Chesterfield has identified the hanging wall of the Kinousa fault as a structure likely to host further massive sulphide deposits. A number of preliminary targets have been identified on the fault and work is ongoing to ascertain whether there is enough evidence to elevate these targets to drill targets.

Chesterfield’s Troodos North Project comprises nine Prospecting Permits on the northern flanks of the Troodos Mountains. Troodos North is a historical copper and pyrites mining area due west of the capital Nicosia.

The Troodos North region includes the Skouriotissa copper mined approximately (294kt of copper) is still operational albeit with very low production and the Mavrovouni mine which produced nearly 750kt of copper until its closure in 1974.

Chesterfield’s licences include prospective ground bordering the Skouriotissa mine and Mavrovouni mine.

In addition, recorded production in and adjacent to Chesterfield’s Troodos North Project was:

*in Chesterfield licences
**adjacent to Chesterfield licences

There is widespread direct evidence for copper mineralisation, such as outcrops of primary copper-pyrite-sulphide, malachite staining and ancient slag piles. The high-grade copper at the Agrokipia A & B and Kokkinoyia mines demonstrates grade potential, whereas the two large pyrite mines at Memi and Kokkinopezoula demonstrate the size potential in the area. There are potential extensions around known mines and prospects.

Discovery South is an area south of the Troodos Mountains previously explored by the UN. Nine prospects have been identified by Chesterfield while archival data is currently being digitised. Desk studies and first pass field assessment started in 3Q 2019.

To explore its large licence areas, Chesterfield will focus on identifying the most favourable positions within the volcanic units to host VHMS deposits. In particular, the proximity to primary fault systems is considered important to form large VHMS systems. Another important consideration for targeting the mineralisation is unravelling the post-volcanic deformation (rotation and tilting). Some basic exploration constraints for VHMS exploration in Cyprus can be highlighted:

• The largest and highest-grade deposits will be in volcanic rocks.
• The massive pyrite bodies are likely to be buried by later volcanic eruptions, so understanding the local eruption-hydrothermal cycle will constrain favourable stratigraphic intervals.
• Chemical sediments (umber, ochre) are direct proxies for a hydrothermal eruption but are deposited distal to associated massive pyrite bodies. They provide useful stratigraphic constraints.
• Ancient seafloor topography (e.g. rift valleys) would have greatly influenced the site of deposition and subsequent preservation of the massive pyrite bodies. It is critical to understand the rotation of fault blocks during sea-floor rifting.
• Alteration zones are expected in the footwall to massive pyrite bodies and may be prospective themselves.
• Larger alteration zones indicate larger, more persistent hydrothermal systems and should develop larger massive pyrite bodies.
• Identification of the primary rift faults is important given that Troodos was rotated ca. 90° counter- clockwise, such that the primary rift faults are now orientated north-south.
• Dolerite dyke intrusion should be broadly sub-parallel to the main rift faults.
• Later faulting has clearly shuffled the Troodos rocks such that deposits may have been translocated.