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LONDON (Alliance News) - Chesterfield Resources PLC on Tuesday said it has completed the processing and interpretation of satellite data in Cyprus.
Shares in the copper exploration company were down 17% at 4.55 pence in morning trade. The stock has been highly volatile in 2019 and rose 57% in the first half of April to 5.50p.
The data covers an area of 3,000 kilometres squared and has been used to find new exploration targets, as well as to define existing ones. In March, the company "more than tripled its mineral right holdings in Cyprus" to more than 240 kilometres squared.
Results of data interpretation have been used to expand known targets and have found "entirely new areas of exploration potential", both in areas owned by Chesterfield and elsewhere on the island. As a consequence of these new finds, Chesterfield will apply for more permit areas to explore them.
Chesterfield Executive Chair Martin French said: "Satellite surveys, described in the industry as 'remote sensing', are a powerful tool to quickly survey large land packages. The interpretation of satellite data is a highly specialised field. It involves recognising faults, fractures and hydrothermally altered rocks from space. This has provided a very effective first sweep of our recently-enlarged land holding. The results have thrown up a considerable number of new target areas that would have taken many months to otherwise identify from field work on the ground.
"Our team of Cypriot and UK geologists has now started the intensive process of mapping and sampling these new targets. The exploration programme continues apace with several major targets being prioritised for drilling this summer. We will provide more details of these targets and timing of our drill programs, in the coming weeks."