Near surface mineralisation offers potential starter-mine option

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. A non-JORC resource comprising 5.2Mt @ 0.7% Cu has been calculated as remaining at Kokkinoyia.

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Historical production records demonstrate average recovery of gold to copper concentrates of 5.0 g/t despite no record of gold having been assayed during mining. 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. In the absence of drilling assay data for gold, this suggests that this grade may be treated as the minimum gold grade of the remaining resource with the potential to boost the project economics.

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 following historical intercepts demonstrate the copper potential for the remaining Kokkinoyia orebody:

  • M72 181m to 218m for 37m @ 4.15% Cu + 26% S
  • M68 185m to 222m for 37m @ 3.37% Cu + 24% S
  • M203 56m to 109m for 53m @ 2.05% Cu + 35.18% S
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