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 ~9.5 million tonnes of ore grading an average 0.65% copper. All three prospects contain indications of significant quantities of gold, which due to the sporadic nature of historical gold assays has yet to be incorporated into the Resources. Furthermore, all three prospects have exploration upside, so that the Company’s original target of >10Mt at a minimum 0.5% Cu, 0.5 g/t Au and 0.5% Zn is now well within its grasp. 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.
9.5Mt @ 0.65% Cu, 13.79% Sulphur, comprising:
5.2Mt @ 0.69% Cu and 12.16% Sulphur
Best gold intercept 10m @ 1.98g/t from 27m (M175)
3.3Mt @ 0.54% Cu, 0.6% Zn and 13.55% Sulphur
Best gold intercept 48.0m @ 1.15g/t from 95m (EMR019)
1.0Mt @ 0.80% Cu and 13.79% Sulphur
Best gold intercept 8m @ 2.2g/t from 121m (S104)
NB: Intermittent historical gold assays mean further drilling is required in order to incorporate gold into the Resources.