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(Alliance News) - Chesterfield Resources PLC said Wednesday it has made "considerable and unexpected" progress in its development of Troodos West, in north Cyprus..
Shares in the copper miner closed 18% higher in London on Wednesday at 3.55 pence each.
Chesterfield now has 10 specified drill targets at the project, and may add more.
First drilling is planned for the first quarter of 2020.
Executive Chair Martin French said "The growth of the high priority target list, with so many anomalies buried in close proximity was a surprise to us. Each anomaly is backed up by several separate layers of exploration evidence. We are hopeful of discovering a number of buried ore bodies of commercial grade that could form a commercial mining project. With so many targets, this will be an iterative process spread over several months.
"We have also been actively looking for new projects in the Tethyan geological belt outside Cyprus, an initiative that I am leading. We hope to find at least one new deal in 2020."
French added that he believes 2020 will be a "good year" for Chesterfield investors.
By Paul McGowan; paulmcgowan@alliancenews.com
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