|Location||Republic of Cyprus|
|Partner||Chesterfield Resources PLC|
Polymetal acquired a 22.9% stake in Chesterfield Resources, a junior exploration company active in Cyprus, via the issue of new shares. Proceeds will be used to fund further exploration programs, obtain new exploration permits, cover operating expenses and appraise new opportunities.
Exploration is aimed at discovering VMS (Volcanognic Massive Sulphide) deposits which typically occur in stacks and clusters. The company has three main target areas, totalling approximately 94 km2: Troodos West, Discovery South and Troodos North. Additionally to significant copper intersections in VMS mineralization, there is a potential to encounter commercially viable gold deposits.
Troodos West. During 2019, the company identified over 30 specific targets within its Troodos West licence area. Copper and gold mineralization were identified in this area following percussion drilling in
Discovery South. Nine prospects have been identified at Discovery South. The company has not commenced any drilling in the area yet, but intends to identify targets and initiate drilling campaign in 2021.