Caerus Mineral Resources PLC (LSE:CMRS) and Bezant Resources PLC (AIM:BZT) announced encouraging results from dump sampling and drilling at their Troulli, Kokkinapetra and Anglisides joint venture projects in Cyprus.
At Troulli, the average copper grade from stockpile sampling was 1.2%; tailings sampling returned an average grade of 0.4% copper and 0.2 grammes a tonne (g/t) gold, double the projected grade; while drilling results showed copper and gold mineralisation outside main Troulli deposit area.
"The recent results are very encouraging on a number of levels,” said Caerus chief executive Martyn Churchouse.
“Troulli project stockpile assays have met expectations and confirm Caerus's view that they represent an ideal target for early treatment to generate cash flow to meet a significant proportion of the anticipated capital cost of the processing plant. The ability to meet the bulk of capital costs upfront provides a lot more flexibility with regard to the subsequent mining and processing of hard rock and lower grade dump material.
“Troulli project drill results from the outer limits of the Troulli deposit indicate it is larger than anticipated and, in some cases, requires further step-out drilling to close off mineralisation. We will be looking to include these and historic holes with the objective of defining a global mineral resource.”
Drilling of the 1.5km strike length of the Kokkinapetra extension of the Troulli deposit returned “extremely encouraging” drill results, the companies said, including 0.85% copper equivalent over 28.10 metres (m) from surface, 1.0g/t gold over 10.8m and 0.66% copper equivalent over 29.2, also from surface.
“I am particularly encouraged by the Kokkinapetra extension of the Troulli deposit,” said Bezant chief executive Colin Bird. “Since, drilled mineralised intervals were significant and consistent. With the widths being experienced, we have potential to build up considerable tonnage between the two deposits.”
Drilling results from the Troulli satellite project, Anglisides included a peak intercept of 1.18% copper equivalent over 40m from surface. A more comprehensive drilling programme will now be undertaken to define a high-grade resource that can be processed off-site at the future Troulli plant site.
Caerus also announced the appointment of Nigel Chapman as chief operating officer for its Cypriot operations.