TIDMBZT
RNS Number : 3923H
Bezant Resources PLC
06 April 2022
6 April 2022
Bezant Resources PLC ("Bezant") & Caerus Mineral Resources PLC ("Caerus")
Mineral Resource Estimate for the Troulli Au and Cu Project,
Cyprus
Bezant Resources (AIM: BZT), and Caerus Mineral Resources (LON:
CMRS) 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 announce the results of an independent
Initial Mineral Resource Estimate, reported in accordance with JORC
Code (2012), in respect of the Troulli Cu-Au project ("Troulli" or
the "Troulli Project").
Highlights :
-- Independent Indicated and Inferred Mineral Resources
Estimates for Troulli , reported in accordance with JORC Code
(2012) prepared by Addison Mining Services Limited ("AMS"). The
input databases for the waste dumps and hard rock estimates,
included:
o 72 diamond and open hole percussion drillholes, totalling
3,393.30 metres.
o 208 trench channels for 692.17 metres.
-- At a selected cut-off grade of 0.5% Cu, a hard rock resource
estimate of approximately 2.7 million tonnes at a Cu equivalent
grade of 0.74% CuEq (0.51% Cu and 0.26 g/t Au) has been
established
-- A Total Hard Rock Resource Estimate of approximately 4.9
million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal
and 31,000 ounces of Au, from a cut-off grade of 0.26% Cu
equivalent.
-- The Hard Rock Resource Estimate is comprised of:
o Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and
0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.
o Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and
0.47 g/t Au for 260 t of Cu and 2,800 ounces.
o Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu
and 0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au.
-- Inferred waste and tailings dump resources of approximately
93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and
360 oz of Au.
Outlook
The Companies will focus on a number of priorities including the
upgrading and expansion of the mineral resource, completion of
metallurgical test work, environmental baseline studies and the
Environmental and Social Impact Assessment, continuing development
of a mine plan and, submission of a Mining Licence application.
Specifically, the near-term programme will include:
Continued resource development and the further expansion of the
larger Troulli deposit with the on-going drilling and evaluation of
multiple copper and gold-bearing gossans occurring within a 1km
radius of the Troulli deposit that have been partially drilled and
sampled by Caerus in the past few months.
The drilling of high-grade mineralisation at the Anglisides
satellite Project, already broadly defined by Caerus drilling, with
a view to the future delivery of this feedstock to the Troulli
processing plant for extraction of both copper and gold.
Further work will be undertaken to evaluate the Kokkinopetra
Project, located 1.5km from Troulli and within an acceptable haul
distance for any payable mineralisation that may be defined.
In parallel with the expansion of the resource, Caerus plans,
with guidance from external independent consultant, AMS, to
complete infill drilling to upgrade the recently announced mineral
resource. This workplan will also include drilling of presumed
extensions to mineralisation identified during the current drill
programme and include;
-- providing AMS with the results of metallurgical test work
being undertaken by Jubilee Metals Group as part of the process of
upgrading the mineral resource.
-- completing the ongoing Environmental baseline study and the
Environmental and Social Impact Assessment being undertaken by an
independent Cypriot-based consulting group.
-- begining the process of mine design and planning based on
feedback from both Jubilee Metals Group Plc and the environmental
consulting group.
-- completing the submission of a Mining Licence application.
Colin Bird, Executive Chairman of Bezant Resources, commented
:
"This is a very encouraging start and provides a good foundation
for the expansion of the Mineral Resource as we start to include
extensions to the mineralization and the area between Troulli and
Kokkinapetra. On the back of these Maiden Resource figures we are
pleased to announce that we are preparing to commence mine design
in parallel with the on-going metallurgical test work. We look
forward to the next round of drilling starting in a few weeks' time
and the steady growth of the Mineral Resource as we work towards
the development of a new mining venture in Cyprus."
Martyn Churchouse, CEO of Caerus Minerals, further commented
:
"We are delighted with the Maiden mineral resource estimate for
Troulli that provides the Joint Venture with the foundation for the
continued expansion of the resource as we drill out other known
targets located along the 1.5km strike length between Troulli and
Kokkinopetra.
This is a significant step along the road to becoming a producer
with the future development of Troulli potentially being our first
revenue event. With Bezant now committing to mine design, we are
able to move to the next stage in the metallurgical test work and
plant configuration process. Once we have guidance on likely annual
plant capacity we will be able to marry resource tonnes to
throughput and start the process of optimisation and providing
detail of targeted metal production.
Early indications from metallurgical test work suggest that the
lower grade hard rock resource, that below the 0.5% CuEq cut-off
may be amenable to low-cost heap leaching adding significantly to
the Total hard rock resource by a further 2.5 million tonnes.
The Exploration Team have identified possible extensions to the
current mineral resource and these will be drilled out along with
the focused targeting of copper - gold gossans that we have already
drill-tested and therefore have a high degree of confidence in our
ability to define further resources.
The parallel drill programme at the Anglisides satellite project
has the potential to deliver easily accessible high-grade feed for
any future Troulli plant that can extend the life of the
operation.
I would like to thank the Exploration Team for their hard work
and dedication in completing the release of a Maiden resource
within 9 months of acquisition of the licence and also, AMS for
their excellent and highly professional approach in the generation
of the resource."
Overview
The Companies are pleased to announce the results of an
independent Mineral Resource Estimate, reported in accordance with
JORC (2012), for Troulli prepared by independent consultant Addison
Mining Services Limited ("AMS").
This Mineral Resource Estimate, effective as of 22(nd) March
2022 for the Troulli deposit comprises:
-- A Total Hard rock resource estimate of approximately 4.9
million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal
and 31,000 ounces of Au, including.
o Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and
0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.
o Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and
0.47 g/t Au for 260 t of Cu and 2,800 ounces.
o Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu
and 0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au.
-- Inferred waste and tailings dump resources of approximately
93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and
360 oz of Au.
Competent Person's Indicated and Inferred Mineral Resource
Estimate, Reported in Accordance with the JORC Code (2012
edition)
Further to the drilling conducted in 2021 and 2022, the Company
commissioned AMS to complete an independent Mineral Resource
Estimate. The Mineral Resource Estimate is based on all the
available data from the waste dumps and hard rock area collected up
to the 22(nd) of March 2022. Assay results for copper and silver
are pending for 15 drillholes.
The Mineral Resource Estimate has been reported in accordance
with the Joint Ore Reserve Committee (JORC) Code, 2012 edition.
Summary of Resource Estimate and Reporting Criteria
In accordance with the JORC Code (2012), a summary of the
material information used to estimate the updated Mineral Resource
Estimate is set out below (for further detail please refer to the
JORC (2012) Table 1, set out in the Appendix to this
announcement).
Geology and Geological Interpretation
The geology of the two prospect areas at Troulli are described
as follows:
The waste dumps constitute a heterogenous mixture of mineralised
mine waste and ROM that has been deposited erratically during mine
operations throughout the 1960s and 1970s.The material is a mixture
of clay, sands and poorly sorted rock, ranging in size from cobbles
to boulders. The material consist of two dominant horizons, the "A"
and "B" horizons, the "B" horizon is a thin (typically 30 -50 cm)
horizon containing supergene enriched copper which underlies the
"A" horizon.
The hard rock area is comprised of volcanic rocks of the Troulli
Inlier and identified as belonging to the Basal Group (BG), Lower
Pillow Lavas and Upper Pillow Lavas.
