TIDMCMRS TIDMBZT
RNS Number : 8952E
Caerus Mineral Resources PLC
16 March 2022
16 March 2022
Caerus Mineral Resources PLC ("Caerus") & Bezant Resources
PLC ("Bezant")
Cyprus Joint Venture Update
Caerus Mineral Resources (LON: CMRS) and Bezant Resources (AIM:
BZT), the exploration and resource development companies (the
"Companies") with a Joint Venture ("JV") focused on the Troulli
Mine Development Project and other copper-gold JV targets in
Cyprus, are pleased to provide Shareholders with a further Joint
Venture update.
Highlights
-- Troulli Project;
o Phase 2 drilling at Troulli, which has been ongoing for
approximately a year has been completed, on schedule and within
budget. On 22 April 2021, which is prior to the initial
announcement of the JV, Caerus announced approval of a phase 2
drill programme with a focus on the epithermal gold target and
potential extension to the former Troulli Volcanogenic Massive
Sulphide (VMS) deposit. The Companies' joint announcement on 24
February 2022 provided results of 6 drill holes from the drilling
campaign.
o Assay results received for drill hole TR22DD025 return peak
intercepts of 1.25g/t Au over 12.9m from surface, 1.84% Cu over 5m
from 12.9m, 1.26% Cu over 5.2m from 24.2m, 1.3% Cu eq over 16.5m
from 12.9m and, 0.98% Cu eq over 17m from 62.5m.
o Drill hole TR22DD025 ended in mineralisation indicating the
possible presence of further previously unknown mineralisation
dipping beneath barren cover.
o Given delays experienced in assay results by the mining
industry due to unprecedented demand, the balance of drill samples
have been dispatched to three accredited laboratories for analysis;
ALS Ireland, ALS Romania and SGS Spain.
o Addison Mining, the external resource consultant, remains
on-schedule to release a maiden Mineral Resource estimate for the
Troulli Project by the end of March 2022.
o Metallurgical test work by Jubilee Metals Group Plc
("Jubilee") is underway and progressing well.
-- Baseline studies: progressing under the guidance of the JV's
external independent Cypriot environmental consultant for both
Troulli Project and Kokkinapetra -Troulli Extension Project.
-- Drill targets approved: for both the Kokkinapetra -Troulli
Extension Project and the Anglisides high-grade satellite JV
Project with drilling to start in April 2022.
Martyn Churchouse, Chief Executive Officer of Caerus said "The
exploration team continues to make excellent progress and has
provided Addison Mining the external Resource consultant with the
bulk of data required for the maiden Mineral Resource estimate. Any
additional assay results that are received will be included in
subsequent estimates as the Company wishes to meet the end of March
deadline for the maiden Mineral Resource estimate.
The assay results generated from the recent drilling of the
Kokkinapetra -Troulli Extension Project and the Anglisides Project
, reported 24 February 2022, have resulted in the approval of an
exciting follow-up drill programme to commence in April. Targets
for both projects offer scope for a material increase in the future
treatable tonnes that could be processed through the Troulli plant.
Caerus will continue to manage its treasury to ensure that the bulk
of available funds is spent "in the ground" as we move towards the
first material value-add, transforming the Troulli exploration
licence with the addition of a maiden Mineral Resource estimate and
the move towards a Mining Licence".
Colin Bird, Chief Executive Officer of Bezant said "We are very
pleased with the work carried out within this joint venture. Every
facet of the work has been confirmatory, and has often extended
well beyond our initial expectations.
We will soon receive a 3D resource model and be able to move on
to definitive mine planning, with a view to optimising feed input
to the proposed processing plant.
Metallurgical work being carried out in Australia, is continuing
and is producing very encouraging results. The results of this
metallurgical programme will be fed into financial assessment and
we are confident of producing an overall development plan by the
third quarter of 2022."
Troulli Project: Diamond Drill Program
The results of the Phase 2 drilling campaign have provided
sufficient assay analyses for Addison Mining, the independent
Resource consultant to complete work to generate a maiden Mineral
Resource estimate for the Troulli Project. The estimate will
include dump and stockpile Mineral Resources but will not, at this
stage, include any estimate for the extensions or satellites to
Troulli and will provide a summary of the drill results used in
calculating the estimate.
Drill hole TR22DD025 returned encouraging results typical of the
Troulli deposit with gold values at or near-surface overlying a
number of higher-grade copper zones within a broad copper - gold
halo often returning copper equivalent grades over significant
mineralised widths.
