Venus Minerals Magellan project drilling begins at Kokkinoyia

Moving ahead with the next phase of its appraisal of the Magellan Project, Cyprus-based exploration company Venus Minerals has begun diamond drilling at Kokkinoyia, exploring for gold- and silver-rich copper deposits.

The drilling builds on recent findings of the company, which showed that the sectors comprising the Magellan Project – Kokkinoyia, Klirou and New Sha – are estimated to have a combined resource inventory of 9.5 million tonnes at 0.65 per cent of copper, with additional value from gold, silver and zinc.

The drilling programme is expected to confirm the abundance and distribution of gold and silver, which can significantly improve the economics of the deposit.

Drilling is currently focused on the vicinity of a small historical open pit, with a total of eight holes planned at Kokkinoyia, spanning 1,260m, to further test the known mineralisation and provide material for metallurgical test-work. The drilling is also targeting extensions of mineralisation previously encountered in historical underground workings.

Over the next few months, the company hopes to explore the remaining areas comprising the Magellan Project, moving its rig to the Klirou and New Sha sectors.

Throughout this process, Venus Minerals has introduced innovative technologies and practices, many of which are being applied in Cyprus for the very first time. The company uses state-of-the-art, low-impact exploration methods, and plans to introduce modern mining and mineral-processing to minimise impact and maximise efficiency. Meanwhile, in light of the drilling programme moving ahead, three, young, recently-qualified local geologists have joined the Venus Minerals technical team.

“It is very exciting to move on to the next phase, after three years of hard work by our team, and we look forward to seeing what’s next,” noted Venus Minerals managing director, exploration geologist Peter van der Borgh. “We are very optimistic, given that this project builds upon the earlier percussion drilling programme, which produced promising results.

“The Magellan Project could break new ground for Cyprus,” he added, “as it can demonstrate the island’s capacity to produce new, substantial copper deposits. As such, the country could be able to reap the benefits of increasing demand for the red metal, due to the global shift towards a greener economy.”

He stressed that the sustainable development of the island’s mining industry can create new employment and training opportunities, harness transferable skills and generate infrastructure, while bringing in additional tax revenue for the state.

Venus Minerals, a Cyprus-based exploration company, has built a comprehensive geoscience database across the island, representing over €100m of activity at today’s prices. It has a portfolio of projects in the North Troodos region, the two main ones being the Magellan Project, and the Mariner Project, located near Troulli.