Shares in Chesterfield Resources (LSE:CHF) enjoyed a significant boost on Thursday after the Cyprus-focused copper exploration company announced that it had identified a new drill target. The £2.63m business, which was up 11.8pc at 4.75p in midday trading, said the prospect is based in its Troodos West group of exploration permits and has been named KinValley.
The target – which is permitted and currently being prepared for drilling - is located at the northern end of a 15km-long fault structure called Kinousa, where multiple historical mines occur along two parallel trends. It is also found in the same trend as a cluster of historically-mined Volcanogenic Massive Sulphide (VMS) deposits. These are small but concentrated high-grade deposits typically surrounded by larger lower-grade mineralised vein systems.
Chesterfield has spent the past year carrying out mapping, sampling, geophysics, and drilling to build a high-quality database on KinValley The organisation’s work so far suggests that the new, previously-untested target will be a shallowly-buried VMS deposit preserved in favourable stratigraphy.
The organisation’s executive chairman Martin French said: ‘This is the second major target of our upcoming drill programme at Troodos West. Each of our targets goes through a rigorous development programme of surveying and testing before we commit to the more expensive stage of drill testing. We will keep the market updated as the programme develops further.’
Chesterfield entered Cyprus in 2017 and controls vast amounts of land around the foothills of the island’s Troodos mountains. As French explained to us in a feature interview earlier this year, Cyprus has a rich mining heritage and previously boasted a very active copper industry. However, this activity came to an abrupt halt in 1974 following the Turkish invasion of Cyprus. Since then, a surprisingly small amount of exploration work has taken place- something that Chesterfield is using to its advantage.
Historical drilling has taken place across much of Chesterfield’s acreage. However, the firm believes that an opportunity exists in approaching the ground with superior geological understanding and modern exploration techniques and drilling technology. By doing this, it hopes to prove up economic mineral resources and open new mines.
To read a Q&A session with French published by MiningMaven in March, please click here.
Author: Daniel Flynn
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