The BG are the oldest rocks outcropping in the Troulli Inlier
and are typically identified by an assemblage of visible or
microscopic epidote, quartz, chlorite and the presence of Fe and Cu
minerals including accessory pyrite. BG rocks generally resist
erosion due to their pervasive silicification. Volcanic breccias
are also widespread throughout the BG.
The Lower Pillow Lavas (LPL) typically have a dark brown to
khaki colour with celadonite commonly forming coatings. Pillow rims
are typically glassy, and quartz may form amygdales. The LPL are
largely missing from the stratigraphic succession mapped around
Troulli Mine-Kokkinopetra area.
The Upper Pillow Lavas (UPL) cover approximately 70% of the
Troulli Inlier. They typically have a pink to light-grey colour,
with olivine pseudomorphs, fresh green diopside, abundant calcite
fracture fill and amygdales, and zeolites including analcime.
Spaces between pillows in the UPL are often filled with a mixture
of red calcareous sediments and umberiferous material. The UPL
includes pillowed lavas, non-pillowed lava flows, interbedded tuffs
and sediments, fine grained basaltic dykes and microgabbroic
quartz-basaltic dykes.
Gossans, formed due to the oxidation of sulphide material and
resultant acid generation, are recorded occurring across the
Troulli Inlier, including: the Eastern Gossan Hill (directly to the
south of the Troulli Mine pit); the gossan at Kokkinopetra; small
gossans at Mavromoutti (300m east of Troulli Mine); and at
Kokkinomoutti.
Drilling Techniques and Hole Spacing
The Mineral Resource Estimates includes information from 72
diamond and open hole percussion drillholes, totalling 3,393.30
metres and 208 trench channels for 692.17 metres.
Drill core diameter was PQ and HQ, depending upon depth. Double
tube type was used for the diamond drilling. Some of the diamond
core has been orientated. The open hole percussion drilling used a
drill bit size of 20 cm / 8 inches.
Drilling within the hard rock area ranges from approximately
15-15 m x 30x30 m centres within the most densely tested area
situated in the central area with several step-out put holes
designed to explore for further mineralisation.
The dump areas have channel samples every 5 m along an excavated
trench with a total of 11 trenches. The trenches are centred
between 15 and 40 m apart.
The distribution of drillholes within the hard rock area is
sufficient to establish the degree of geological and grade
continuity appropriate for classification of Inferred and Indicated
resources as defined by the JORC Code (2012).
The distribution of trench channel sampling within the dumps
area is sufficient to establish the degree of geological and grade
continuity appropriate for a JORC (2012) Inferred classification of
resources.
Sampling and Sub-Sampling Techniques
Within the hard rock area, diamond drill core and percussion
chips were used to obtain samples for geological logging and
sampling. Diamond drilling geological and analytical data is
recorded into excel, with recovery and RQD data recorded on paper
at the drill site. Percussion chips were logged on paper at the
drill site.
The whole drillhole is routinely sampled and intervals measure
approximately 1 m, half core in the diamond holes and percussion
riffle splits for two metres. Samples typically weigh between
approximately 0.5-3kg, with half core and chip sub-samples retained
for reference.
Trench channel samples within the dumps, were vertical channels,
cut into the wall of an excavated trench (revealing the various
dump horizons). Samples were dictated by the horizons and were
generally a metre in length. The channel was around 10 cm in width,
5 cm in depth and weighed between 3-5 kg per sample. Geological and
sample data was recorded on hard copy and later digitised.
Samples were sent to ALS Seville or SGS Ankara for preparation
and multi-element analysis by ICP and Au by FA. Half core,
percussion and channel samples were reduced to -75um and 50g
sub-samples taken for analysis.
QC samples were regularly inserted into the diamond and trench
sample stream. QC samples consisted of CRMs, blank material and 1/4
core field duplicates. There were no QC samples inserted into the
percussion drillholes sample stream. However, subsequent riffle
split duplicates have shown acceptable repeatability.
Diamond Core Recovery
A total of 1,912 diamond core recovery measurements exists in
the database for the drilling with average core recovery of 97%.
Core recovery is measured over run lengths.
Estimation Methodology
The database for use as input for mineral resource modelling and
estimation has been validated and verified by AMS. Micromine 2022
3D geological modelling and estimation software was used for
import, validation and QC verification assessment, 3D solid
modelling, geostatistics and block model interpolation, grade
estimation and block model reporting. Data checks include checks
for overlapping and missing intervals, drill hole trace errors,
missing survey data, lithology and collars.
Wireframe solid models were created for the hard rock and waste
dump areas, based on lithological contacts. The wireframes were
generated using Micromine's implicit modelling functionality.
Interpretation of the mineralised domains was guided by geological
interpretation of the deposit incorporating lithological
boundaries. Separate Copper and Gold grade domain shells
representing mineralized and unmineralized material were created
withing the Gossan and Breccia.
The wireframes were used to restrict a block model of cell size
10 mE x 10 mN x5 mZ in the hard rock area, based on drill spacing
of 15 m in parts of the gossan, sub blocking was used to preserve
domain boundaries before being regularized to account for dilution.
In the dump areas a block model with cell size 5 mE x 5 mN and
variable Z was used. Using ordinary kriging Cu, Au and Ag values
were interpolated on a domain-by-domain basis using incrementally
larger search radii.
The resource has identified potentially economic material from
surface to approximately five metres below surface within the dump
areas and from surface to approximately 150 metres below within the
hard rock area.
Bulk Density
The resource database contains 436 bulk density measurements
within the hard rock area and 58 measurements within the dumps
area. For the purpose of Mineral Resource Estimation, the following
default bulk density values were assigned on a dry basis. Dump
material was given a bulk density of 1.89 g/cm(3) ; mineralized
gossan, 2.14 g/cm(3) and mineralized breccia, 2.36 g/cm(3) . For a
hard rock deposit the bulk density values are low, however the
gossan material is highly porous while the breccia is frequently
subject to intense argillic alteration. Further bulk density
measurements are advised to better understand the density of the
different material types.
Classification Criteria
The Troulli deposit, has been classified as an Inferred and
Indicated Mineral Resource in accordance with JORC (2012) based on
a combination of drill spacing, geological confidence, grade
continuity, and consideration of data quality. Indicated resources
were classified in the Gossan only where drill spacing was
completed on a 15 m grid. Within the breccia further geological
understanding and infill drilling is required before Indicated
resources are warranted, all breccia material was classified as
Inferred. All dump material was classified as Inferred.
Reasonable Prospect of Eventual Economic Extraction
Based on the orientations, thickness and depths to which the
deposit has been modelled, open pit mining is the anticipated
mining methodology. No pit optimization has been used to constrain
the Resource at this stage as mineralization remains open laterally
and use of pit optimization at this stage is considered overly
conservative.
In the absence of metallurgical testwork (which is ongoing) the
following parameters are assumed for all material types, for gold
95% recovery, 3% refining reduction costs, and a base gold price of
$1900/oz, for copper 85% recovery and 5% smelter reductions, with a
base copper price of $8000/t. Combined processing and G&A costs
are envisaged to be in the region of $17/ROMt and mining by open
pit in the region of $3. The following parameters indicate a break
even mill cut-off grade of approximately 0.25% Cu equivalent or 0.3
g/t Gold equivalent, which seems reasonable for identifying
material which has a reasonable prospect of eventual economic
extraction. Silver credits are not considered in the cut-off
determination and Ag is reported as a by-product only.
It is anticipated that no grade control or selective mining will
be employed for the dump material which is reported as a global
resource (no cut-off grade applied).
Environmental and Social Considerations
No Protected sites have been identified within the project area.
