TIDMCMRS
RNS Number : 7163B
Caerus Mineral Resources PLC
14 June 2021
14 June 2021
Caerus Mineral Resources PLC
('CMRS' or the 'Company')
Troulli Exploration Update
Caerus Mineral Resources , the exploration and resource
development company focused on developing mineral resources in
Europe to supply the global "Clean Energy" drive, is pleased to
provide Shareholders with an update on the due diligence drilling
conducted on the recently acquired PR Ploutonic Resources Ltd.
Troulli Project completed on 11 June 2021.
Highlights
-- Drilling results significantly exceed expectations, with all
holes intersecting significant gold and/or copper
mineralisation;
-- Eight vertical percussion holes completed;
-- Drilling indicates a robust and potentially significant oxide
gold and VMS copper-gold deposit located on the site of a former
small-scale mine;
-- Continuous oxide gold zone mineralisation over substantial
widths from surface to the interface with the underlying VMS
copper-gold sulphide zone;
-- VMS sulphide mineralisation was found to be present at the base of every hole drilled;
-- The surface oxide gold zone remains open in all directions;
-- Underlying VMS copper-gold zone remains open at depth and laterally in all directions;
Table 1: Peak gold intersections in the oxide gold zone
include:
Hole From To Mineralised Width Gold
(metres) (metres) (metres) (g/t Au)
TR21DH01 0.0 12.0 12.0 5.11
---------- ---------- ------------------ ----------
TR21DH02 0.0 22.0 22.0 1.93
---------- ---------- ------------------ ----------
TR21DH03 0.0 22.0 22.0 1.20
---------- ---------- ------------------ ----------
TR21DH04 0.0 4.0 4.00 1.32
---------- ---------- ------------------ ----------
TR21DH05 0.0 14.0 14.0 1.18
---------- ---------- ------------------ ----------
TR21DH06 0.0 10.0 10.0 2.07
---------- ---------- ------------------ ----------
TR21DH08 0.0 18.0 18.0 0.98
---------- ---------- ------------------ ----------
Table 2: Peak copper-gold intersections in the copper-gold
sulphide zone include:
Hole From To Mineralised Width Copper Gold
(metres) (metres) (metres) (Cu %) (g/t Au)
TR21DH02 14.0 22.0 8.00 0.62 2.09
---------- ---------- ------------------ -------- ----------
TR21DH05 14.0 20.0 6.0 1.41 0.10
---------- ---------- ------------------ -------- ----------
TR21DH07 14.0 16.0 2.00 1.68 0.39
---------- ---------- ------------------ -------- ----------
The continuity of gold values in the oxide gold zone indicates
pervasive mineralisation with potential for upscaling resulting in
a revenue-generating gold resource overlying a VMS copper-gold zone
open at depth and in all directions laterally.
In addition to the known, partially delineated dumps, tailings
and ore stockpiles within the Troulli licence, the Company is now
confident of adding gold oxide mineralisation together with VMS
copper-gold mineralisation from three separate and distinct
targets, firstly, residual ore in the former open pit, secondly,
extensions to the former open pit and thirdly, the recently
intersected VMS zone underlying the oxide gold zone. To this should
be added tonnage derived from the oxide gold zone, which remains to
be defined from further drilling.
In addition, the Kokkinapetra Licence, also part of the PRL
Ploutonic acquisition and located 1.5 kilometres from Troulli hosts
the same style of mineralisation and has returned rock chip and
channel samples consistently above 1g/t Au. Kokkinapetra has not
been fully evaluated, offering scope for further oxide gold and VMS
copper-gold discoveries.
Martyn Churchouse, Chief Executive Officer of Caerus Mineral
Resources, commented, "Drilling results from the preliminary
programme have exceeded expectations. We now have the exciting task
of drilling to establish the limits of both the oxide gold and VMS
copper-gold mineralisation at both Troulli and the neighbouring
Kokkinapetra. As a result, the Company is well on the way to
defining a resource that may meet the entry criteria for a Joint
Venture Project under the terms of the Jubilee Option
agreement."
