TIDMCMRS
RNS Number : 2818Y
Caerus Mineral Resources PLC
13 January 2022
13 January 2022
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Company and Projects 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
both recent exploration results and work programmes and objectives
for the year ahead.
Highlights
-- High-grade gold intercept achieved for drillhole testing the
Troulli - Kokkinapetra extension returning a substantial package
width grade of 1.4g/t Au over 52.6m from surface including 4.97g/t
Au over 11.55m.
-- Grab samples collected between Troulli mine and Kokkinapetra
returned peak grades of 4.2g/t Au, 1.76g/t Au, 0.76g/t Au providing
further compelling evidence of the presence of mineralisation over
a 1.5km strike length.
-- Jubilee Metals (AIM: JLP) has taken receipt of the last batch
of test work samples and is progressing towards plant design
-- Bezant Resources (AIM: BZT) has appointed a mining engineer
to undertake detailed Joint Venture ("JV") mine plan studies at
Troulli to complement work undertaken by Jubilee
-- The Environmental Impact Assessment is making good initial
progress and has employed a local Cypriot environmental consulting
group to facilitate the mine permitting process
-- Caerus continues to seek out further opportunities to grow
its copper mineralisation portfolio, through either acquisition or
other schemes of arrangement.
Planned Exploration and Objectives for 2022
A wide-ranging programme of Resource development and further
exploration is scheduled for multiple projects in Cyprus with an
emphasis on the completion of a first Joint Venture and the
development of the first mining project.
-- Troulli Project - Conclusion of the first Jubilee Metals
Group ("Jubilee") Joint Venture in parallel with the generation of
a JORC (2012) Mineral Resource triggering design of a processing
facility and commencement of mine development.
-- Troulli - Kokkinapetra Extension Project - Following up on
the encouraging new gold 'grab' and drill assays with the objective
of proving-up of additional copper-gold mineral resources along the
1.5km of extension between the two sites, thereby adding to the
Troulli life-of-mine.
-- Kalavasos Project - Generation of the initial JORC (2012)
Mineral Resource based on dumps and the engagement of Jubilee for
metallurgical test work leading to a second Joint Venture.
-- Mala Project - Development of a JORC (2012) Mineral Resource
and confirmation that an economically viable project can be
developed based on in-house and external metallurgical test work
and high-level mine planning.
-- St. Nicholas - Generation of either a high-grade JORC (2012)
Mineral Resource that can be processed at the Troulli site or an
expansion towards a stand-alone Mineral Resource on the St.
Nicholas Licence
-- Anglisides - Preliminary Economic Assessment ("PEA") in
parallel with diamond drilling and metallurgical test work to
determine whether Anglisides represents a high-grade satellite
Resource for central treatment at the Troulli plant or a
stand-alone operation.
-- Pano Lefkara - Completion of drone surveys, the first two
phases of diamond drilling and the development of an initial JORC
(2012) Mineral Resource.
Martyn Churchouse, Chief Executive Officer, said, "2021 saw the
Company make substantial progress in the short timeframe from our
Admission to the Standard List in mid-March. Few, if any, Junior
exploration and development companies listed in recent years can
demonstrate such meaningful progress in so short a time after
Listing. We have completed two significant acquisitions and entered
into agreements with Jubilee Metals Group and Bezant Resources.
2021 also saw Caerus launch a drill programme on the Troulli
Project whilst also undertaking smaller drilling campaigns at
Kalavasos and Kokkinapetra. Additional routine exploration was also
undertaken at the Kalavasos, Anglisides, Pano Lefkara and Mala
Projects specifically for the preparation of these sites for more
advanced resource development work.
The intention in 2022 is to quickly build our Cyprus Resource
base with JORC Resources declared at multiple sites with an initial
focus on Troulli, its' extensions and satellites which offer
potential high-grade exploitable ore in the near term. We believe
that once the Troulli Project Joint Venture is formalised and mine
development commences, there is a significant opportunity to extend
mineralisation and in turn, add further shareholder value through
the nearby high-grade satellites and other projects within the
presumed sphere of influence of the Troulli Hub.
Over the past nine months, the Caerus Board has demonstrated its
intent to grow the Company not only through the advancement of our
current portfolio but also through judicious acquisitions and
agreements with Third Parties. It is our intention to continue this
and aggressively seek new opportunities over the next twelve months
that will provide significant value for our shareholders. Caerus
has a strong balance sheet that, combined with the successful
recruitment of additional key technical personnel, provides us the
platform for the Company's continued growth as it moves steadily
towards the development of a first mining project."
Kalavasos Project
Encouraging assay results from scout drilling with a peak
intercept of 0.95g/t Au over 3 metres confirms the presence of gold
in dump material at depth, complementing earlier results from
surface grab samples. Detailed drone surveys have been undertaken
that will allow the Company to calculate the volume of dump
material leading to an initial JORC (2012) Mineral Resource
estimate. Mineralised dumps are a key trigger for the engagement of
JLP as metal-bearing surface materials provide all parties with
confidence that an initial Mineral Resource and associated
recoverable metals can be generated at low-cost from easily
accessible sites using familiar and trusted technologies.