It should be noted that the village of Troulloi is within less than
500 m of the mineral resource area and this may represent a
permitting risk . Since the original granting of the historic
Mining Lease at Troulli prior to the Turkish invasion in 1974, the
village of Troulli recognised the potential economic importance of
the mine to the local community. In recent years due to the close
proximity of the project to the village, the Council and local
leaders took the highly pragmatic and extraordinary measure of
having the mine property placed under the village jurisdiction so
that it may have a voice in its future development and share in the
potential benefit that the project could bring to the community. To
the Company's knowledge, this is the only such project in Cyprus
whereby the Community has taken such a positive and pragmatic
approach to a potential future mine development.
Resource Estimate Results
The approximate tonnage, grade and contained metals reported in
this Inferred and Indicated Mineral Resource Estimates are
presented in the following tables. The following should be
noted:
-- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
-- Further exploration is required to convert Inferred Mineral
Resources into Indicated Mineral Resources, as the amount of data
and geological understanding increases the grade and tonnage of
Mineral Resources may increase or decrease.
-- The effective date is 22(nd) March 2022.
-- All Caerus drillholes have assays for Au, however
multielement (including Cu and Ag assays) remain outstanding for 15
drillholes, 12 of which are within the Resource area and mainly
within the breccia domain. Logging has identified sulphides
including chalcopyrite in these drillholes and it seems reasonable
to ignore these drillholes (treated as null) for the estimation of
Cu. Once outstanding assays are received the Resource models should
be updated. The additional data may serve to increase or decrease
the tonnage and grade of the mineral resource estimate.
-- Values presented in the table below are generated at full
precision before being rounded to two significant figures to
reflect the Competent Persons view of the accuracy of the estimate.
As such discrepancy may be present between individual values and
totals.
-- Cu Equivalent (CuEq%) is used to determine material which has
a reasonable prospect of eventual economic extraction for hard rock
material. CuEq% = Cu%*0.871+Au g/t. It is the opinion of the
Company and the Competent Person that all elements included in the
CuEq calculation (Cu and Au) have a reasonable prospect of being
recovered and sold.
Table 1: Hard Rock Mineral Resource Estimates.
Cut-off Tonnes CuEq Cu Au Ag Cu Au (oz) Ag
CuEq % % % g/t g/t (t) (oz)
Gossan
Indicated
0.50 210,000 1.1 0.20 1.1 6.3 410 7,100 42,000
========== ===== ===== ===== ===== ======= ======== ========
0.40 230,000 1.1 0.19 1.0 6.3 440 7,300 46,000
========== ===== ===== ===== ===== ======= ======== ========
0.30 260,000 0.99 0.18 0.93 6.3 460 7,700 52,000
========== ===== ===== ===== ===== ======= ======== ========
0.26 260,000 0.97 0.18 0.91 6.2 460 7,700 53,000
========== ===== ===== ===== ===== ======= ======== ========
Inferred
0.50 86,000 0.71 0.20 0.59 3.1 170 1,600 8,400
========== ===== ===== ===== ===== ======= ======== ========
0.40 150,000 0.61 0.15 0.52 2.9 230 2,500 14,000
========== ===== ===== ===== ===== ======= ======== ========
0.30 170,000 0.57 0.14 0.49 2.8 250 2,700 16,000
========== ===== ===== ===== ===== ======= ======== ========
0.26 180,000 0.55 0.14 0.47 2.8 260 2,800 16,000
========== ===== ===== ===== ===== ======= ======== ========
Breccia
Inferred
0.50 2,400,000 0.71 0.55 0.18 1.1 13,000 14,000 88,000
========== ===== ===== ===== ===== ======= ======== ========
0.40 3,400,000 0.63 0.49 0.16 1.0 17,000 17,000 110,000
========== ===== ===== ===== ===== ======= ======== ========
0.30 4,200,000 0.58 0.45 0.15 0.92 19,000 20,000 120,000
========== ===== ===== ===== ===== ======= ======== ========
0.26 4,400,000 0.56 0.43 0.14 0.91 19,000 21,000 130,000
========== ===== ===== ===== ===== ======= ======== ========
Total Hard Rock Indicated plus Inferred
0.50 2,700,000 0.74 0.51 0.26 1.6 14,000 22,000 140,000
========== ===== ===== ===== ===== ======= ======== ========
0.40 3,800,000 0.65 0.46 0.22 1.4 17,000 27,000 170,000
========== ===== ===== ===== ===== ======= ======== ========
0.30 4,600,000 0.60 0.42 0.20 1.3 20,000 30,000 190,000
========== ===== ===== ===== ===== ======= ======== ========
0.26 4,900,000 0.58 0.41 0.20 1.3 20,000 31,000 200,000
========== ===== ===== ===== ===== ======= ======== ========
Table 2: Tailings and dump material Inferred Resources, reported
globally (no cut-off grade applied).
Area/Horizon Tonnes Cu Au Ag Cu Au (oz) Ag (oz)
% g/t g/t (t)
Junction
A 14,000 0.46 0.12 1.4 62 51 630
======= ===== ===== ===== ===== ======== ========
Main Zone
A 45,000 0.4 0.13 1.1 180 190 1,500
======= ===== ===== ===== ===== ======== ========
Tailings
A 14,000 0.21 0.17 1.4 30 79 630
======= ===== ===== ===== ===== ======== ========
Junction
B 2,800 2.6 0 0 73 0 0
======= ===== ===== ===== ===== ======== ========
Main Zone
B 11,000 2.9 0 0 320 0 0
======= ===== ===== ===== ===== ======== ========
Tailings
B 6,000 0.6 0.17 0.98 36 32 190
======= ===== ===== ===== ===== ======== ========
Total Inferred 93,000 0.76 0.12 1.0 710 360 3,100
======= ===== ===== ===== ===== ======== ========
Supporting Images
Supporting images can be found at the following links.
-- Figure 1, overview map of exploration drilling and channel
sampling, with approximate surface expression of resources.
http://www.rns-pdf.londonstockexchange.com/rns/3923H_1-2022-4-5.pdf
-- Figure 2, example cross section of hard rock Cu resource. http://www.rns-pdf.londonstockexchange.com/rns/3923H_2-2022-4-5.pdf
-- Figure 3, example cross section of hard rock Au resource. http://www.rns-pdf.londonstockexchange.com/rns/3923H_3-2022-4-5.pdf
Competent Person's Statement (Mineral Resources)
The Troulli resource estimate was prepared by Mr R. J. Siddle,
MSc, MAIG Senior Resource Geologist for Addison Mining Services
Ltd. and Competent Person. Mr. Siddle is an independent Competent
Person within the meaning of the JORC Code (2012). Mr. Siddle and
has reviewed and verified the technical information that forms the
basis of, and has been used in the preparation of, the Mineral
Resource Estimate and this announcement, including analytical data,
diamond and percussion drill hole logs, QC data, density
measurements, and sampling. Mr. Siddle consents to the inclusion in
this announcement of the matters based on the information, in the
form and context in which it appears. Mr. Siddle has also reviewed
and approved the technical information in his capacity as a
Competent Person as defined by the JORC Code (2012) .
For further information on the Company, 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 Limited
Roland Cornish
+44 (0) 20 7628 3396
--------------------------------- -------------------------
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.
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.
