Caerus Mineral Resources PLC has released results from exploration on its Kambia-Kapedes project licences in Cyprus.
The first batch of partial assays of chip-channel samples from recent exploration work returned peak gold assays of 7.4 grams per tonne gold and 5.3 grams gold.
The exploration team sampled the Kokkinovounaros auriferous gossan, which lies approximately 600 metres south-east of the old Kambia pit, indicating a target with a substantial strike length.
Nine samples returned gold grades above one gram per tonne and a total of 12 samples were above 0.5 grams.
All sampling to date has been via channel samples collected by hand by means of both vertical and horizontal channels over lengths ranging from one metre to five metres in length.
No multi-element assays have yet been returned from the laboratory but these are expected soon, providing further detailed information on potential copper and other base metal content.
The consistent high-grade gold results occurring over a significant strike length are sufficiently encouraging to warrant further detailed follow-up and the possible initiation of a dedicated exploration programme aimed at the delineation of a stand-alone gold or copper-gold project.
The Kambia mine operated between 1952 and 1960 primarily as a pyrite mine while the Kokkinovounaros (Red Hill) auriferous gossan was discovered and mined for a short time in the 1930s.
"The combination of high-grade gold assays at regular intervals all along the 175 metre strike length of the target defined to date makes for a readymade drill target and another promising opportunity for Caerus,” said Martyn Churchouse, chief executive of Caerus.
“Our brownfield policy yet again delivers encouraging results with scope for the development of a new stand-alone operation based around dumps and stockpiles from previous mining in conjunction with the newly discovered gold potential and any other copper-gold mineralisation remaining in the ground that was not exploited between 1930 and 1960. The exploration team has a well-established set of operating protocols that it can quickly employ to start the process of evaluating Kambia-Kapedes and this project provides another opportunity for the incoming board and management team to build upon the Caerus legacy".