Borehole From To Mineralised End of Copper Gold Cu eq
No (m) (m) Interval hole (% Cu) (g/t (% Cu)
(m) (m) Au)
TR22DD025 0.0 12.9 12.9 79.5 - 1.25 -
----- ----- ------------ ------- -------- ------ --------
12.9 17.9 5.0 1.84 - -
----- ----- ------------ ------- -------- ------ --------
24.2 29.4 5.2 1.26 - -
----- ----- ------------ -------- ------ --------
12.9 29.2 16.5 - - 1.3
----- ----- ------------ -------- ------ --------
62.5 79.5 17.0 - - 0.98
----- ----- ------------ ------- -------- ------ --------
Jubilee Metallurgical Test Work : Test work is ongoing, with an
emphasis on copper - gold sulphide, gold oxide and copper - gold
oxide mineralisation styles encountered at Troulli. Jubilee is also
preparing a high-level summary of expected processing methodologies
to be incorporated by the external Resource consultant in the
Maiden Resource Estimate documentation.
Kokkinapetra -Troulli Extension Project drill targets Drilling
in late February of gossan targets located along the strike length
between Troulli and Kokkinapetra also returned sufficiently
encouraging results to warrant the approval of a follow-up drill
programme. Caerus will be targeting near-surface gold
mineralisation together with copper-gold sulphide at depth. The
strike extension drilling will be aided by a scheduled ground
geophysical survey over the same area.
Anglisides Project drill targets: The recent drilling completed
at the nearby Anglisides Project, returning a notable 1.18% Cu eq
over 40m from surface, has resulted in the approval of a programme
to test the high-grade near-surface mineralisation indicated in
historic drilling undertaken prior to Caerus's ownership. Jubilee
will be actively involved in the assessment of any Resource that is
defined by the next drill campaign so that the JV can potentially
transport an upgraded feedstock to the Troulli plant for
processing.
For further information, in relation to the Companies please
contact:
Caerus Mineral Resources Bezant Resources plc
plc
Website www.caerusmineralresources.com www.bezantresources.com
--------------------------------- -------------------------
Company Contact Martyn Churchouse Colin Bird
Chief Executive Officer Executive Chairman
info@caerusmineralresources.com info@bezantresources.com
+44 (0)1249 782162 + 44 (0)20 3416 3695
--------------------------------- -------------------------
Broker Novum Securities Novum Securities
Jon Bellis Jon Bellis
+44 (0) 20 7399 9425 +44 (0) 20 7399 9400
--------------------------------- -------------------------
Nominated Adviser Not applicable Beaumont Cornish
Roland Cornish
+44 (0) 20 7628 3396
--------------------------------- -------------------------
Qualified Person The content of this news release has been
reviewed, verified, and approved by Mr. Nigel Chapman who is the
exploration manager and now COO of Caerus. Mr. Chapman has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity to which he is undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves and as a qualified person under the AIM Note for Mining,
Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos
Naturales SAC, an independent geological consultancy established in
2015 and is a Member of the Australasian Institute of Geoscientists
(A.I.G.)
Mr. Chapman consents to the inclusion in this Announcement of
such information in the form and context in which it appears.
Glossary
A 'Mineral Resource' is a concentration or occurrence of solid
material of economic interest in or on the Earth's crust in such
form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from
specific geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which quantity, grade (or quality), densities, shape
and physical characteristics are estimated with sufficient
confidence to allow the application of Modifying Factors in
sufficient detail to support mine planning and evaluation of the
economic viability of the deposit.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade (or quality) are estimated on
the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade
(or quality) continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes.
"Au" Gold
"Cu" Copper
"Cu eq" Copper equivalent: Copper equivalent grades are based on
a copper price of US$4.0/lb and a gold price of US$1,800/oz Au.
"g/t" grammes per tonne
"kt" thousand tonnes
"Mt" million tonnes
About Caerus Mineral Resources : Caerus Mineral Resources is a
European focused copper-gold resource development and exploration
company with a portfolio of mineral exploration licences located in
Cyprus. The Country has a well-developed infrastructure and history
of mineral exploration and production, which has been dormant over
the last 50 years and provides significant undiscovered value and
can be followed on Twitter at @CaerusMineral.
About Bezant Resources: Bezant Resources is a focused on
developing its pipeline of copper gold projects to provide a new
generation of economically and socially sustainable mines and in
addition to its joint venture with Caerus Mineral Resources in
relation to Cyprus has copper projects in Namibia, Zambia,
Philippines and Argentina and a manganese project in Botswana.
The information contained within this announcement is deemed by
the Companies to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit)
regulations (SI 2019/310).
END
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