Discreet high-grade pods of massive sulphide were mined at Kokkinoyia in the 1970s. Subsequent drilling highlighted broader zones of mineralisation and a small pit was started. However, this was curtailed soon afterwards due to suppressed copper prices, and much of the mineralisation remains intact. Following Venus’s diamond drilling program in 2021 a revised JORC 2012 Inferred Resource comprising 12.3Mt @ 0.45% Cu and 0.28g/t Au has been calculated as remaining at Kokkinoyia

Historical production records demonstrate average recovery of gold to copper concentrates of 5.0 g/t. Intermittent gold assays in historical drilling further highlight the gold potential, with the best intercept measuring 8m @ 2.2g/t. Check sampling by Venus demonstrates significant gold in composite waste dump samples, with individual samples grading up to 5.0 g/t, and an average grade of 0.8 g/t Au across all waste samples. Venus believes that further drilling will enable gold to be incorporated into a Resource upgrade.

Furthermore, examination of historical drill logs indicates that many holes were terminated in mineralisation, often due to caving of the hole walls, a common problem with the open-hole drilling techniques used at the time. It is the company’s understanding that there remains significant potential to extend the known mineralisation at depth and down plunge.

The relatively shallow and continuous nature of the mineralisation in the Western Block beneath the historical pit may lend itself to a starter mine and early cash flow.