Significant grades of both copper and gold in Troodos area boost prospects of Cypriot mining industry
Assay results from Venus Minerals’ ongoing drilling programme in Troodos as part of its appraisal of the Magellan Project, have confirmed gold as a significant component of its deposit in Kokkinoyia.
The Cyprus-based exploration company has identified economically significant levels of both copper and gold accumulation in the sector, confirming the results of historical percussion drilling. The primary aim of this programme is to add confidence to key historic intercepts in the area and to identify potential for gold mineralisation below surface.
It should be noted that these results concern the first drill hole of the Kokkinoyia sector, while the assay results of the remaining eight holes are expected in the upcoming weeks. If they prove to yield similar grades, there will likely be an overall increase in confidence in the future JORC Mineral Resource Estimate of Kokkinoyia, with the inclusion of a significant gold component.
The drilling programme was based on the Company’s previous findings, which showed that the sectors comprising the Magellan Project, namely Kokkinoyia, Klirou and New Sha, were estimated to have a combined resource inventory of 9.5 million tons at 0.65 per cent of copper with additional value from gold, silver and zinc.
Commenting on the results Venus Minerals’ Managing Director, exploration geologist Peter van der Borgh, said: “Very few samples were assayed for gold during the historical drilling because prior to the 1970s, gold simply wasn’t as valuable as it is today. Therefore, it is very encouraging to see the potential for promising gold values alongside significant levels of copper. This prospect boosts the economic competitiveness of the project even further, given that both copper and gold are highly valued in the 21st century.”
“These excellent results are a reward for our team’s hard work and dedication over these past few months and increase our optimism regarding the results of the remaining holes. We’ve employed three Cypriot graduate geologists for the drilling program and it’s a great introduction to the industry for them. We look forward to sharing future developments in the next few months”, he added. Van der Borgh also highlighted the prospects of the mining industry in Cyprus, adding that the sustainable development of previously untapped mineral resources, can bring numerous benefits to the local economy such as job creation, income generation, new investments in infrastructure and additional tax revenue.
Venus Minerals aims to start exploring the remaining areas comprising the Magellan Project over the next few months, moving its rig to the Klirou and New Sha sectors.