Venus Minerals said its ongoing drilling programme in Troodos had confirmed the discovery of gold as a significant component of its deposit in Kokkinoyia.
The Cyprus-based exploration company has identified economically significant levels of both copper and gold accumulation in the sector, confirming the results of historical percussion drilling.
“The primary aim of this programme is to add confidence to key historic intercepts in the area and to identify potential for gold mineralisation below the surface,” said a company statement Wednesday.
“It should be noted that these results concern the first drill hole of the Kokkinoyia sector, while the assay results of the remaining eight holes are expected in the upcoming weeks.
“If they prove to yield similar grades, there will likely be an overall increase in confidence in the future JORC Mineral Resource Estimate of Kokkinoyia, with the inclusion of a significant gold component.”
The drilling programme was based on the Company’s previous findings, which showed that the sectors comprising the Magellan Project, namely Kokkinoyia, Klirou and New Sha, were estimated to have a combined resource inventory of 9.5 million tons at 0.65% of copper with additional value from gold, silver, and zinc.
Venus Minerals’ Managing Director, exploration geologist Peter van der Borgh, said: “Very few samples were assayed for gold during the historical drilling because before the 1970s, gold simply wasn’t as valuable as it is today.
“Therefore, it is very encouraging to see the potential for promising gold values alongside significant levels of copper.
“This prospect boosts the economic competitiveness of the project even further, given that both copper and gold are highly valued in the 21st century.”
He said the “excellent results” rewarded the team’s hard work and dedication over these past few months and increased optimism regarding the remaining holes’ results.
Three Cypriot graduate geologists were hired for the drilling program.
“We look forward to sharing future developments in the next few months”, said Van der Borgh.
He highlighted the mining industry’s prospects in Cyprus, adding that the sustainable development of previously untapped mineral resources can bring numerous benefits to the local economy, such as job creation, income generation, new investments in infrastructure, and additional tax revenue.
Venus Minerals aims to explore the Magellan Project’s remaining areas over the next few months, moving its rig to the Klirou and New Sha sectors.