Caerus Mineral Resources PLC (LSE:CMRS) has released results from due diligence scout drilling on the recently acquired Pano Lefkara licence located in the Republic of Cyprus.
The aim of this drilling has been to confirm the results derived from historic exploration and drilling ahead of commencing a more detailed programme of work.
The scout drilling has intersected significant gold oxide and copper-gold sulphide mineralisation at shallow depth and a zone of mineralisation with a surface area of 500 metres by 400 metres has been defined for follow-up.
The project area is considered drill-ready and diamond drilling will now be scheduled.
Mineralisation is present from surface with both holes ending in mineralisation.
"We held the view that Pano Lefkara was potentially larger than assumed by previous exploration teams and these results significantly enlarge the footprint of the drill-ready mineralised target zone of 500 metres by 400 metres,” said Caerus chief executive Martyn Churchouse.
“Good gold grades from surface are encouraging and may ultimately contribute to the economics of any future discovery by meeting costs of stripping to expose underlying sulphide mineralisation. It is, however, the scope to define a copper resource built around stockwork and disseminated mineralisation located beneath the gold oxide zone that is the exciting element of the planned exploration programme.”
The upcoming drill programme will aim at defining a NI 43-101 mineral resource. A diamond drill programme for Pano Lefkara will commence once drilling on other priority targets at the Troulli, Kokkinapetra and Kalavasos projects has been completed.