For further information , please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse info@caerusmineralresources.com
Chief Executive Officer +44 (0)1249 782162
--------------------------------
Novum Securities
--------------------------------
Jon Belliss +44 (0) 20 7399 9425
--------------------------------
Follow us on Twitter at @CaerusMineral
Additional Information on the Troulli Licence Exploration
Table 3: Troulli Licence - Complete Intersection Results
Hole Depth From To Length
Hole Number (m) Zone (m) (m) (m) Au (g/t) Cu (%)
TR21DH01 14 Oxide Only 0 12 12 5.11
----------- ----------------- ----- ----- ------- --------- -------
Includes Oxide 0 6 6 7.41
----------- ----------------- ----- ----- ------- --------- -------
TR21DH02 22 Oxide + Sulphide 0 22 22 1.93 0.26
----------- ----------------- ----- ----- ------- --------- -------
Includes Oxide 0 14 14 1.84
----------- ----------------- ----- ----- ------- --------- -------
Includes Sulphide 14 22 8 2.09 0.62
----------- ----------------- ----- ----- ------- --------- -------
TR21DH03 28 Oxide + Sulphide 0 22 22 1.20
----------- ----------------- ----- ----- ------- --------- -------
Includes Oxide 0 8 8 1.00
----------- ----------------- ----- ----- ------- --------- -------
Includes Sulphide 8 22 14 1.32
----------- ----------------- ----- ----- ------- --------- -------
and Sulphide 22 28 6 0.53 0.66
----------- ----------------- ----- ----- ------- --------- -------
TR21DH04 16 Oxide Only 0 4 4 1.32
----------- ----------------- ----- ----- ------- --------- -------
Includes Sulphide 4 16 12 0.26 0.41
----------- ----------------- ----- ----- ------- --------- -------
TR21DH05 24 Oxide + Sulphide 0 14 14 1.18
----------- ----------------- ----- ----- ------- --------- -------
Includes Oxide 0 12 12 1.26
----------- ----------------- ----- ----- ------- --------- -------
Includes Sulphide 12 14 2 0.70
----------- ----------------- ----- ----- ------- --------- -------
and Sulphide 14 20 6 0.10 1.41
----------- ----------------- ----- ----- ------- --------- -------
TR21DH06 20 Oxide Only 0 10 10 2.07
----------- ----------------- ----- ----- ------- --------- -------
Includes Oxide 0 6 6 2.82
----------- ----------------- ----- ----- ------- --------- -------
Includes Sulphide 14 20 6 0.34 0.43
----------- ----------------- ----- ----- ------- --------- -------
TR21DH07 20 Oxide Only 2 6 4 0.78
----------- ----------------- ----- ----- ------- --------- -------
includes Sulphide 14 16 2 0.39 1.68
----------- ----------------- ----- ----- ------- --------- -------
TR21DH08 18 Oxide + Sulphide 0 18 18 0.98
----------- ----------------- ----- ----- ------- --------- -------
Includes Oxide 0 2 2 0.53
----------- ----------------- ----- ----- ------- --------- -------
Includes Sulphide 2 18 16 1.04
----------- ----------------- ----- ----- ------- --------- -------
The Troulli Project and, in particular, the Troulli VMS
(Volcanogenic Massive Sulphide) copper deposit, like most copper
deposits in Cyprus, was initially discovered in Roman times as
evidenced by the ancient galleries and small remnant "slag" piles
on the License. The first production of any significance occurred
in 1936 when Berdy Mining Limited first obtained a mining licence.
Berdy operated from 1936 - 1962, erecting the first sulphide
flotation plant in 1956, treating a modest 46,500 tons of copper
ore in total. Historical records suggest that Berdy Mining also
produced approximately 1,500 ounces of gold and 6,000 ounces of
silver from the oxide gossan that is subject to the recent
drilling. Sporadic exploration was undertaken at various times
until 1974, when the then-operator Geominco was forced to close its
plant and operation following the Turkish invasion.
