Caerus Mineral Resources PLC and Bezant Resources PLC said Phase 2 drilling at Troulli, one of their copper-gold joint venture projects in Cyprus, has been completed on schedule and within budget.
Assay results received for one drill hole included peak intercepts of 1.25 grammes a tonne gold over 12.9 metres (m) from surface, 1.84% copper over 5m from 12.9m, 1.26% copper over 5.2m and 1.3% copper equivalent over 16.5m.
The balance of drill samples has been dispatched to three laboratories, in three separate countries, for analysis because of industry-wide delays in receiving assay results amid unprecedented demand.
“The exploration team continues to make excellent progress and has provided Addison Mining the external resource consultant with the bulk of data required for the maiden mineral resource estimate,” said Caerus chief executive Martyn Churchouse.
Addison remains on-schedule to release the maiden resource estimate for Troulli by the end of this month. Any additional assay results that are received will be included in subsequent estimates.
“The assay results generated from the recent drilling of the Kokkinapetra-Troulli extension project and the Anglisides project, reported 24 February 2022, have resulted in the approval of an exciting follow-up drill programme to commence in April,” Churchouse added.
“Targets for both projects offer scope for a material increase in the future treatable tonnes that could be processed through the Troulli plant.”
The companies said that metallurgical test work being carried out by Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) is progressing well.
“Metallurgical work being carried out in Australia is continuing and is producing very encouraging results,” said Bezant chief executive Colin Bird. “The results of this metallurgical programme will be fed into financial assessment and we are confident of producing an overall development plan by the third quarter of 2022."