Caerus Mineral Resources PLC (LSE:CMRS) said results were encouraging from grab samples across various sites within its Kalavasos project licences in Cyprus.
The first batch of grab samples from recent exploration near the Platies mine area returned peak gold assays of 7.65 grammes a tonne (g/t), 2.83g/t and 2.74g/t, while corresponding copper grades peaked at 0.48%.
The Kalavasos project area includes several abandoned mines including Platies, associated waste dumps, and exposed gossans (an indicator of potential subsurface ore deposits).
"Preliminary results from grab samples across various sites within the suite of Kalavasos licences has returned very encouraging results particularly for the presence of both residual gold in dumps and in new targets,” said chief executive Martyn Churchouse.
“Kalavasos hosts 14 former producing mines and as such there is a large volume of surface material that needs to be assessed that could contain residual copper and gold values.
“From work undertaken by Caerus to date and further validated by these new results, there appears to be significant scope to build a gold resource based initially around dump and stockpile material and subject to further investigation other hard rock sources.”
Caerus plans to undertake follow-up work.
The London-listed company has released positive updates from three separate projects over the last three days.