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Exploration and resource company Caerus Mineral Resources said its due diligence drilling on the PR Ploutonic Resources' licences in Cyprus had shown signs of gold and potential extension of the Troulli deposit.
The 'gossan' and oxide zone, originally thought to be approximately 10 metres thick, had now been recorded to a depth from surface of up to 25 metres, the company said.
'Finding visible gold in percussion drill chips would have been positive news in itself, but establishing the oxide zone to be significantly thicker than anticipated, together with the potential discovery of the extension to the Troulli VMS copper-gold deposit more than validates the proposed acquisition,' it added.
Looking ahead, the company said it would return to the Troulli and Kokkinapetra licences and undertake more detailed work to define the extent of the gold-bearing oxides and the underlying VMS copper-gold mineralisation with a view to generating JORC (2012) mineral resource estimates.