TIDMCMRS
RNS Number : 2030Q
Caerus Mineral Resources PLC
26 October 2021
26 October 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Troulli Project 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
its' flagship' Troulli Project trenching and sampling programme
focused on residual metals in surface materials, and the subject of
a prospective Joint Venture involving Jubilee Metals Group and
Bezant Resources.
Highlights
-- Trenching over Run of Mine ("ROM") Stockpiles has revealed
very high-grade visible copper mineralisation persistent across the
defined Mineral Resource target area;
-- Copper grades based on semi-quantitative XRF analysis are highly significant;
-- The extent of ROM ore also exceeds previous expectations and
will be reflected in the final Mineral Resource tonnage
estimate;
-- Samples have been collected and are ready for dispatch to the assay laboratory;
-- Duplicate samples have been batched and dispatched to Jubilee
Metals Group ("Jubilee") for test work;
-- Further trenching over the ROM Stockpile will be undertaken
in the next 7 to 10 days with a view to achieving sufficient
coverage to permit a Mineral Resource Estimation;
-- Other trenches are being excavated and evaluated across the
Project area in parallel with the ROM stockpile programme.
Over 160 metres ("m") of trenching extending to a depth of over
4 m and a width of 2.5m have revealed a potential resource for
copper that exceeds all expectations in terms of both tonnage and
grade. The ROM ore surface layer is now known to extend to up to 3
m and comprises ROM ore that has remained at the current location
since the termination of historic operations some 50 years ago. The
surface zone contains visible copper oxide and sulphide minerals
and is also expected to host an as yet unknown grade of gold.
This surface zone is immediately underlain by a highly enriched
zone varying in width between 30 and 50 cm hosting visible copper
mineralisation and running at significantly high-grade copper
values, peaking at 17% Cu but more typically at 6-8% Cu. This
enriched zone, the copper values for which are reported here from
indicative XRF records as an interim measure, has been created by
the leaching of copper from the overlying sulphide ROM ore and its
redeposition lower in the trench profile at the point where the
copper-bearing solution meets the underlying carbonate-bearing
soil. This high-grade zone is then underlain by a further zone
containing lower grade but still significantly elevated copper
values.
The ROM pad is ca. 200m x 120m in surface area and the trenches
excavated so far show a re-assuring consistent, unbroken pattern of
copper mineralisation. There is an expectation of an accompanying
gold credit but the XRF technology being used to report data as an
interim measure is unable to report gold concentrations, even
semi-quantitatively. Based on the areal extent of the ROM pad under
investigation, Caerus expects that the as yet undefined ROM Mineral
Resource Estimate will exceed 200Kt. However, this is expected to
increase as a second and adjacent ROM pad is exposed and assessed
in the immediate future. A further estimated 900m of trenching is
scheduled and is already underway to better inform and confirm
continuity and the impending Mineral Resource Estimate.
Commenting on the Troulli trench sampling update, Chief
Executive Officer Martyn Churchouse said; "Each dump potentially
represents an orebody. In terms of future mining, the notable
difference between a dump and a lens of volcanogenic massive
sulphide mineralisation is the fact that we do not need to drill
and blast the resource, nor is it necessary to strip overlying
waste material or commit to the capital required to access the
mineralisation via underground development.
We simply need to confirm the tonnage and grade and, subject to
test work, build a processing plant capable of treating the variety
of ore types we are encountering. Assay results are fundamental to
growing and ambitious natural resources development companies such
as Caerus and the current lengthy lead times between sample
dispatch and the delivery of results from the certified laboratory
puts pressure on us to keep Shareholders informed. We have
therefore elected to utilise our XRF equipment to determine at
field level the presence of copper mineralisation in all forms of
exploration that we are currently undertaking, drilling, dump
evaluation and regional exploration. Shareholders and other
interested parties should take careful note of the statement
beneath the table below with reference to the underlying XRF copper
grades quoted".
XRF Results for Troulli ROM Stockpile Trenching and Sampling
Programme
Over 100 separate XRF analyses have been undertaken on the
high-grade copper leach zone within the Troulli ROM stockpile. Peak
grades within the high-grade, copper-rich zone range from 17.6% Cu
to 4.5% Cu, with the average grade achieved to date of 6 % Cu. No
attempt has been made to estimate the copper content of the
overlying ROM ore. Details of a representative selection of XRF
analyses and their location within the trenches excavated to date
are provided below.
