Cyprus-based Venus Minerals has confirmed earlier assessments of high accumulation of gold in Troodos, following an exploratory drill in Kokkinoyia.
The company evaluated findings confirming gold in all of this year’s drill holes in the Kokkinoyia sector, identifying the deposit as a copper-gold-zinc mineral system.
A statement from Ariana Resources, a mineral exploration and development company with current interests in Turkey, Cyprus, and Kosovo, said on Wednesday that it was “pleased to announce recent drilling results obtained from the Kokkinoyia Sector of the Magellan Project.”
According to the findings, the drilling project this year yielded gold deposits between 0.1 and 6.24 per ton, while zinc and copper reached up to 4.06% and 4.4% respectively.
'These final drilling results from the Kokkinoyia deposit reinforce our understanding that an updated mineral resource will include gold, in addition to copper (with zinc in places)'
The drilling programme was based on the company’s previous findings when it was revealed that sectors in Kokkinoyia, Klirou and New Sha -all within the Magellan Project- 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.
"These final drilling results from the Kokkinoyia deposit reinforce our understanding that an updated mineral resource will include gold, in addition to copper (with zinc in places),” said Ariana Managing Director Kerim Sener.
According to Sener, Venus was also committed to the development of copper and gold deposits in Cyprus and was “actively pursuing opportunities to fast-track production."
"These results place Venus in a strong position to update its Mineral Resource Estimate and to consider further resource development work at this site,” he said, adding that a broader study of the economic viability of the project would include mineralized material derived from the programme for metallurgical test work.
Ariana, through acquiring up to 50% of Venus Minerals in Cyprus through an earn-in agreement, has set out to develop its strategy to create a portfolio of interests in the eastern Europe region.