan Resources PLC began an initial 1,000-meter drill program at the Kizevak zinc-lead-silver target in Serbia, after completing the acquisition of Balkan Minerals Ltd.'s Taor doo unit.
The company signed a letter of intent in mid-February to acquire the company, which owns exploration licenses adjacent to Tethyan's early stage Suva Ruda copper property.
Consideration remained unchanged, and Tethyan appointed Radomir Vukcevic, Taor's sole shareholder, to its board and as vice president of development. Vukcevic secured an approximate 15.78% stake in the company as part of the deal.
Tethyan said July 3 that the acquisition of Taor's licenses increased its landholding to 443 square kilometers in southwestern Serbia and northern Kosovo.
The licenses are in the northern area of the Trepca mining district, which the company said was the largest lead-zinc-silver mining area in Yugoslavia in the 1970s.