Qualified Person :In accordance with AIM Note for Mining and Oil
& Gas Companies, June 2009 ("Guidance Note"), Colin Bird,
CC.ENG, FIMMM, South African and UK Certified Mine Manager and
Director of Bezant Resources Plc, with more than 40 years'
experience mainly in hard rock mining, is the qualified person as
defined in the Guidance Note of the London Stock Exchange, who has
reviewed the technical information contained in this press
release.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic pursuant to the Market Abuse (Amendment)
(EU Exit) regulations (SI 2019/310).
Glossary of technical terms :
"Ag" silver;
"Au" gold
"AuEq" gold equivalent
"BG" basal Group, oldest rocks outcropping in the Troulloi
Inlier
"Breccia" rock which has been fractured or broken insitue
by processes in the earths crust, including fracturing
by hydrothermal fluids perculating the rock under
high pressure or by tectonic activity.
"CRM" Certified Reference Material; standards.
"Cu" copper
"CuEq" copper Equivalent
"Fe" iron
"g" grammes;
"Gossan" is intensely oxidized, weathered or decomposed rock,
usually the upper and exposed part of a mineral
deposit. The weathering process can result in enrichement
of immobile metals and elements and depletion of
mobile metals and elements.
"g/t" grammes per tonne; equal to ppm
"ICP" inductively coupled plasma;
"Inferred resource" 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;
"Indicated resource" 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.
"JORC" the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves, as
published by the Joint Ore Reserves Committee of
The Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals
Council of Australia;
"JORC (2012)" the 2012 edition of the JORC Code;
"km" kilometre
"LPL" Lower Pillow Lavas,
"m" metre;
"Mineral Resource" a concentration or occurrence of material of economic
interest in or on the earth's crust in such form
and quantity that there are reasonable and realistic
prospects for eventual economic extraction. The
location, quantity, grade, continuity, and other
geological characteristics of a Mineral Resource
are known, estimated from specific geological evidence
and knowledge, or interpreted from a well-constrained
and portrayed geological model;
"Mt" million tonnes;
"oz" troy ounce;
"ppm" Parts per million, equal to g/t
"QA/QC" quality assurance/quality control
"ROM" Run of mine
"UPL" Upper Pillow Lavas
"Zn" zinc.
"%" percent
APPIX : Table 1 (JORC 2012)
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation AMS Commentary
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, * Diamond and open hole percussion drilling has been
random chips, or specific specialised industry completed in the hard rock area in 2021/2022.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * Vertical trench channel sampling was employed in
examples should not be taken as limiting the broad 2021/2022 around the dump areas.
meaning of sampling.
* Trench channels were 1 m in length, weighing
approximately 3-5 kg.
* Drill core samples were half core with an average
length of 1 m.
* Nature of sampling is appropriate for both styles of
mineralisation.
* Handheld preliminary XRF instruments were used as a
guide for geologists throughout the trench sampling.
No XRF data was used in the mineral resource
estimates.
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* Include reference to measures taken to ensure sample * Channel and drillhole sampling were supervised by
representivity and the appropriate calibration of any Caerus geologists and samples were constrained to
measurement tools or systems used lithological boundaries were possible.
* Efforts to ensure sample representativity for the
drilling include:
o Always sampling the same side of the
core, while leaving the orientation line
in place (where applicable).
o Large diameter drilling was used to
try and obtain the most representative
sample possible.
o No specific measures to ensure representativity
for the trench channel samples were completed,
other than sampling to horizons.
o Trench samples tried to include a representative
mix of the various sizes of material,
i.e., clays, sands, pebbles, cobbles,
and boulders.
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* Aspects of the determination of mineralisation that * Caerus Minerals sent all percussion, diamond and
are Material to the Public Report. trench samples to ALS Seville or SGS Ankara for
preparation and multi-element analysis by ICP and
gold by FA.
* ALS Seville and SGS Ankara are accredited and
conforms with ISO9001:2008.
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* In cases where 'industry standard' work has been done * Diamond drill core, percussion chips and trench
this would be relatively simple (e.g. 'reverse channel sampling methods were used to obtain samples
circulation drilling was used to obtain 1 m samples for geological logging and sampling.
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is * Trench logging was completed on hardcopy and
coarse gold that has inherent sampling problems. transferred to Excel.
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed
information. * Drill core logging is recorded digitally into Excel.
Recovery and RQD data is recorded on paper at the
drill site and later transferred to Excel.
* Percussion holes were logged on paper at the drill
site and later transferred to Excel.
* The entire trench channel and drillhole is routinely
sampled.
* Drillhole sampling intervals measure approximately 1
m, half core sent for analysis, with half core
retained for reference.
* Percussion holes were riffle split composites of two
metres, weighing approximately 0.5-3 kg.
* Trench channels were generally 1 m in length,
weighing approximately 3-5 kg.
* Diamond, percussion and trench samples sent to ALS
Seville or SGS Ankara for preparation and
multi-element analysis by ICP and Au by FA.
* Half core, percussion chips and trench samples were
dried, reduced to -75 microns and 50g sub-sample
taken for analysis.
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Drilling
techniques * Drill type (e.g. core, reverse circulation, open-hole * A total of 72 diamond and open hole percussion
hammer, rotary air blast, auger, Bangka, sonic, etc) drillholes, totalling 3,393.30 metres and 208 trench
and details (e.g. core diameter, triple or standard channels for 692.17 metres were used as the input
tube, depth of diamond tails, face-sampling bit or databases for geological modelling and resource
other type, whether core is oriented and if so, by estimation.
what method, etc).
* Drill core diameter was PQ and HQ, depending upon
depth.
* Percussion hole diameter was 20cm / 8 inches.
* Standard tube was used for diamond drilling.
* Some angled diamond core was orientated using the
reflex ACT III.
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Drill
sample * Method of recording and assessing core and chip * Total core recovery, Rock Quality Designation (RQD
recovery sample recoveries and results assessed. were recorded on hardcopy tables for the diamond
drilling at the drill site.
* A total of 1,912 core recovery measurements exists in
the database for the drilling with average recovery
of 97%. recovery is measured over run lengths.
* A selection of recoveries were verified by AMS on the
site visits.
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* Measures taken to maximise sample recovery and ensure * Sample recovery is 97%. However, efforts to maximis
representative nature of the samples. e
sample recovery for the drilling include:
o
Slowing
drill
rate
in
areas
of
broken
ground,
o
Reducing
run
lengths
in
areas
of
broken
ground.
o
Use
of
specific
drilling
fluids
(stabilised
slurries)
in
broken
ground
areas.
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* Whether a relationship exists between sample recovery * Au and Cu grades were plotted in scattergrams against
and grade and whether sample bias may have occurred recovery data and no obvious relationship appeared.
due to preferential loss/gain of fine/coarse
material.
* Additional work is required to ensure that there is
no sample bias.
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Logging
* Whether core and chip samples have been geologically * Core logging was recorded directly into Excel, using
and geotechnically logged to a level of detail to templates provided by AMS.
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Standard Operating Procedures were provided by
Wardell Armstrong and have been reviewed by AMS.
* Logging records lithology, textures, mineralisation,
weathering, alteration and veining where appropriate.
* Geotechnical and geological data for the drill holes
has been reviewed and verified during the site
visits.
* The core and channel logging has been completed to a
sufficient level of detail to support appropriate
Mineral Resource Estimations.
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* Whether logging is qualitative or quantitative in * Drill core was qualitative and quantitative in
nature. Core (or costean, channel, etc) photography. nature.
* DH lithology, alteration, mineralisation and
structural observations were recorded by variable
interval based on characteristic similarities and
change boundaries.
* Summary interval information was inputted to Excel,
comprising code field and codes to describe logged
lithology, alteration, mineralisation and major
structure for the interval.