From 2017 to 2021, Ploutonic Resources Ltd. conducted several
phases of exploration including detailed geological mapping,
surface trenching and pitting over the oxide gold zone just to the
south of the current open pit and remnant VMS copper resources. As
a result, Ploutonic discovered a relatively continuous zone of
oxide gold mineralisation that appears to be faulted off from the
upper part of the main Troulli VMS copper deposit. This zone
remains open in all directions and at depth as only the top few
metres of the sulphide mineralisation have been tested.
Significant results from oxide zone in the previous Ploutonic
Resources work include the following:
Table 4: Ploutonic Resources Ltd Channel Sampling
Channel Length (m) Gold (g/t) Silver (g/t)
1 3 5.86 44.97
----------- ----------- -------------
2 2 2.43 11.95
----------- ----------- -------------
3 2 19.65 16.15
----------- ----------- -------------
4 2 13.91 40.35
----------- ----------- -------------
5 4 7.56 46.03
----------- ----------- -------------
6 10 5.12 22.36
----------- ----------- -------------
7 9 2.13 12.79
----------- ----------- -------------
8 5 0.92 38.72
----------- ----------- -------------
9 5 2.28 25.16
----------- ----------- -------------
10 5 5.43 12.04
----------- ----------- -------------
11 3 2.56 3.47
----------- ----------- -------------
12 3 0.61 6.37
----------- ----------- -------------
13 10 0.28 1.32
----------- ----------- -------------
Table 5: Ploutonic Resources Ltd Excavator Pit Sampling
Pit Number Depth (m) Gold (g/t) Silver (g/t)
1 4 0.97 6.2
---------- ----------- -------------
2 6 3.0 9.5
---------- ----------- -------------
3 4 0.47 5.2
---------- ----------- -------------
4 1.5 0.81 3.5
---------- ----------- -------------
5 6 0.42 3.2
---------- ----------- -------------
6 4 0.36 3.6
---------- ----------- -------------
7 2.5 0.26 2.3
---------- ----------- -------------
8 5.5 1.19 7.73
---------- ----------- -------------
9 4 0.7 1.5
---------- ----------- -------------
10 4 0.52 6.05
---------- ----------- -------------
11 2.3 1.9 19.2
---------- ----------- -------------
12 2.5 2.06 4.8
---------- ----------- -------------
13 6 0.19 1.53
---------- ----------- -------------
14 4 0.1 1.45
---------- ----------- -------------
Qualified Persons and Quality Assurance and Quality Control
(QA/QC)
The content of this news release has been reviewed, verified,
and approved by H. Andrew Daniels, P.Geo in his capacity as a
Qualified Person as defined by National Instrument 43-101.
Drilling was conducted by Lemesis Drilling of Ormidia, Cyprus
and was supervised by the Caerus Mineral Resources exploration
team. All assays reported are uncut unless otherwise stated.
Samples reported herein were assayed by ALS Laboratory of Rosa
Montana, Romania who is independent of Caerus Mineral Resources.
All assays reported both from current work and previous sampling
were obtained by fire assay with AA-finish or using gravimetric
finish for values over 10.0 g/t Au and ICP-MS for base metals and
silver with four acid digestion for over-limit base metals samples
> 1%.
Intercepts cited in both the drilling campaign and the previous
channel and pit sampling do not necessarily represent true widths,
unless otherwise noted. Caerus Mineral Resources' quality control
checks include insertion of blanks, standards and duplicates to
ensure laboratory accuracy and precision.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDKXLFFFQLFBBV
(END) Dow Jones Newswires
June 14, 2021 02:00 ET (06:00 GMT)
Critical Mineral Resources (LSE:CMRS)
Historical Stock Chart
From Jul 2024 to Jul 2024
Critical Mineral Resources (LSE:CMRS)
Historical Stock Chart
From Jul 2023 to Jul 2024
