Caerus Mineral Resources PLC and Bezant Resources PLC said drilling results confirmed a new mineralised zone to the northwest of the Troulli copper-gold deposit in Cyprus.
Hole TRDD030, which was drilled to test for the extension, returned 1.83% copper equivalent over 21.25 metres (m).
“This result has the potential to add further high-grade copper-gold tonnage to the recently reported mineral resource,” said Caerus chief executive Martyn Churchouse.
READ: Caerus Mineral and Bezant Resources announce maiden resource for Troulli project
“The extent of the new mineralised zone is unknown at this time as it dips beneath unmineralized cover and this new discovery will be tested both by geophysics and drilling.
“This discovery will not slow down the process of conversion to a mining licence and has the potential to increase the resource being used in the mine planning currently underway,” he said.
The London-listed companies announced the results of eight out of 10 recently completed drillholes for their Troulli joint venture project, including hole TRDD030.
One hole, which returned 0.61% copper equivalent and 0.98 grammes a tonne gold over 84.5m, reaffirmed the presence of sulphide copper-gold mineralisation beneath the oxide gold cap to the south of the former Troulli open pit.
Results from the other drill holes included 1.40% copper equivalent over 15.7m and 1.58% copper equivalent over 30.1m.
“New higher-grade intercepts of this nature make the Troulli resource more robust and provides for more flexibility both in terms of resource estimation and future mine scheduling,” said Churchouse.
“Troulli continues to deliver with all of the recent drillholes returning impressive grades over substantial widths demonstrating that Troulli still has plenty of upside and scope for further expansion.”