* Core is routinely photographed.
* Channel sample logging was qualitative and
quantitative in nature and not photographed.
* Channel samples identified the horizons and cursory
observations were appropriate.
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* The total length and percentage of the relevant * All drill core and percussion chips were logged in
intersections logged. their entirety.
* Dump channel samples were logged in their entirety.
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Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Core was cut in half using a core saw. And percussion
and sample half or all core taken. chips were split.
preparation
* Field duplicates are quarter core or riffle spilt.
* Trench channels were excavated using a geological
hammer. A channel approximately 10 cm wide and 5 cm
deep was excavated in the wall of a trench to obtain
a 3-5 kg sample.
* All sampling was supervised by a Company geologist.
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* If non-core, whether riffled, tube sampled, rotary * Channel samples were not split. They were sent to ALS
split, etc and whether sampled wet or dry. Seville as 3-5 kg samples.
* Percussion samples were riffle split at the rig and
were generally dry when split.
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* For all sample types, the nature, quality and * Channel samples and drilling procedures, sample size,
appropriateness of the sample preparation technique. preparation and analysis are considered appropriate
for the mineralogy and deposit type and are
sufficient for use in mineral resource estimation.
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* Quality control procedures adopted for all * All half core was taken on the left side.
sub-sampling stages to maximise representivity of
samples.
* Samples were constrained by lithology but were 1 m in
length where possible or divided equally where
necessary.
* No quality control procedures for representivity were
employed as part of the trench channel sampling.
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* Measures taken to ensure that the sampling is * Field duplicate scattergram analysis of the diamond
representative of the in situ material collected, drilling, percussion drilling and trench sampling
including for instance results for field samples shows a moderate to good correlation between
duplicate/second-half sampling. the original and duplicate gold samples.
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* Whether sample sizes are appropriate to the grain * Sample size is considered appropriate for the style
size of the material being sampled. of mineralization and grain size.
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Quality
of assay * The nature, quality and appropriateness of the * Commercial laboratories ALS Seville and SGS Ankara
data and assaying and laboratory procedures used and whether (ISO9001:2008) were used for drill chips, core and
laboratory the technique is considered partial or total. trench sampling.
tests
* Both laboratories were used due to the long
turnaround times for analysis.
* Multi-element analysis, including Pb, Zn, Cu, Ag by
ICP-MS were completed on all samples.
* Au was completed by 50g FA.
* Over limits samples were re-analysed using ore grade
methods of determination.
* Sample analytical techniques are considered in line
with industry standard for this style of
mineralisation.
* Given the expected grades, lithology and deposit type,
the laboratory procedures are considered appropriate
for this level of classification.
* AMS would recommend acid soluble analysis on oxide
copper samples.
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* For geophysical tools, spectrometers, handheld XRF * No geophysical tools or spectrometers were used in
instruments, etc, the parameters used in determining the exploration and resource work.
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc. * Handheld XRF instruments were used in the exploration
for the trenching.
* No XRF data has been used in the mineral resource
estimate work.
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* Nature of quality control procedures adopted (e.g. * Caerus Minerals conducted a QC programme of inserting
standards, blanks, duplicates, external laboratory quarter core field and channel duplicates, coarse
checks) and whether acceptable levels of accuracy blank material and CRMs into the diamond sample
(i.e. lack of bias) and precision have been stream.
established.
* No primary QC samples were inserted into the
percussion sample stream. However, subsequent riffle
split duplicate analysis shows no serious issues.
* No significant issues were identified in the QC data.
* The nature and quantity of QC data, procedures
employed, level of accuracy and precision are
considered acceptable for the assigned resource
classification. The quality of assay data and
laboratory tests is acceptable for the resource
classification for this deposit.
* Shewhart Plots of the QC samples showed no sample
bias and CRMs returned within acceptable limits.
* Nelson rules of monitoring were applied.
* The nature and quantity of QC data for the channel
sampling, procedures employed, level of accuracy and
precision are considered acceptable for the assigned
resource classification.
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Verification
of sampling * The verification of significant intersections by * Drill core has been verified by AMS geologists on the
and assaying either independent or alternative company personnel. two site visits.
* Mineralised intersections were discussed on the site
visits.
* Four verification samples have been submitted to ALS
Loughrea for independent analysis; the results are
currently pending.
* No significant issues in the drill logging were
observed.
* The logging is accurate and suitable for Mineral
Resource Estimation.
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* The use of twinned holes. * Three percussion holes were "twinned". The reason was
to extend the hole as the percussion hole terminated
in mineralisation.
* TR21DH003 vs TR21DD013a
* TR21DH005 vs TR21DD025
* TR21DH006 vs TR21DD026
* The lithological logging varied between the
percussion and diamond holes.
* Samples from diamond drilling were composited to two
metres, in line with the percussion holes and
compared in scattergrams.
* Gold analysis showed a reasonable correlation while
Cu showed a reasonably poor correlation. However,
there are outstanding Cu analyses.
* Additional statistical analysis is required in this
space.
============= ============================================================ ===============================================================
* Documentation of primary data, data entry procedures, * GPS collar, survey excel data, and laboratory
data verification, data storage (physical and analytical data transferred from lab.csv, is copied
electronic) protocols. and pasted into Excel.
* Recovery and RQD data is recorded on paper and
transferred into Excel.
* AMS imported to Micromine 3D geological modelling
software.
* AMS have imported and validated numerous databases
and provided assistance and guidance, prior to
delivery of the final database.
* The Company's database is comprised of two Excel
workbooks (1 for the trenches and 1 for the hard rock
area)
* Analytical certificates (used in the estimation)
generated by the laboratory was imported into
Micromine and cross-referenced against the Company's
database by merging data and [IF] formulas and
validations.
* No copy and paste errors were found in the assay
file.
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* Discuss any adjustment to assay data. * No adjustment to the analytical data was considered
necessary, other than conversion of ppm to % where
applicable. Raw analytical data remained unchanged.
============= ============================================================ ===============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Trench channel samples were surveyed by DGPS.
points holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation. * Drillhole collars were surveyed by DGPS up to
drillhole 21, drillholes 22-40 are pending DPGS
survey.
* Drillhole surveys were competed at 30 m regular
intervals using a REFLEX(TM) tool.
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* Specification of the grid system used. * Data was captured and located using a Universal
Transverse Mercator (UTM).
* The geographic coordinate reference system used by
the client was World Geodetic System 1984 Zone 36
North ('WGS84 / UTM36N').
* Elevations are reported in metres above sea level.
============================================================ ===============================================================
* Quality and adequacy of topographic control. * Topographic DTM taken from 1m resolution drone
survey.
* Topographic control is sufficient for level of
resource category.
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Data spacing
and * Data spacing for reporting of Exploration Results. * Drilling within the hard rock area ranges from
distribution approximately 15-15m x 30x30m centres within the most
densely tested area situated in the central area with
several step-out put holes designed to explore for
further mineralisation.
* The dump areas have channel samples every 5 m along
an excavated trench with a total of 11 trenches. The
trenches are centred between 15 and 40 m apart.
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* Whether the data spacing and distribution is * The distribution of drillholes and dump channel
sufficient to establish the degree of geological and sampling is sufficient to establish the degree of
grade continuity appropriate for the Mineral Resource geological and grade continuity appropriate for JORC
and Ore Reserve estimation procedure(s) and (2012) Indicated and Inferred classification of
classifications applied. resources.