Borehole No: From To Mineralised Grade
(metres) (metres) Width (g/t Au)
(metres)
SHD001 12.0 15.0 3.0 0.95
---------- ---------- ------------ ----------
SHD002 0.0 6.0 6.0 0.53
---------- ---------- ------------ ----------
*Reported grades represent "Partial" results and provide gold
grades only as copper assays remain outstanding and will be relayed
to Shareholders as soon as the results are received from the
external independent laboratories. Gold content in future Mineral
Resources is expected to provide a valuable by-product with the
principal value being derived from copper mineralisation.
Troulli Extension
Notable gold assays and intercepts from the latest laboratory
data, including 1.4g/t Au over 52.6 metres provide the motivation
for a comprehensive programme of ground geophysics and detailed
exploration leading to diamond drilling as part of a campaign to
generate additional Mineral Resources to increase the life of mine
of the Troulli Project.
Borehole No: From To Mineralised Grade*
(metres) (metres) Width (g/t Au)
(metres)
TR21DD06 0.0 5.8 5.8 0.51
22.0 24.8 2.8 1.15
42.0 46.4 4.4 0.53
---------- ---------- ------------ ----------
TR21DD07 51.0 54.9 3.9 0.65
67.1 77.3 10.2 0.52
---------- ---------- ------------ ----------
TR21DD09 2.0 6.1 4.1 0.53
---------- ---------- ------------ ----------
TR21DD10 0.0 52.6 52.6 1.40
Including 0.90 12.45 11.55 4.97
---------- ---------- ------------ ----------
*Reported grades represent "Partial" results and provide gold
grades only as copper assays remain outstanding and will be relayed
to Shareholders as soon as the results are received from the
external independent laboratories. Gold content in future Mineral
Resources is expected to provide a valuable by-product with the
principal value being derived from copper mineralisation.
Kokkinapetra Project
Pervasive 'umber' (a reddish-brown iron-rich pigment indicative
of hydrothermal vents in a VMS system) at surface across the
Kokkinapetra Project area complemented by the recent anomalous gold
grades from a single pilot drillhole raise both the profile of the
Kokkinapetra Project and the scope for the discovery of a new VMS
deposit. The location of Kokkinapetra, 1.5km from Troulli allows
for the treatment of any new Mineral Resource in the Troulli
processing plant.
Sample No: Location Grade
(g/t Au)
Gossan - East of Troulli
015141 Mine 0.75
------------------------- ----------
Gossan - East of Troulli
015142 Mine 1.76
------------------------- ----------
Gossan - East of Troulli
015102 Mine 0.50
------------------------- ----------
Gossan - East of Troulli
015110 Mine 0.67
------------------------- ----------
015120 Gold Zone dump material 0.61
------------------------- ----------
Float material - East
015131 of Troulli Mine 4.20
------------------------- ----------
*Reported grades represent "Partial" results and provide gold
grades only as copper assays remain outstanding and will be relayed
to Shareholders as soon as the results are received from the
external independent laboratories. Gold content in future Mineral
Resources is expected to provide a valuable by-product with the
principal value being derived from copper mineralisation.
Troulli Project Mine Development
At present, an estimated 1,500 assays for copper (and gold)
remain outstanding, representing another 10 drillholes from the
Project area. Preliminary work has been completed by external
Resource consultant Addison Mining, and it now remains for the
remaining assay data to be input into the geological model ahead of
the announcement of an initial JORC (2012) Mineral Resource.
Anglisides Project
Partial results (gold only) have been received for two short
percussion drillholes completed at the Project returning an
encouraging gold intersection of 0.81g/t Au over 38m including
1.92g/t Au over 10m from surface. The hole ended in gold
mineralisation. Copper assays are pending. Anglisides represents a
satellite project and a possible future source of ore for the
Troulli processing plant. Sampling was conducted using two metre
composites from drill chips.
Borehole No: From To Mineralised Grade
(metres) (metres) Width (g/t Au)
(metres)
ANG21DH01 0.0 38.0 38.0 0.81
including 0.0 10.0 10.0 1.92
---------- ---------- ------------ ----------
ANG21DH02 0.0 2.0 2.0 0.76
---------- ---------- ------------ ----------
*Reported grades represent "Partial" results and provide gold
grades only as copper assays remain outstanding and will be relayed
to Shareholders as soon as the results are received from the
external independent laboratories. Gold content in future Mineral
Resources is expected to provide a valuable by-product with the
principal value being derived from copper mineralisation.
Mala Project Development
Positive copper-gold assays received in late December exceeded
expectations raising the profile of the Mala Project. Further work
will be undertaken to determine both the tonnage and grade of
copper-gold-bearing tailings and stockpiles together with a
programme to test other known targets within the licences that make
up the Project. A broadly drill-defined copper - gold sulphide body
located close to surface will also be converted to a JORC (2012)
Mineral Resource to provide an initial mineral inventory at
Mala.
Qualified Persons
The content of this news release has been reviewed, verified,
and approved by Mr. Nigel Chapman. Mr. Chapman has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity to which he
is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves and as a qualified
person under the AIM Note for Mining, Oil and Gas Companies. Mr.
Chapman is an employee of Mineral Exploration Management Limited,
an independent geological consultancy established in 2005 and is
a
Member of the Australasian Institute of Geoscientists (A.I.G.)
Mr. Chapman consents to the inclusion in this Announcement of
such information in the form and context in which it appears.
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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