Caerus Mineral Resources PLC Jubilee Metals Group Option Agreement Update (9957E)
July 13 2021 - 2:00AM
UK Regulatory
TIDMCMRS
RNS Number : 9957E
Caerus Mineral Resources PLC
13 July 2021
13 July 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Jubilee Metals Group Option Agreement Update
Caerus Mineral Resources (LSE: CMRS), the exploration and
resource development company focused on developing mineral
resources in Europe to supply the global "Clean Energy" drive, is
pleased to provide an update on progress with the Jubilee Metals
Group ('Jubilee') Option Agreement, in which Jubilee can elect to
convert any of the multiple 'Waste to Revenue' candidate sites
within Caerus' portfolio into a Joint Venture.
Highlights
-- Both parties have committed to an immediate pilot sampling and investigation programme
-- The programme to be managed on-site by Caerus personnel using JLP protocols
-- The programme aims to make up time lost due to COVID-19-related travel restrictions
-- Laboratory mineralogical and metallurgical studies will
precede a site visit by key Jubilee management, provisionally
planned for mid-September
Caerus and Jubilee have committed to an immediate pilot sampling
and investigation programme guided by Jubilee protocols and
delivered initially by Caerus staff in the forthcoming weeks.
The field and laboratory mineralogy and metallurgical test
programme will, in due course, be succeeded by a further laboratory
and analytical schedule leading to swift Joint Venture decisions on
the candidate sites. The pilot programme will be completed ahead of
a planned site visit in mid-September that will enable key Jubilee
management and operations personnel to review multiple projects in
person.
When the Option Agreement was announced on 04 May 2021, Caerus
considered targets, based on the tonnage, grade of copper and/or
gold using historic records and recent drill-proven data, grouped
into three broad project areas (Kalavasos, Mala and N. Mathiatis).
Since April, and as a result of internal reviews and additional
acquisitions, Caerus has now identified a significant number of
additional potential targets that fit Jubilee's criteria, with the
total number of former mine sites increasing from 14 to 20 within
the project areas, all of which are potentially eligible for a
single-site Joint Venture arrangement.
Caerus remains firmly committed to its twin-track policy of
recovering value from waste at its brownfield sites through future
joint ventures with Jubilee while seeking mining opportunities that
will yield primary ore for profitable processing in a market
urgently seeking copper for multiple global Clean Energy
initiatives.
Martyn Churchouse, CEO of Caerus Mineral Resources, commented:
"I am very pleased to announce the commitment by ourselves and
Jubilee to move forward and increase the pace of the programme by
using our in-country knowledge and their technological expertise to
initially identify priority targets and then ascertain those
suitable for Joint Venture. We remain in constant dialogue with the
Jubilee management team, and it is pleasing that we continue to
find ways to move the programme forward and overcome unavoidable
delays due to the Pandemic. I look forward to updating the market
in due time during this exciting period for the Company and its
stakeholders."
For further information, please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse, CEO info@caerusmineralresources.com
+44 (0) 1249 782162
--------------------------------
Novum Securities
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Jon Belliss +44 (0) 20 7399 9425
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Follow us on Twitter at @CaerusMineral
About Caerus Mineral Resources plc
Caerus Mineral Resources is a copper-gold resource development
and exploration company with mineral exploration licences located
in Cyprus.
Cyprus is a member of the European Union that operates to
English common law. The Country has a well-developed infrastructure
and a climate conducive to year-round exploration.
With investors recognising copper as one of the cornerstone
metals for the Clean Energy Transition centred upon the Electric
Vehicle and Stationary Energy sectors, Caerus is working to rapidly
expand its copper exploration and production objectives. The Caerus
licence portfolio includes 16 former mines which operated with an
average head grade of approximately 2% copper.
Caerus' licence portfolio comprises brownfield sites where
historic mining has taken place and greenfield licences where there
has been no systematic exploration. The Brownfield sites and the
former high-grade copper-gold mines they host are evidence of rock
types and structures conducive to Volcanogenic Massive Sulphide
("VMS") mineralisation. As VMS deposits characteristically occur in
camps or clusters, it is the Company's view that its licences are
prospective for both extensions to existing or mined-out orebodies
together with new discoveries.
The combination of brown and greenfield exploration provides
optionality with multiple target types and the opportunity for the
Company to quickly build a resource portfolio that can be
commercially developed under a 'Waste to revenue' strategy.
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