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* Whether sample compositing has been applied. * Samples were not composited
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Orientation
of data * Whether the orientation of sampling achieves unbiased * Drilling and sampling is generally vertical to
in relation sampling of possible structures and the extent to intercept mineralised structures as close to
to which this is known, considering the deposit type. perpendicular to dip and strike as practicable.
geological
structure
* Some angled holes are designed to intercept the
basement contacts perpendicularly, however the
orientation of mineralization in the breccia is
poorly defined but interpreted to dip 45 to the
south.
* 3D review of sections shows that there appears to be
no sample bias introduced by drilling orientation
except for some drillholes which may be sub parallel
to breccia mineralization.
============= ------------------------------------------------------------ ---------------------------------------------------------------
* If the relationship between the drilling orientation * The hard rock mineralisation is a relatively flat
and the orientation of key mineralised structures is lying gossan and vertical drillholes reduces the bias
considered to have introduced a sampling bias, this by sampling on a perpendicular plane where possible.
should be assessed and reported if material.
* The dumps are a relatively flat lying deposition
horizon and vertical channels reduces the bias by
sampling on a perpendicular plane where possible.
* Review of drilling and channel sections with the
lithological units appear to show no obvious bias.
============= ============================================================ ===============================================================
Sample
security * The measures taken to ensure sample security. * Drill core, percussion chips and trench samples are
transported from site to the logging facility in
securely covered core boxes, polyweave bags (as
appropriate) by Company geologists.
* Core is logged and sampled in secure facility.
* Samples are bagged in plastic bags and labelled with
individual sample numbers. Each bag is sealed.
* Plastic bags are placed in dry weave bags.
* Samples are delivered to laboratory by courier in
secured polyweave rice sacks.
* Couriers transported the samples to ALS or SGS. The
couriers sign for the samples and were then
responsible for the chain of custody.
* All samples have arrived in good condition at ALS
Seville / SGS Ankara.
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Audits
or reviews * The results of any audits or reviews of sampling * Two separate AMS site visits have been conducted to
techniques and data. the Troulli Project.
* Data has also been reviewed regularly by AMS.
* The Company sends regular databases for import and
validation.
* Findings were satisfactory and suitable for use in
mineral resource estimation.
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Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation AMS Comments
Mineral
tenement * Type, reference name/number, location and ownership * Exploration licence number AE 4848 is located in
and land including agreements or material issues with third central southern Cyprus, approximately 12 km north of
tenure status parties such as joint ventures, partnerships, the city of Larnaca.
overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * The licence covers an area of 1km(2).
* Exploration licence AE 4642 is wholly owned by New
Cyprus Copper PA Ltd, a subsidiary of Caerus Mineral
Resources.
* The licence is valid until late March 2027 subject to
annual renewal over a 5 year granted term.
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* The security of the tenure held at the time of * All tenements are in good standing.
reporting along with any known impediments to
obtaining a licence to operate in the area.
* AMS are unaware of any impediments that may affect
the licences.
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Exploration
done by * Acknowledgment and appraisal of exploration by other * The licence is focused on the historic Troulli mine,
other parties parties. which was prematurely closed in 1974 at the time of
the Turkish Invasion.
* The mine was operated by a local company.
* There are no records of the exploration carried out
or any production records. These were destroyed
during the invasion.
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Geology
* Deposit type, geological setting and style of * The waste dumps constitute a heterogenous mixture of
mineralisation mineralised mine waste and ROM that has been
deposited erratically during mine operations
throughout the 1960s and 1970s.The material is a
mixture of clay, sands and poorly sorted rock,
ranging in size from cobbles to boulders.
* T he hard rock area is comprised of volcanic rocks of
the Troulloi Inlier and identified as belonging to
the Basal Group (BG), Lower Pillow Lavas and Upper
Pillow Lavas.
* Troulli gold and copper mineralisation is hosted by
pillow lavas and controlled by faulting and are
typical of stockwork-type VMS mineralisation found in
Cyprus.
* Main metallic minerals are pyrite and chalcopyrite
with patch chalcocite, bornite, sphalerite, malachite
and covellite.
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Drill hole
Information * A summary of all information material to the * No exploration results are being reported in this
understanding of the exploration results including a release.
tabulation of the following information for all
Material drill holes:
o easting and northing
of the drill hole
collar
o elevation or RL
(Reduced Level - elevation
above sea level in
metres) of the drill
hole collar
o dip and azimuth
of the hole
o down hole length
and interception depth
o hole length.
=============== --------------------------------------------------------------- ----------------------------------------------------------------
* If the exclusion of this information is justified on * No exploration results are being reported in this
the basis that the information is not Material and release.
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
=============== =============================================================== ================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * No exploration results are being reported in this
methods techniques, maximum and/or minimum grade truncations release.
(e.g. cutting of high grades) and cut-off grades are
usually Material and should be stated.
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* Where aggregate intercepts incorporate short lengths * No exploration results are being reported in this
of high grade results and longer lengths of low grade release.
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
=============================================================== ================================================================
* The assumptions used for any reporting of metal * No exploration results are being reported in this
equivalent values should be clearly stated. release.
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Relationship
between * These relationships are particularly important in the * No exploration results are being reported in this
mineralisation reporting of Exploration Results. release.
widths and
intercept
lengths
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* If the geometry of the mineralisation with respect to * No exploration results are being reported in this
the drill hole angle is known, its nature should be release.
reported.
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* If it is not known and only the down hole lengths are * No exploration results are being reported in this
reported, there should be a clear statement to this release.
effect (e.g. 'down hole length, true width not
known').
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Diagrams
* Appropriate maps and sections (with scales) and * No exploration results are being reported in this
tabulations of intercepts should be included for any release.
significant discovery being reported. These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
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Balanced
reporting * Where comprehensive reporting of all Exploration * No exploration results are being reported in this
Results is not practicable, representative reporting release.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
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Other
substantive * Other exploration data, if meaningful and material, * Metallurgical testwork samples have been submitted to
exploration should be reported including (but not limited to): Jubilee Metals Group. The results are pending.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
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Further
work * The nature and scale of planned further work (e.g., * Surface drilling and trenching works testing open
tests for lateral extensions or depth extensions or strike extent to the north and west and infill
large-scale step-out drilling). drilling within current inferred resource limits to
increase confidence and resource class.
* Drilling on ancillary deposits within the mine area
(i.e., Kokkinopetra to the east).
* Additional trenching in dumps area to the west of the
Main Zone.
* Increased metallurgical and recovery test work
including acid soluble Cu.
* Structural interpretation and 3D modelling.
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* Diagrams clearly highlighting the areas of possible * Appropriate scaled diagrams and maps areas for areas
extensions, including the main geological of possible extensions are included within the AMS
interpretations and future drilling areas, provided Troulli JORC (2012) Resource Statement and Technical
this information is not commercially sensitive Report.
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Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2,
also apply to this section.)
Criteria JORC Code explanation AMS Comments
Database
integrity * Measures taken to ensure that data has not been * Analytical data is copied and pasted into Excel by
corrupted by, for example, transcription or keying the Company.
errors, between its initial collection and its use
for Mineral Resource estimation purposes.
* AMS has cross referenced the analytical database with
laboratory certificates in Micromine.
* Micromine 2022 3D geological modelling and estimation
software was used for import, validation and QAQC
verification assessment.
* Basic core and sample storage, handling, data capture
are considered satisfactory.
* However, database management, transfer methodologies
and data validation procedures require attention.
* The database is suitable for use for use in Mineral
Resource Estimates for the hard rock and dump
deposits.
