A Canadian mining company has announced that it is launching the next phase of its gold prospecting programme in Paphos District.
Northern Lion Gold Corporation will start 'surface exploration' following the discovery of promising mineral deposits last year during a diamond drill, one of the most advanced exploration tools available in prospecting.
The company told The Cyprus Weekly it was actively exploring for gold and other minerals like copper.
The junior company is working with larger mining firm Centerra which is putting up most of the finance for the local exploration.
The 2014 surface exploration programme is designed to discover the source of the mineral deposits at Mavroyi in Paphos in particular.
The programme will consist of detailed mapping as well as ground geophysics.
"The Electromagnetic survey we conducted in 2011 with Geotech Airborne Malta is being re-evaluated with a view to identifying potential targets and to assist in planning the ground geophysical programme."
Detailed mapping in the Mavroyi area began in late February, where drilling in 2013 discovered enough mineralisation to encourage further investment in the project.
The Mavroyi area is an under-explored part of the volcanic rock layers which ring the Troodos Mountains and which hosts rich clusters of minerals, Northern Lion said. It also cited Mavroyi's close vicinity to four former mines, the largest of which was Limni, as a possible connection with the deposits found there.
This year's programme will also include work at Pano Lefkara, where drill programs in 2012 and 2013 discovered what is known as 'breccia'. This rock is composed of broken fragments of minerals and rock cemented together.
"The positive outcome of the most recent drill programme gives our team in Cyprus a great deal of encouragement as we begin this next phase of exploration work in Cyprus. We believe the debris flow encountered indicates that buried massive sulphides exist in Cyprus," Company President and CEO, John Lando said.
In the same announcement, Northern Lion said that it is also selling up to 2,500,000 units of the company at a price of the equivalent of about three euro cents per share subject to all necessary regulatory approvals.
It intends to use the net proceeds on expenditure on its sites and for working capital.
Northern Lion is committed to building a strong portfolio of projects within mining-friendly and infrastructure-rich areas of Europe. Northern Lion currently has a number of exploration permits in the Republic of Cyprus and is pursuing other opportunities within the region.