Caerus Mineral Resources PLC and Bezant Resources PLC said drill results for the Anglisides licence confirmed the presence of near-surface copper mineralisation that could potentially be fed into any future Troulli processing plant.
"Anglisides is approximately 25km from Troulli and a potential satellite operation,” said Caerus chief executive Charlie Long.
“It is therefore important that Anglisides material is sufficiently valuable to allow for the extra trucking cost. With that goal in mind, these excellent drilling results, which show near surface mineralisation and copper equivalent grades of up to 2.36%, are very encouraging.”
Anglisides is a satellite project of the companies' Troulli joint venture in Cyprus.
Notable copper equivalent intercepts were achieved for 10 of the 11 holes drilled. Highlights included 18.6 metres (m) at a grade of 1.63% copper equivalent; 17.0m at 1.44% copper equivalent; and 7.0m at 2.36% copper equivalent.
Assay results for the remaining five holes of the drilling programme are pending.
"We are delighted with this round of results from the Anglisides deposit,” said Bezant chairman Colin Bird.
“We are pleased with the widths and the associated grades and it would appear that this material will be primarily free digging and will not require its own dedicated process plant, since Troulli is a truckable distance and the proposed plant will be fit for purpose.
“The addition of Anglisides suggest that our original prognosis of 8,000 tonnes per year contained copper for eight years, is very feasible.”