TIDMCMRS
RNS Number : 2249M
Caerus Mineral Resources PLC
20 September 2021
20 September 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Kalavasos Project Exploration 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 exploration
update for the dump evaluation programme and general exploration of
the Kalavasos Project ("Kalavasos").
Highlights
-- Assays confirm that dumps contain significant copper and gold mineralisation;
-- In particular, gold grades in 85% of all samples collected returned anomalous grades;
-- Subject to metallurgical test work, and based on high-level
in-house economic assessment, grades are considered sufficient to
warrant an expanded evaluation programme;`
-- The Caerus Board has accordingly approved a wide-ranging dump
assessment programme to cover dumps not yet tested together with
other metal-bearing surface materials;
-- Representative samples have already been forwarded to Jubilee
Metals Group ("Jubilee") for preliminary test work and larger bulk
samples have, based on recent assay data, been collected for
dispatch;
-- Work has commenced to assess previously unexplored gossans
found within the 5 licences. Initial sampling on a small number of
gossans has returned anomalous gold and copper mineralisation;
-- Peak gossan grades include sample JKLV011 returning 0.52% Cu
and 1.75g/t Au and sample JKLV012 returning 0.48% Cu and 1.47g/t
Au.
The five exploration licences that make up the Kalavasos Project
host 14 former producing high-grade copper mines. In addition to
the potential for new copper discoveries, the Project also harbours
a large number of metal-bearing dumps including eight distinct
areas of dumps on Licence AE4608 alone.
As such, the Caerus management team took a view at the time of
licence acquisition that the combination of historic events leading
to premature closure of a still developing Volcanogenic Massive
Sulphide district at Kalavasos could have resulted in residual
copper and gold being present in dumps. To the best of the
Company's knowledge, dumps had never previously been tested for
metal content and as such, the recent discovery of copper and gold
in Kalavasos dumps represents an important step in the Company's
'Waste to Revenue" strategy and fully justifies the Company's
decision to acquire the Project.
Commenting on the Kalavasos exploration update, Chief Executive
Officer, Martyn Churchouse said ; "Dump sampling to date at
Kalavasos has been very successful and gives impetus to our "Waste
to Revenue" strategy. There are a considerable number of dumps
still to be assessed and the programme is now continuing in
parallel with a regional topographic survey that will enable the
Company to build tonnage estimates to complement grade data.
Representative samples have been collected for test work by Jubilee
Metals Group with a view to optimising metal recovery processes.
The assessment of mineralised gossans is part of the mid-term
programme at Kalavasos which will ultimately produce a list of
prioritised targets for detailed follow-up as part of the broader
programme to define VMS-type copper resources for future
development".
Table 1: Copper and Gold Assays for Samples Collected from Dumps
Within the Kalavasos Project
Sample No Locality Grade Grade
(Au g/t ) (Cu %)
JKLV001 Kalavasos B 0.36 0.14
------------------------------- ------------------------------ ------------------------------
JKLV002 Kalavasos B 0.81 0.19
------------------------------- ------------------------------ ------------------------------
JKLV003 Kalavasos B 0.69 0.07
------------------------------- ------------------------------ ------------------------------
JKLV004 Kalavasos B 0.71 0.09
------------------------------- ------------------------------ ------------------------------
JKLV005 Kalavasos B 0.72 0.17
------------------------------- ------------------------------ ------------------------------
JKLV006 Mousoulos 0.64 0.16
------------------------------- ------------------------------ ------------------------------
JKLV007 Kalavasos A 1.25 0.35
------------------------------- ------------------------------ ------------------------------
JKLV008 Kalavasos B 0.02 0.23
------------------------------- ------------------------------ ------------------------------
JKLV009 to JKLV012 Gossan Samples reported below Gossan Samples reported below Gossan Samples reported below
------------------------------- ------------------------------ ------------------------------
JKLV013 Platies 1.52 0.11
------------------------------- ------------------------------ ------------------------------
JKLV014 Mavri Sykia 0.25 0.12
------------------------------- ------------------------------ ------------------------------
Mavri Sykia
JKLV015 (350m NNE) 1.39 0.35
------------------------------- ------------------------------ ------------------------------
Mavri Sykia
JKLV016 (275m NNE) 0.15 0.07
------------------------------- ------------------------------ ------------------------------
JKLV017 Mavri Sykia 1.15 0.09
------------------------------- ------------------------------ ------------------------------
Table 2: Copper and Gold Assays for Samples Collected from
Selected Gossans Within the Kalavasos Project
Sample No Locality Grade Grade
(Au g/t) (Cu %)
JKLV009 Kalavasos B <0.01 0.13
-------------- ---------- --------
JKLV010 Kalavasos B 1.88 0.03
-------------- ---------- --------
JKLV011 Kalavasos B 1.75 0.52
-------------- ---------- --------
JKLV012 Platies Mine 1.47 0.48
-------------- ---------- --------
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
--------------------------------
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.
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