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(Alliance News) - Copper and gold explorer Chesterfield Resources PLC said on Thursday that it has identified a new drill target in its Troodos West permit in Cyprus.
Shares in the company were up 14% at 4.83 pence each in London on Thursday morning.
The target, which the company has named KinValley, is now prepared for drilling.
KinVally is in the northern part of the 15 kilometer long Kinousa fault structure and the company said the target is in a favourable area within a "cluster of historically mined volcanogenic massive sulfide ore deposits".
Executive Chair: "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".