Bezant Resources PLC and Caerus Mineral Resources PLC said drilling at the Anglisides project in Cyprus encountered visible copper and sulphide mineralisation at shallow depths in all 10 drill holes.
The companies are awaiting assay results from the 10 holes at Anglisides as well as 10 holes from the nearby Troulli project.
"We are very pleased with the continued fast pace of progress in this exploration phase of the joint venture on many fronts,” said Colin Bird, chairman of Bezant.
“The Anglisides project being only a short distance from the Troulli project is a potentially very attractive feeder project for processing at Troulli and we look forward to these pending drill results plus further results from the other drill programmes we have identified."
The drilling at Anglisides focused on a near-surface southern copper-gold target. A further three holes will be drilled before the rig relocates to drill another four holes in a northern target.
Historic trenching and drilling at Anglisides have returned very encouraging grades that have motivated the current drill programme with a focus on near-surface copper-gold mineralisation, the companies said.
They hope to use the results of the drilling programme and historic data to generate an initial resource estimate that will enable a preliminary economic assessment. Subject to results, the Anglisides resource estimate could be used in the financial modelling of the Troulli project.
Drill locations are also being considered as part of the resource expansion programme at Troulli.
In addition, metallurgical test work by Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) has advanced to a stage where sufficient information has been generated to move to the next stage of the design process.
“Jubilee test work is reaching a point where decisions can soon be made with respect to plant design, throughput capacity, mine planning and layout,” said Martyn Churchouse, chief executive of Caerus.
“The on-site exploration team have multiple targets to follow up in and around Troulli which confirms Caerus' view that there is an opportunity to expand the current mineral resource," he added.
The London-listed compnaies released a maiden resource for Troulli earlier this month.
READ: Caerus Mineral and Bezant Resources announce maiden resource for Troulli project