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.

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%) |
|
0.53 |
- |
0.60 |
0.71 |
17,400 |
- |
19,700 |
23,600 |
New Sha (Venus 100%) |
1,000,000 |
|
- |
0.25 |
0.88 |
17,400 |
- |
2,500 |
8,800 |
Totals |
16,641,200 |
|
|
|
|
80,600 |
112,700 |
26,800 |
114,300 |