TIDMCMRS
RNS Number : 5887F
Caerus Mineral Resources PLC
19 July 2021
19 July 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Phase II Drilling at Troulli
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 announce the commencement of the Phase II drilling
programme at Troulli, the flagship property in the suite acquired
from the recent takeover of PR Ploutonic Resources Ltd.
Highlights
-- The goal of the programme is to expand the coverage over the
high-grade epithermal gold zone and targeting the underlying
copper-gold sulphide mineralisation.
-- Drilling two Volcanogenic Massive Sulphide ("VMS") bodies to
build on the known high-grade sulphide mineralisation within the
Troulli Licence.
-- Drilling is part of a two-step resource development programme;
o Firstly, focusing on building resource tonnes of copper and
gold ounces from hard rock targets within the Troulli licence.
o Secondly, upgrading the mineralogical, metallurgical, grade
and tonnage information for dumps, stockpiles, and tailings on the
site.
Phase II drilling aims to further define the limits of the
surface epithermal gold mineralisation, which previously returned
grades of up to 5.1g/t Au over 12 metres. Drillhole density will be
sufficient to permit a mineral resource estimation.
Existing holes will be extended to broadly delineate the
underlying VMS copper-gold sulphide mineralisation intersected
during Phase I drilling with a peak intercept grade of 0.62% Cu and
2.09g/t Au over 8 metres. Drilling will specifically target
residual sulphide mineralisation in the former open pit, the
extension of the open pit orebody and the newly discovered orebody
located beneath the recently drilled epithermal gold zone.
The exploration team's goal is to ensure the full package width
of VMS mineralisation is captured. Hole density will meet the
requirements needed to permit at least an Inferred Mineral Resource
estimation to NI 43-101 standards.
In parallel, a surface sampling programme will be undertaken to
better define the mineralogy, metallurgy, grade and tonnage of the
existing ore stockpiles, dumps, and tailings within the Licence
boundary as part of the ongoing programme devised by Jubilee Metals
Group and being implemented by Caerus.
In all, the programme aims to provide a combined Mineral
Resource Estimate for surface materials containing residual metals
and hard rock resources.
Martyn Churchouse, CEO of Caerus Mineral Resources, commented:
"The commencement of the Phase II drill programme is a significant
step in the development of the Troulli Project. It marks the point
at which we begin to build a Mineral Resource and provisionally
plan for the development and processing of both the metal-bearing
surface materials and the high-grade hard rock copper and gold
mineralisation beneath. Troulli is the model template that we plan
to roll out across our growing suite of assets as we expand our
resource base."
For further information, please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse, CEO info@caerusmineralresources.com
+44 (0) 1249 782162
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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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