------------------------------------------------------------ -----------------------------------------------------------------
* Data validation procedures used. * Micromine 2022 software was used to validate the
channel sampling and drillhole databases.
* Data checks include overlapping and missing intervals,
trace errors, missing survey and coordinate data,
lithology, consistency of sample lengths interval
files. Checks for out-of-range values were also made.
* AMS have imported numerous database versions
throughout the exploration programme and numerous
minor typographical and depth errors were found
within the database, consisting of overlapping
intervals, code errors, exceeding hole depths,
missing survey data etc.
* All errors were identified and fixed prior to
modelling and estimation.
* The estimation database is considered robust and
suitable for input into estimation.
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Site visits
* Comment on any site visits undertaken by the * The Competent Person for the Resource Estimate is Mr.
Competent Person and the outcome of those visits. Richard Siddle.
* Mr Siddle's site visit was completed on 28(th) to the
30(th) of March 2022.
* Lewis Harvey (AMS Senior Exploration Geologist) has
also visited the site to carry out additional checks
and assist with data preparation, prior to resource
estimation. Mr Harvey's visit was completed between
the 14 (th) and 17(th) of February 2022.
* The purposes of the visits were to verify data
collection methodologies, site location and
infrastructure, geology and verify the presence of
mineralisation.
* Site visits have not identified any issues relating
to the reporting of mineral resources.
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* N/A
* If no site visits have been undertaken indicate why
this is the case.
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Geological
interpretation * Confidence in (or conversely, the uncertainty of) the * Based upon the level of available information,
geological interpretation of the mineral deposit. geological and deposit complexity, interpretation of
the main lithological boundaries and controls to
mineralisation are considered satisfactory and
appropriate for the assigned resource classes.
* Controls on the gossan mineralization are reasonably
tight in areas of closest spaced drilling.
* Further drilling is required to better understand
mineralization within the breccia.
* The dump deposition is highly variable and is
assigned a resource class appropriate to its
variability.
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* Nature of the data used and of any assumptions made. * Drillhole lithological and analytical information,
dump channel sampling and analytical information, and
prospect scale surface geological mapping, were used
in the geological interpretation and creation of
solid wireframes.
* The hard rock mineralisation is modelled as a flat
lying gossanous unit, sitting atop of a mineralised
breccia.
* The breccia is currently interpreted to dip 45
degrees to the south.
* The dumps form a highly variable and heterogenous mix
of mineralised waste and ROM.
* It is assumed that the deposition by truck was
extremely variable with areas of higher and lower
grade.
* There are no other assumptions made.
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* The effect, if any, of alternative interpretations on * A small mafic dyke was intercepted in one hole which
Mineral Resource estimation. may affect future models.
* However, at the level of information this
interpretation remains unsupported by drill data.
* Further interpretation and incorporation of faulting
into the model is required.
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* The use of geology in guiding and controlling Mineral * Drillhole and trench channel lithological and
Resource estimation. analytical information were used in geological
interpretation.
* Logging of the gossan and breccia were used to nest
grade shells of mineralized and unmineralized
material within those unit.
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* The factors affecting continuity both of grade and * The understanding of grade continuity is reflected in
geology. the classification of the mineral resources.
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Dimensions
* The extent and variability of the Mineral Resource * Dumps
expressed as length (along strike or otherwise), plan
width, and depth below surface to the upper and lower
limits of the Mineral Resource. o The resource has identified potentially
economic waste / ROM from surface
to approximately five metres below
surface.
o Mineralisation is currently tested
across a 300 m "strike" length (over
two dump areas) and between 30 and
100 m in width.
* Hard rock area
o The resource has identified potentially
economic waste / ROM from surface
to approximately 100 metres below
surface.
o Mineralisation is currently tested
across a 350 m strike length and
approximately 350 m in width.
o Mineralisation is trending approximately
340 degrees.
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Estimation
and modelling * The nature and appropriateness of the estimation * AMS completed wireframe solid models for the dumps
techniques technique(s) applied and key assumptions, including and hard rock area based on lithological boundaries
treatment of extreme grade values, domaining, and created nested grade shells where applicable.
interpolation parameters and maximum distance of
extrapolation from data points. If a computer
assisted estimation method was chosen include a
description of computer software and parameters used.
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* The availability of check estimates, previous * There are no previous estimates.
estimates and/or mine production records and whether
the Mineral Resource estimate takes appropriate
account of such data. * There are no historical production records available
to validate against.
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* The assumptions made regarding recovery of * In the absence of metallurgical testwork (which is
by-products. ongoing) the following parameters are assumed for all
material types, for gold 95% recovery, 3% refining
reduction costs, and a base gold price of $1900/oz,
for copper 85% recovery and 5% smelter reductions,
with a base copper price of $8000/t. Combined
processing and G&A costs are envisaged to be in the
region of $17/ROMt and mining by open pit in the
region of $3. The following parameters indicate a
break even mill cut-off grade of approximately 0.25%
Cu equivalent or 0.3 g/t Gold equivalent, which seems
reasonable for identifying material which has a
reasonable prospect of eventual economic extraction.
Silver credits are not considered in the cut-off
determination and Ag is reported as a by-product
only.
* It is anticipated that no grade control or selective
mining will be employed for the dump material which
is reported as a global resource (no cut-off grade
applied).
------------------------------------------------------------ -----------------------------------------------------------------
* Estimation of deleterious elements or other non-grade * No estimation of deleterious elements has been made
variables of economic significance (e.g. sulphur for at this time.
acid mine drainage characterisation).
------------------------------------------------------------ -----------------------------------------------------------------
* In the case of block model interpolation, the block * The block spacing is 1/2 to 1/5 of the data spacing.
size in relation to the average sample spacing and
the search employed.
------------------------------------------------------------ -----------------------------------------------------------------
* Any assumptions behind modelling of selective mining * No selectivity is assumed for the dump area and it is
units. anticipated that the majority of the material will be
extracted without grade control or selection.
* In the hard rock area 5 m flitches with a minimum
mining width of 5 m is assumed. This was incorporated
into the block model by regularizing the block model.
------------------------------------------------------------ -----------------------------------------------------------------
* Any assumptions about correlation between variables. * Cu and Au domains were modelled separately, Ag was
modelled as part of the Au domain.
------------------------------------------------------------ -----------------------------------------------------------------
* Description of how the geological interpretation was * The dump and hard rock wireframes were generated
used to control the resource estimates. using Micromine's implicit geology modelling
functionality.
* In the hard rock area the mineralization was
constrained to the gossan and breccia solid models.
------------------------------------------------------------ -----------------------------------------------------------------
* Discussion of basis for using or not using grade * Top cutting was not applied.
cutting or capping.
* In the estimates of dump material gold grades greater
than 0.5 g/t Au were clamped to a 10m radius and
ignored outside of this radius. This threshold was
based on inspection of the histograms for Au in the
domain and inspection of grades in cross section.
------------------------------------------------------------ -----------------------------------------------------------------
* The process of validation, the checking process used, * The block model was validated visually in cross
the comparison of model data to drill hole data, and section to inspect assay grades vs block grades.
use of reconciliation data if available.
* Particular attention was given to areas of low grade
that may be influenced by higher grade samples within
search radii.
* The mean values of the input data were compared
against the output data along with comparison of
histograms.
--
------------------------------------------------------------ -----------------------------------------------------------------
Moisture
* Whether the tonnages are estimated on a dry basis or * Tonnages are estimated on a dry basis.
with natural moisture, and the method of
determination of the moisture content.
