LONDON (Alliance News) - Chesterfield Resources PLC on Monday said it has filed applications to more than triple its land position and become the dominant explorer in Cyprus for copper and gold.
As these applications have now been submitted, no other entities can apply for licences over these locations, the company noted.
In addition, Chesterfield said it has secured two additional exploration permits last week, Anglesidhes in Troodos East and Xyliato in Troodos North, which are now permitted for drilling.
The current permitted portfolio now totals 12 licences covering 50.65 kilometres.
Meanwhile, the applications are for a further 182.96 square kilometres of mineral exploration licences, taking Chesterfield's entire area of licences granted or under application to 237.61 kilometres.
Chesterfield's applications and permits are focused on the prospective volcanic belt surrounding the Troodos mountain range, it said, and include numerous identified brownfield targets, waste dumps, as well as prospective greenfield areas.
"We have nearly quadrupled our potential land position in Cyprus. This is a substantial step in Chesterfield's development," said Executive Chair Martin French.
"Our team of Cypriot and UK geologists in Cyprus are making rapid progress with our 2019 exploration program, generating numerous significant new drilling targets," added French.
Chesterfield shares were trading 5.1% higher on Monday at 3.68 pence each.
Chesterfield R. (CHF)