Table 1: Representative XRF Analyses of the three principle
mineralised zones in the Troulli Mine ROM Dumps
Sample No Trench Source Material Grade (% Cu)
T110S2 Trench 1 ROM Ore 0.45
---------- ----------------- -------------
T110S3 Trench 1 ROM Ore 1.00
---------- ----------------- -------------
T110S4 Trench 1 B Horizon 0.80
---------- ----------------- -------------
T110S5 Trench 1 B Horizon 1.40
---------- ----------------- -------------
T110S6 Trench 1 Cu Leach Zone 6.90
---------- ----------------- -------------
T120S1 Trench 1 ROM Ore 0.58
---------- ----------------- -------------
T120S2 Trench 1 ROM Ore 1.50
---------- ----------------- -------------
T120S3 Trench 1 B Horizon 0.87
---------- ----------------- -------------
T120S4 Trench 1 Cu Leach Zone 5.90
---------- ----------------- -------------
T130S1 Trench 1 ROM Ore 0.36
---------- ----------------- -------------
T130S2 Trench 1 ROM Ore 0.34
---------- ----------------- -------------
T130S4 Trench 1 B Horizon 1.06
---------- ----------------- -------------
T130S5 Trench 1 Cu Leach Zone 6.02
---------- ----------------- -------------
T155S1 Trench 1 ROM Ore 0.32
---------- ----------------- -------------
T155S2 Trench 1 ROM Ore 0.22
---------- ----------------- -------------
T155S3 Trench 1 ROM Ore 0.85
---------- ----------------- -------------
T155S4 Trench 1 B Horizon 1.40
---------- ----------------- -------------
T155S5 Trench 1 Cu Leach Zone 6.10
---------- ----------------- -------------
T160S1 Trench 1 ROM Ore 0.57
---------- ----------------- -------------
T160S2 Trench 1 B Horizon 1.52
---------- ----------------- -------------
T160S3 Trench 1 Cu Leach Zone 6.52
---------- ----------------- -------------
T170S1 Trench 1 ROM Ore 1.50
---------- ----------------- -------------
T170S2 Trench 1 B Horizon 1.13
---------- ----------------- -------------
T170S3 Trench 1 Cu Leach Zone 6.32
---------- ----------------- -------------
T175S1 Trench 1 ROM Ore 0.64
---------- ----------------- -------------
T175S2 Trench 1 B Horizon 1.15
---------- ----------------- -------------
T175S3 Trench 1 Cu Leach Zone 4.30
---------- ----------------- -------------
T175S4 Trench 1 Cu Leach Zone 3.50
---------- ----------------- -------------
T175S5 Trench 1 Cu Leach Zone 17.36
---------- ----------------- -------------
T205S1 Trench 2 ROM Ore 0.95
---------- ----------------- -------------
T205S2 Trench 2 B Horizon 1.20
---------- ----------------- -------------
T205S3 Trench 2 Cu Leach Zone 4.90
---------- ----------------- -------------
T220S1 Trench 2 ROM Ore 0.10
---------- ----------------- -------------
T220S2 Trench 2 ROM Ore 1.17
---------- ----------------- -------------
T220S3 Trench 2 B Horizon 0.66
---------- ----------------- -------------
T220S4 Trench 2 Cu Leach Zone 3.00
---------- ----------------- -------------
T230S1 Trench 2 ROM Ore 0.35
---------- ----------------- -------------
T230S2 Trench 2 ROM Ore 0.80
---------- ----------------- -------------
T230S3 Trench 2 Cu Leach Zone 4.53
---------- ----------------- -------------
T250S1 Trench 2 ROM Ore 0.30
---------- ----------------- -------------
T250S2 Trench 2 ROM Ore 0.33
---------- ----------------- -------------
T250S3 Trench 2 B Horizon 1.57
---------- ----------------- -------------
T250S4 Trench 2 Cu Leach Zone 5.90
---------- ----------------- -------------
T260S1 Trench 2 ROM Ore 1.38
---------- ----------------- -------------
T260S2 Trench 2 B Horizon 1.40
---------- ----------------- -------------
T260S3 Trench 2 Cu Leach Zone 7.25
---------- ----------------- -------------
T260S4 Trench 2 Cu Leach Zone 5.20
---------- ----------------- -------------
T270S1 Trench 2 ROM Ore 0.63
---------- ----------------- -------------
T270S2 Trench 2 B Horizon 2.00
---------- ----------------- -------------
T270S3 Trench 2 Cu Leach Zone 8.60
---------- ----------------- -------------
T270S4 Trench 2 Cu Leach Zone 9.32
---------- ----------------- -------------
Notes to Editors and Stakeholders
X-ray fluorescence (XRF) is a fast and effective but only
semi-quantitative method for positively identifying the elemental
composition of a wide range of materials, including geochemical
samples. A common application is by geologists using hand-held XRF
devices as a prospecting guide to prioritising exploration targets.
XRF data generated for copper in alloys, concentrates, soils, and
even Certified Reference Materials can have a significant error
term and an accuracy and precision of at least + 20% compared to
the quantitative acid digestion- ICPMS laboratory methods - that
are the definitive quality (QA/QC) standard (Knight et al., 2013,
Hull, 2017).
Hull, M.W (2017). NDT Technician Newsletter, Vol 16 (1),
1-6.
Knight, R.D., Kjarsgarrd, B.A., Plourde, A.P and Moroz, M.
(2013). Geol. Survey of Canada. Open File 7358. Natural Resources,
Canada. 42pp.
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.
Qualified Persons
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.
END
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
MSCUVVRRABURUUA
(END) Dow Jones Newswires
October 26, 2021 02:00 ET (06:00 GMT)
Critical Mineral Resources (LSE:CMRS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Critical Mineral Resources (LSE:CMRS)
Historical Stock Chart
From Jul 2023 to Jul 2024