Caerus Mineral Resources PLC shares shot higher as it reported a high-grade gold intercept from drill hole testing at the Troulli-Kokkinapetra extension in Cyprus.
The hole returned a package width grade of 1.4g/t over 52.6m from the surface including one section of 4.97g/t over 11.55m.
Samples also indicated further evidence of the presence of mineralisation over a 1.5km strike length, said Caerus.
The junior is working with tailings specialist Jubilee Metals to assess residual copper and gold from 16 mines that operated historically on Caerus' concessions.
Troulli - Kokkinapetra is the main focus and Jubilee has taken receipt of the last batch of test work samples and is progressing towards plant design, Caerus said today.
Another joint venture, with Bezant Resources, meanwhile has appointed a mine plan studies engineer at Troulli to complement the work undertaken by Jubilee.
Martyn Churchouse, chief executive, said: The intention in 2022 is to quickly build our Cyprus Resource base with JORC Resources declared at multiple sites with an initial focus on Troulli, its' extensions and satellites which offer potential high-grade exploitable ore in the near term.
"We believe that once the Troulli Project Joint Venture is formalised and mine development commences, there is a significant opportunity to extend mineralisation and in turn, add further shareholder value through the nearby high-grade satellites and other projects within the presumed sphere of influence of the Troulli Hub."
Shares jumped 30% to 19.25p.