- Mineral exploration and development company Ariana Resources said recent drilling at the Kokkinoyia sector of the Magellan project in Cyprus encountered signifiant gold and zinc zones.

Intercepts of over 40-to-50 metres carrying 0.5-to-1 gram per tonne of gold, with associated copper and zinc, dramatically changed the definition of 'potentially economic zones across the deposit,' the company said.

'Further work will now need to be undertaken on the metallurgy of these zones of mineralisation to determine the optimal route for economic extraction of copper, gold and zinc, in particular the potential to recover the metals via hydrometallurgical processing routes.'

The Magellan project was owned by Venus Minerals, which was focused on the exploration and development of copper and gold assets in Cyprus.

Ariana, meanwhile, would be completing its earn-in to 50% of Venus by the end of October 2021.

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