Caerus Mineral Resources PLC Option Agreement(s) Update (6363L)
September 14 2021 - 2:00AM
UK Regulatory
TIDMCMRS
RNS Number : 6363L
Caerus Mineral Resources PLC
14 September 2021
14 September 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Option Agreement(s) Update
Caerus Mineral Resources (LON: CMRS), the exploration and
resource development company focused on developing mineral
resources in Europe to support the global "Clean Energy"
initiative, is pleased to provide Shareholders with an update on
Jubilee Metals Group plc ("Jubilee") and Bezant Resources plc
("Bezant") Option and prospective Joint Venture ("JV")
Agreements.
An on-site review of all the targets within the Company's
Cyprus-based portfolio with its Option Agreement partners was
completed successfully during the week commencing 6 September 2021.
The extensive and detailed review provided the opportunity to
assess individual projects in terms of the geology, viability of
progression and scalability of future operations and logistics. The
Company's brownfield licence portfolio, with numerous former
producing mines and associated surface materials, together with
sulphide potential provides significant optionality for project
design and in particular optimisation of future metallurgical
processing and metal recovery.
The thorough programme of metallurgical test work being
undertaken by Jubilee under the terms of the Option Agreement, is
progressing well and will continue to identify and optimise mineral
processing options, leading to a blueprint for plant design. The
final details of a JV will be determined by the tonnage, grade and
origin of feedstock to be delivered by Caerus to a Jubilee-designed
processing plant.
Furthermore, Bezant has completed a high-level review of all
projects in the Caerus portfolio and the parties have agreed on
work programme priorities. The Caerus exploration team will deliver
to the future Joint Venture Management Committee a detailed work
programme, schedule and budget in parallel with a league table
prioritising resources for development. The commencement of work
programmes is imminent.
Commenting on the site visit and Joint Venture Agreements, Chief
Executive Officer Martyn Churchouse ; "Over the past week, Caerus
and our colleagues at Jubilee and Bezant have made significant
progress towards the development of our Cypriot portfolio. The
visit and subsequent discussions have achieved a number of results.
Firstly, the support of our JV partners regarding the overall
strategy and way forward has meant we are confident as we launch
the next phase of resource development, and a contract has been
signed for a diamond drill rig to be delivered to site by the
beginning of October. Whilst the scout drilling programme the
Company has been undertaking these past 3 months has proved
invaluable, the generation of drill core will provide us with
better quality samples, the ability to complete NI 43-101 Mineral
Resource Estimates and provision of samples for detailed
metallurgical test work. Secondly, shareholders will be pleased to
know that the emphasis remains on rapid development and the
generation of cash flow, with Jubilee guiding the optimisation of
the mineral processing pathways. Thirdly, the clarity achieved in
terms of the overall objectives and priorities means Caerus can
refine the resource development plan and shorten the lead time to
project development. We look forward to updating shareholders as we
continue to advance our collaborative programme."
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 Bellis +44 (0) 20 7399 9425
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Follow us on Twitter at @CaerusMineral
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.
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 and the opportunity for the Company to quickly build a
resource portfolio that can be commercially developed.
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.
END
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