Demonstrated Resources with scope for growth

Located in the central part of North Troodos, the Magellan Project comprises the Kokkinoyia, Klirou and New Sha licence areas. These are the Company’s most advanced prospects, containing JORC 2012 Resources totalling ~16.6 million tonnes of ore ranging from 0.45% to 0.80% copper grades. All three prospects contain indications of significant quantities of gold,including a Resources estimate of 112,000oz at Kokkinoyia. Due to the sporadic nature of historical gold assays, gold has not yet been incorporated into the Klirou or New Sha Resources. Furthermore, all three prospects have exploration upside. The project is being developed with a ‘hub-and-spoke’ approach, either utilising existing nearby infrastructure or a mobile plant, to produce a saleable copper–gold concentrate as the primary product.

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Project Highlights


Global Resource

16.6Mt @ 0.45% to 0.80% Cu, comprising:


Kokkinoyia

12.3Mt @ 0.45% Cu and 0.28g/t gold

81,900t Contained cupper equivalent


Klirou*

3.3Mt @ 0.53% Cu, 0.6% Zn and 13.55% Sulphur

Best gold intercept 48.0m @ 1.15g/t from 95m (EMR019)


New Sha*

1.0Mt @ 0.80% Cu and 13.79% Sulphur

Best gold intercept 8m @ 2.2g/t from 121m (S104)


*Intermittent historical gold assays mean further drilling is required in order to incorporate gold into the Resources.

 Project

Average Value

Metal Content

 

Mass 

Cu

Au

Zn

Cu eq

Cu

Au

Zn

Cu eq

(t)

(%)

(g/t)

(%)

(%)

(t)

(oz)

(t)

(t)

Kokkinoyia (Venus 100%)

12,342,200

0.45

0.28

0.04

0.66

55,200

112,700

4,600

81,900

Klirou (Venus 100%)


3,299,000

0.53

-

0.60

0.71

17,400

-

19,700

23,600

New Sha (Venus 100%)

1,000,000


0.80

-

0.25

0.88

 17,400

-

2,500

8,800

Totals

16,641,200

 

 

 

 

80,600

112,700

26,800

114,300