Caerus Mineral Resources PLC Mala Project Update (1554G)
March 28 2022 - 2:00AM
UK Regulatory
TIDMCMRS
RNS Number : 1554G
Caerus Mineral Resources PLC
28 March 2022
28 March 2022
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Mala Project Update
Caerus Mineral Resources (LON: CMRS) , the Cyprus-based
exploration and resource development company focused on developing
copper-gold mineral resources to support the global "Clean Energy"
initiative, is pleased to provide an update on the Mala Project in
Cyprus.
The Mala Project consists of the Mala and St. Nicholas licenses,
located in western Cyprus, with a key focus on the historic Mala
pyrite and St. Nicholas mines. Both historic operations have
indicated large remnant sulphide-based deposits and significant
on-surface deposits.
The Mala pyrite mine is reported to have produced over 200,000
tonnes ("t") of ore, including 80,000t at 0.55% Cu. The target area
has identified numerous volcanic vent structures, which are
synonymous with volcanogenic massive sulphide ("VMS") systems. Its
prospectivity is enhanced by the presence of a large number of
northwest-southeast trending faults. The deposit remains exposed
within the historic open pit, and a 1994 report estimated a
non-JORC (2012) ore reserve of 200,000 tonnes.
The site also hosts an estimated 500,000 tonnes of ore
stockpiles, mine dumps and tailings. The dump materials were the
target of recent on-site testing to assess both gold and base metal
grades as possible future sources of low-grade leachable
feedstock.
Mala does not currently form part of the Bezant Resources Joint
Venture but is subject to possible future test work as part of the
Company's agreement with Jubilee Metals Group.
Highlights
-- Hand auger sampling of mine waste dumps at Mala returned anomalous gold grades
-- 80% of the total number of gold assays received returned anomalous results above 0.29g/t Au
Percentage of Samples exceeding the required grade (%) Grade (g/t Au)
14.5 >1.0
--------------------------
58.0 >0.49
--------------------------
88.0 >0.29
--------------------------
Martyn Churchouse, Chief Executive Officer of Caerus, said; "The
consistent presence of anomalous gold values in the Mala waste
dumps is an exciting discovery that warrants further follow-up. The
Exploration Team will continue the evaluation with the excavation
of trenches to extend the depth profile of the dumps and, at the
same time, generate the necessary information for the estimation of
volume.
Representative samples will be sent for metallurgical test work
to confirm the underlying grade and potential recovery of gold from
this waste material. The Company is also expecting to receive
copper analyses from the same dump material, which, subject to
grade, may provide an additional revenue stream from this gold-rich
waste material.
Our dual strategy, part of which includes focusing on brownfield
sites, continues to result in discoveries of significant
mineralised residual material. The Mala dumps clearly demonstrate
the potential for substantial economically recoverable material at
historical operations. The very nature of this waste, having
already been mined and partially processed, reduces the need for
expensive mining and processing costs and, therefore, more
opportunity to develop further viable Mineral Resources from
historic stockpiles, mine dumps and tailings ."
