Chesterfield Resources plc said it had confirmed a high priority drill target from the discovery of a large new anomaly at its copper-gold-zinc-silver project in western Cyprus.
The target, which the miner has named Olive, is a buried anomaly similar to the nearby historic Limni mine, which is recorded to have yielded 90,000 tons of copper from around 8.1 million tons of ore.
The news comes as Chesterfield continues preparations for its 2021 drill campaign.
OLIVE
The miner said that results from a gravity survey had highlighted a compelling North-South trending structure, manifesting as a residual gravity high.
The anomaly extends 1km in length and up to 300m wide and lies between the Orchard and Hillside prospects, which are 500m and 600m away respectively.
In 2018, diamond drill hole 18AS01 intercepted a zone of pyrite and chlorite alteration with anomalous Zn-Pb mineralisation.
The 2020 drilling campaign at Hillside intercepted polymetallic, high-grade mineralisation with results from hole 20HS02 of:
– 16.6m @ 0.36% Cu, 1.07% Zn, 1.14 g/t Au, 9.7 g/t Ag from 137.90m-154.50m
– including 2.45m @ 1.37% Cu, 4.41% Zn, 2.90 g/t Au, 37.85 g/t Ag from 143.55m-146.00m
The higher-grade interval within 20HS02 suggested that the fault had cut a nearby massive sulphide body.
Chesterfield said that the proximity of the gravity high to the two known mineral occurrences made it a prime target for a possible larger body of mineralisation at depth.
OPERATIONS
The company said it had completed 14 holes of percussion drilling and the first phase of geophysics campaigns as part of its integrated exploration campaign.
The miner is due to start a down hole EM (electro-magnetic) campaign and has commissioned an additional new geophysics campaign, with diamond drilling expected to start within weeks.
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