The Troulli project is a strategic hub made up of the Troulli, Anglisides and Kokkinopetra licences. The Licences focus on the former Troulli copper mine and ancient surface gold workings with the neighbouring Kokkinopetra exploration Licence.

This project provides an ideal example of the Company’s dual strategy approach, with the “waste to revenue” strategy identifying mineralised low-grade waste dumps, ore stockpiles, tailings and other surface materials containing recoverable residual metals whilst also harbouring primary ore in the form of Volcanogenic Massive Sulphide (“VMS”) gold and copper sulphide mineralisation. Both resource types can be processed through the same treatment plant.

Troulli

Troulli is located in central southern Cyprus; the licence is situated approximately 12km due north of the city of Larnaca. The licence is focused on the historic Troulli mine, which was prematurely closed in 1974 at the time of the Turkish Invasion.

Troulli gold and copper orebodies are hosted by pillow lavas and controlled by faulting and are typical of stockwork-type VMS mineralisation found in Cyprus.

Historic drill results for sulphide mineralisation at the Troulli deposit

HoleDrilled By & DateFrom (metres)To (metres)Mineralised Width (metres)Copper (Cu %)Gold (g/t Au)
DHT – 05Berdy 1964341382.5*
DHT – 08Berdy 1964041410.64*
DHT – 12Berdy 1964329260.71*
DHT – 17Berdy 19641137260.73*
MR 20/65UN 1970661550.76*
TR21DH02CMRS 2021142280.622.09
TR21DH05CMRS 2021142061.410.1
TR21DH07CMRS 2021141621.680.39

Notable Drill Intercepts 1964 – 2021

*No gold assays undertaken

Gold oxide drill results for the Troulli Gold Zone

DrillholeDrilled By & DateFrom (metres)To (metres)Mineralised Width (metres)Gold (g/t Au)
TR21DH01CMRS 2021012125.11
TR21DH02CMRS 2021022221.93
TR21DH03CMRS 2021022221.2
TR21DH04CMRS 20210441.32
TR21DH05CMRS 2021014141.18
TR21DH06CMRS 2021010102.07
TR21DH08CMRS 2021018180.98
DrillholeDrilled By & DateFrom (metres)To (metres)Mineralised Width (metres)Gold (g/t Au)
TR21DH01CMRS 2021012125.11
TR21DH02CMRS 2021022221.93
TR21DH03CMRS 2021022221.2
TR21DH04CMRS 20210441.32
TR21DH05CMRS 2021014141.18
TR21DH06CMRS 2021010102.07
TR21DH08CMRS 2021018180.98
PitSampled by & DateFrom (metres)To (metres)Mineralised Width (metres)Gold (g/t Au)
1PRL 20170440.97
2PRL 20170663
3PRL 20170440.47
4PRL 201701.51.50.81
5PRL 20170660.42
6PRL 20170440.36
7PRL 201702.52.50.26
8PRL 201705.55.51.19
9PRL 20170440.7
10PRL 20170440.52
11PRL 201702.32.31.9
12PRL 201702.52.52.06
13PRL 20170660.19
14PRL 20170440.1

Further drilling is scheduled for 2021 to extend the limits of the gold oxide zone and to define the VMS Cu – Au sulphide bodies, sufficient to generate NI 43 – 101 Mineral Resource Estimates.

Kokkinopetra

The Kokkinopetra licence lies adjacent to the Troulli Licence. Alignment of oxidation zones and major regional structures suggests the known sulphide mineralisation at Troulli may extend to Kokkinopetra. Exploration will initially focus on the extensive gold-bearing gossan covering the licence that has returned samples from trenching of between 0.56 and 1.52g/t Au and which reported bulk sample grades on mineralised stockwork of up to 3g/t Au. The Company will also test for any underlying Cu – Au VMS-type mineralisation formed as an extension of the Troulli VMS deposits

Anglisides

Acquired in 2021 as part of the Cyprus Gold Mines acquisition, the Anglisides Licence was first explored in the 1930s by Cyprus Mining Corporation (” CMC”). A bulk sample of 88 tonnes collected by CMC in 1936 returned an average grade of 5.98% Cu and a second sample of 1,336 tonnes returned precious metal grades of 24.5g/t Au and 86.4g/t Ag.