Following the completion of its appraisal drilling, Venus Minerals has confirmed a significant gold component in Kokkinoyia, in addition to zinc and copper, identifying the deposit as a copper-gold-zinc mineral system.
It said the drilling programme had returned “notable” gold values ranging from 0.1g/t to 6.24g/t Au, copper values ranging from 0.1% to 4.4% and zinc values ranging from 0.1% to 4.06%.
These results concern all nine inclined diamond drill holes in the Kokkinoyia sector and follow the initial assay results of the project, which the Cyprus-based exploration company announced in July.
In addition, the discovery of three new zones with copper and gold mineralisation is another significant aspect of the 2021 drilling programme, which is the most detailed multi-element analysis of the Kokkinoyia project to date.
Modern techniques and equipment, and portable XRF analysis, enabled the company to identify these new mineralisation zones, which it said: “add significant value to the deposit”.
The Mineral Resource Estimate of the deposit will be reviewed to reflect the expansion of mineralisation and the addition of gold to the overall resource.
A follow-up drilling programme will also be designed to test the Kokkinoyia West area further and potentially test the deeper parts of the deposit across Kokkinoyia East.
Venus Minerals’ Managing Director Peter van der Borgh said: “This is a very positive development for the Magellan project, as these final drilling results place Venus in a strong position to update its Mineral Resource Estimate and to consider further resource development work at this site.”
“Developing Cyprus’ previously untapped mineral resources can bring numerous benefits to the local economy, such as create new jobs, bring in new capital and infrastructure investments as well as generate additional tax revenue.”
Venus Minerals has a portfolio of projects across Cyprus, including Magellan and Mariner.