------------------------------------------------------------ -----------------------------------------------------------------
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * For the purpose of reporting resources with
parameters applied. reasonable prospect of eventual economic extraction a
cut-off grade of 0.26% CuEq was used.
------------------------------------------------------------ -----------------------------------------------------------------
Mining factors
or assumptions * Assumptions made regarding possible mining methods, * It is assumed mining will be by open pit methods.
minimum mining dimensions and internal (or, if
applicable, external) mining dilution. It is always
necessary as part of the process of determining * Mining is cost is expected to be in the region of $3
reasonable prospects for eventual economic extraction per tonne
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
------------------------------------------------------------ -----------------------------------------------------------------
Metallurgical
factors * The basis for assumptions or predictions regarding * In the absence of metallurgical testwork (which is
or assumptions metallurgical amenability. It is always necessary as ongoing) the following parameters are assumed for all
part of the process of determining reasonable material types, for gold 95% recovery, 3% refining
prospects for eventual economic extraction to reduction costs, and a base gold price of $1900/oz,
consider potential metallurgical methods, but the for copper 85% recovery and 5% smelter reductions,
assumptions regarding metallurgical treatment with a base copper price of $8000/t. Combined
processes and parameters made when reporting Mineral processing and G&A costs are envisaged to be in the
Resources may not always be rigorous. Where this is region of $17/ROMt and mining by open pit in the
the case, this should be reported with an explanation region of $3. The following parameters indicate a
of the basis of the metallurgical assumptions made. break even mill cut-off grade of approximately 0.25%
Cu equivalent or 0.3 g/t Gold equivalent, which seems
reasonable for identifying material which has a
reasonable prospect of eventual economic extraction.
Silver credits are not considered in the cut-off
determination and Ag is reported as a by-product
only.
* It is anticipated that no grade control or selective
mining will be employed for the dump material which
is reported as a global resource (no cut-off grade
applied)....
------------------------------------------------------------ -----------------------------------------------------------------
Environmental
factors * Assumptions made regarding possible waste and process * Environmental impact assessment studies commenced in
or assumptions residue disposal options. It is always necessary as March 2022. The outcomes are not available.
part of the process of determining reasonable
prospects for eventual economic extraction to
consider the potential environmental impacts of the * AMS has not reviewed any Environmental, Social and
mining and processing operation. While at this stage Permitting (ES&P) documents or licences.
the determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early * No Protected sites have been identified within the
consideration of these potential environmental project area. It should be noted that the village of
impacts should be reported. Where these aspects have Troulloi is within less than 500 m of the mineral
not been considered this should be reported with an resource area and this may represent a permitting
explanation of the environmental assumptions made. risk. Since the original granting of the historic
Mining Lease at Troulli prior to the Turkish invasion
in 1974, the village of Troulli recognised the
potential economic importance of the mine to the
local community. In recent years due to the close
proximity of the project to the village, the Council
and local leaders took the highly pragmatic and
extraordinary measure of having the mine property
placed under the village jurisdiction so that it may
have a voice in its future development and share in
the potential benefit that the project could bring to
the community. To the Company's knowledge, this is
the only such project in Cyprus whereby the Community
has taken such a positive and pragmatic approach to a
potential future mine development.
------------------------------------------------------------ -----------------------------------------------------------------
Bulk density
* Whether assumed or determined. If assumed, the basis * The bulk density was calculated using the Archimedes
for the assumptions. If determined, the method used, method weighting the samples in air and water using a
whether wet or dry, the frequency of the measurements precision balance.
,
the nature, size and representativeness of the
samples. * Checks were made on core using the weight vs volume
method.
* Bulk density within the dumps was calculated using
the volume of water vs weight of material extracted
method.
* Several bulk density measurements were carried out on
most of the drillholes, in both mineralised and
un-mineralised samples.
* The resource database contains 436 bulk density
measurements within the hard rock area and 58
measurements within the dumps area.
--
------------------------------------------------------------ -----------------------------------------------------------------
* The bulk density for bulk material must have been * No bulk material was measured.
measured by methods that adequately account for void
spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within * Samples were sealed to account for porosity and this
the deposit. is reflected in the low bulk density used in
estimation.
------------------------------------------------------------ -----------------------------------------------------------------
* Discuss assumptions for bulk density estimates used * The resource database contains 436 bulk density
in the evaluation process of the different materials. measurements within the hard rock area and 58
measurements within the dumps area. For the purpose
of Mineral Resource Estimation, the following default
bulk density values were assigned on a dry basis.
Dump material was given a bulk density of 1.89 g/cm3;
mineralized gossan, 2.14 g/cm3 and mineralized
breccia, 2.36 g/cm3. For a hard rock deposit the bulk
density values are low, however the gossan material
is highly porous while the breccia is frequently
subject to intense argillic alteration. Further bulk
density measurements are advised to better understand
the density of the different material types.
------------------------------------------------------------ -----------------------------------------------------------------
Classification
* The basis for the classification of the Mineral * In the resource estimation of the Troulli project,
Resources into varying confidence categories. the above definitions have been taken into
consideration when applying resource classification.
* It was the opinion of the Competent Person that
within some areas of the deposit sample density,
Quality Control data, density determinations and
drilling recoveries were sufficient to allow
classification of some Indicated Resources.
--
------------------------------------------------------------ -----------------------------------------------------------------
* Whether appropriate account has been taken of all * The Troulli deposit, has been classified as an
relevant factors (i.e. relative confidence in Inferred and Indicated Mineral Resource in accordance
tonnage/grade estimations, reliability of input data, with JORC (2012) based on a combination of drill
confidence in continuity of geology and metal values, spacing, geological confidence, grade continuity, and
quality, quantity and distribution of the data). consideration of data quality. Indicated resources
were classified in the Gossan only where drill
spacing was completed on a 15 m grid. Within the
breccia further geological understanding and infill
drilling is required before Indicated resources are
warranted, all breccia material was classified as
Inferred. All dump material was classified as
Inferred.
------------------------------------------------------------ -----------------------------------------------------------------
* Whether the result appropriately reflects the * The result reflects the quality and quantity of data,
Competent Person's view of the deposit. geostatistical analysis of correlation and
relationship between mineralised samples and the
Competent Person's view of the deposit.
--
------------------------------------------------------------ -----------------------------------------------------------------
Audits
or * The results of any audits or reviews of Mineral * The 2022 Mineral Resource has been reviewed
reviews Resource estimates. internally as part of normal validation processes by
AMS.
* The AMS 2022 resource estimate has not been audited
or reviewed externally at the time of writing.
------------------------------------------------------------ -----------------------------------------------------------------
Discussion
of relative * Where appropriate a statement of the relative * It is the Competent Person's opinion that the level
accuracy/ accuracy and confidence level in the Mineral Resource of confidence is consistent with the level of
confidence estimate using an approach or procedure deemed Inferred and Indicated categorised mineral resources.
appropriate by the Competent Person. For example, the
application of statistical or geostatistical
procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the
relative accuracy and confidence of the estimate.
------------------------------------------------------------ -----------------------------------------------------------------
* The statement should specify whether it relates to * The estimate of dump material should be considered a
global or local estimates, and, if local, state the global estimate.
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures * Within the Gossan material which is classified as
used. measured the estimate can be considered a local
estimate.
* Inferred resources should be considered a global
estimate.
------------------------------------------------------------ -----------------------------------------------------------------
* These statements of relative accuracy and confidence * There are no historical production records available
of the estimate should be compared with production from the deposit.
data, where available.
------------------------------------------------------------ -----------------------------------------------------------------
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