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LONDON (Alliance News) - Copper exploration firm Chesterfield Resources PLC said Wednesday it had begun an "extensive" geophysical survey of a number of priority targets in Cyprus, in a process expected to last a month.
Chesterfield will undertake the induced polarisation & resistivity - or IP - survey at a number of targets. These include some larger mineralised systems which come from existing mines.
"The IP survey is an important part of our discovery process," Chesterfield Executive Chair Martin French said. "It provides a powerful vectoring tool to focus in on drill targets in highly prospective geological terrain, saving both time and cost for the drill campaign."
"The survey has commenced on a prime target, called Evlim, and has already produced some encouraging initial results, backing up the geological theory we have developed for the target," French added. "The IP team will then move to Troodos North to survey another large target called South Mathiatis, and further targets thereafter. Once completed we will start final preparation for drilling. Further news will follow soon."
Shares in Chesterfield were 7.8% lower at 3.69 pence on Wednesday.