European Green Transition PLC (AIM: EGT) CEO Aiden Lavelle and CFO Jack Kelly take Share Talk Zak Mir through the latest developments at the Limni copper project in Cyprus.

Lavelle announced promising results from the initial due diligence phase of the project. The company collected 68 samples, revealing acid-soluble copper concentrations ranging from 0.4% to 0.9%. This finding indicates that the mine waters are leaching copper from oxidized tailings and re-precipitating it during the dry season, confirming the potential for copper recovery.

Additionally, the company identified significant gold potential, with rock samples showing grades up to 1.5 grams per ton. Lavelle noted that this gold likely went unnoticed during the original mining operations in the 1960s and 70s.

These findings bolster the company’s confidence to proceed with further due diligence and low-cost sampling to validate the copper recovery model. Lavelle emphasized that Cyprus provides a cost-effective environment for advancing the project towards potential near-term revenue generation.

·    The first stage of diligence on the Cyprus Copper Tailings Recycling Project at the past-producing Limni copper mine has delivered encouraging results across 68 samples.

·    Acid soluble copper ranging from 0.41% to 0.92% found in crusts clearly demonstrates the presence of copper in water at surface.

·    Results also indicate potential upside for gold, with samples of up to 1.48 g/t Au recorded from waste near the edge of the pit.

·    EGT will now progress to the next stage of diligence as part of its option agreement (as announced on 29 April 2024) to develop a copper tailings recycling project through low-cost water treatment and tailings development, with subsequent potential for solar development.

“The first stage of diligence at the Limni site has yielded encouraging results, indicating the potential for recovering a meaningful amount of copper, in addition to newly identified gold potential at the site which offers further upside for the project. Dry sulphate crust samples returned grades of acid-soluble copper ranging from 0.41% Cu to 0.92% Cu and averaging 0.756% Cu. We were also pleased to find indications of gold in rock chip samples taken from the pit edge, with results up to 1.48 g/t providing additional upside value.

“As a next step, we will now progress to the next stage of diligence as part of our 12-month option agreement. This will include further rock sampling, water sampling, and analysis of the potential for solar development at the site.”

https://www.share-talk.com/european-green-transition-plc-aimegt-operational-update-from-ceo-aiden-lavelle-cfo-jack-kelly/