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LONDON (Alliance News) - Chesterfield Resources PLC on Monday said it will "significantly" expand its its exploration in Cyprus as it plans to submit new applications to more than double its mineral exploration land package in the belt surrounding the Troodos mountain range.
The copper-gold exploration and development company said the expansion follows an initial drill programme of which, so far, the company has drilled 3,097.5 meters on its licences at Troodos West.
Drilling was targeted using archival data, reinterpreted magnetic surveys and geological mapping. The drill campaign identified additional gold potential alongside the primary target of copper, Chesterfield said.
Furthermore, the drilling provided evidence of epithermal mineralised structures, which provide a potential for deposits in two separate styles of mineralisation.
"We will now move onto our next phase of exploration," said Executive Chair Martin French.
"The company has also decided to apply for a significantly larger area of mineral exploration licences in the belt. More details of this will be released into the market soon," added French.
Chesterfield Resources shares were trading 3.4% higher on Monday at 4.55 pence each.