Auger samples with greater than 1g/t Au
Sample ID Area UTM_ E wgs84 UTM_ N wgs84 sample type Au
(g/t Au)
18080 Mala 470730 3863719 Auger 1.07
----- ------------- ------------- ------------ ----------
18092 Mala 470730 3863821 Auger 2.48
----- ------------- ------------- ------------ ----------
18093 Mala 470730 3863821 Auger 4.40
----- ------------- ------------- ------------ ----------
18096 Mala 470749 3863800 Auger 1.07
----- ------------- ------------- ------------ ----------
18098 Mala 470749 3863800 Auger 1.19
----- ------------- ------------- ------------ ----------
18105 Mala 470750 3863739 Auger 9.94
----- ------------- ------------- ------------ ----------
18109 Mala 470710 3863820 Auger 1.31
----- ------------- ------------- ------------ ----------
18111 Mala 470710 3863801 Auger 1.94
----- ------------- ------------- ------------ ----------
Auger samples with greater than 0.49g/t Au
sample ID Area UTM_ E wgs84 UTM_ N wgs84 sample type Au (g/t Au)
18071 Mala 470652 3863724 Auger 0.55
----- ------------- ------------- ------------ ------------
18072 Mala 470650 3863740 Auger 0.60
----- ------------- ------------- ------------ ------------
18074 Mala 470648 3863758 Auger 0.52
----- ------------- ------------- ------------ ------------
18079 Mala 470730 3863719 Auger 0.78
----- ------------- ------------- ------------ ------------
18080 Mala 470730 3863719 Auger 1.07
----- ------------- ------------- ------------ ------------
18083 Mala 470729 3863759 Auger 0.92
----- ------------- ------------- ------------ ------------
18084 Mala 470729 3863759 Auger 0.62
----- ------------- ------------- ------------ ------------
18085 Mala 470730 3863781 Auger 0.93
----- ------------- ------------- ------------ ------------
18086 Mala 470730 3863781 Auger 0.54
----- ------------- ------------- ------------ ------------
18087 Mala 470730 3863800 Auger 0.67
----- ------------- ------------- ------------ ------------
18088 Mala 470730 3863800 Auger 0.51
----- ------------- ------------- ------------ ------------
18090 Mala 470751 3863820 Auger 0.83
----- ------------- ------------- ------------ ------------
18091 Mala 470751 3863820 Auger 0.62
----- ------------- ------------- ------------ ------------
18092 Mala 470730 3863821 Auger 2.48
----- ------------- ------------- ------------ ------------
18093 Mala 470730 3863821 Auger 4.40
----- ------------- ------------- ------------ ------------
18096 Mala 470749 3863800 Auger 1.07
----- ------------- ------------- ------------ ------------
18097 Mala 470749 3863800 Auger 0.83
----- ------------- ------------- ------------ ------------
18098 Mala 470749 3863800 Auger 1.19
----- ------------- ------------- ------------ ------------
18099 Mala 470750 3863781 Auger 0.54
----- ------------- ------------- ------------ ------------
18105 Mala 470750 3863739 Auger 9.94
----- ------------- ------------- ------------ ------------
18108 Mala 470710 3863820 Auger 0.57
----- ------------- ------------- ------------ ------------
18109 Mala 470710 3863820 Auger 1.31
----- ------------- ------------- ------------ ------------
18110 Mala 470710 3863801 Auger 0.72
----- ------------- ------------- ------------ ------------
18111 Mala 470710 3863801 Auger 1.94
----- ------------- ------------- ------------ ------------
18112 Mala 470707 3863780 Auger 0.90
----- ------------- ------------- ------------ ------------
18113 Mala 470707 3863780 Auger 0.81
----- ------------- ------------- ------------ ------------
18115 Mala 470691 3863761 Auger 0.51
----- ------------- ------------- ------------ ------------
18117 Mala 470689 3863780 Auger 0.55
----- ------------- ------------- ------------ ------------
18119 Mala 470691 3863801 Auger 0.83
----- ------------- ------------- ------------ ------------
18122 Mala 470770 3863740 Auger 0.58
----- ------------- ------------- ------------ ------------
18125 Mala 470770 3863779 Auger 0.51
----- ------------- ------------- ------------ ------------
18126 Mala 470770 3863779 Auger 0.60
----- ------------- ------------- ------------ ------------
For further information, in relation to the Companies , please
visit www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc Bezant Resources plc
Website www.caerusmineralresources.com www.bezantresources.com
--------------------------------- -------------------------
Company Contact Martyn Churchouse Colin Bird
Chief Executive Officer Executive Chairman
info@caerusmineralresources.com info@bezantresources.com
+44 (0)1249 782162 +44 (0)20 3416 3695
--------------------------------- -------------------------
Broker Novum Securities Novum Securities
Jon Bellis Jon Bellis
+44 (0) 20 7399 9425 +44 (0) 20 7399 9400
--------------------------------- -------------------------
Nominated Adviser Not applicable Beaumont Cornish
Roland Cornish
+44 (0) 20 7628 3396
--------------------------------- -------------------------
Qualified Person The content of this news release has been
reviewed, verified, and approved by Mr. Nigel Chapman who is the
exploration manager and now COO of Caerus. 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 2012 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 Luna Recursos
Naturales SAC, an independent geological consultancy established in
2015 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.
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