Caerus Mineral Resources PLC Mala Project Gold Assays (1938K)
May 04 2022 - 2:01AM
UK Regulatory
TIDMCMRS
RNS Number : 1938K
Caerus Mineral Resources PLC
04 May 2022
04 May 2022
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Mala Project Gold Assays from recent drill programme
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 recent auger drilling and pitting on the Mala Project in Cyprus.
Highlights
-- Hand auger drilling and pitting results for the Mala pyrite
dump has returned consistently anomalous gold assay results
-- Peak gold grades of 9.9g/t Au, 1.9g/t Au, 1.3g/t Au and 1.2g/t Au.
-- A total of 55 Auger holes and pits returning gold grades from 0.1to 9.9g/t Au
-- A combination of pitting and hand auger drilling can only
penetrate to an approximate depth of 2 to 3 metres in the dense
pyrite-rich dump material. The dump is approximately 150m x 140m x
25m metres and mineralisation is anticipated throughout.
-- A percussion drill rig will undertake closer spaced vertical
drilling to the base of the dump to provide sufficient sample
density and assays for an initial Mineral Resource Estimate.
Martyn Churchouse, Chief Executive Officer said "Our previous
announcement in March of this Year of the discovery of consistent
gold grades in the Mala pyrite dump has been verified by these
highly promising auger drill and pit results. We would expect the
gold to be distributed throughout the dump and, it remains to be
seen whether the residual grades in the older material towards the
base of the dump are higher owing to historic inefficiencies at the
time of plant start-up. With each of our brownfield sites we aim to
de-risk resource development by delineating as early as possible in
the project development process, a potential resource that can
provide the foundation for the building of a larger mineral
resource sufficient to sustain a stand-alone operation. We know
that there is a near-surface copper-gold mineralised sulphide body
that has been partially drilled-out in the former Mala open pit and
we anticipate the discovery of further sulphide bodies as
exploration steps out around the former mine. The potential gold
resource in the pyrite dumps combined with the known sulphide body
is an excellent start and provides the confidence we need to commit
to further detailed resource development. The Exploration Team has
set an initial target of 16 - 20,000oz Au for the pyrite - gold
dump to which we would expect to add copper-gold tonnage from
sulphide bodies found within the Licence".
Mala Sampling Programme
The gold-bearing pyrite dump is a consolidated mass which is
difficult to penetrate due to the high pyrite content. The
Exploration Team resorted to the excavation of a hand dug pit
followed by hand auger drilling from the base of the pit to provide
a combined sample depth or approximately 1 to 1.5m. The individual
samples were split, and a representative sample dispatched to an
independent assay laboratory for gold and copper analysis. Future
assessment of the dump will in all likelihood be done using a
percussion drill rig with the capacity to drill vertical holes to
the base of the dump.
Sample ID Location & Type Grade
(g/t Au)
18069 Mala Pyrite dump pit 0.5
------------------------------------------ --------------
18070 - 71 Mala Pyrite dump Hand auger drill and pit 0.3, 0.6
------------------------------------------ --------------
18072 Mala Pyrite dump pit 0.6
------------------------------------------ --------------
18073 - 74 Mala Pyrite dump Hand auger drill and pit 0.3, 0.5
------------------------------------------ --------------
18075 - 76 Mala Pyrite dump Hand auger drill and pit 0.4, 0.2
------------------------------------------ --------------
18077 - 78 Mala Pyrite dump Hand auger drill and pit 0.2, 0.4
------------------------------------------ --------------
18079 - 80 Mala Pyrite dump Hand auger drill and pit 0.8, 1.1
------------------------------------------ --------------
18081 - 82 Mala Pyrite dump Hand auger drill and pit 0.1, 0.2
------------------------------------------ --------------
18083 - 84 Mala Pyrite dump Hand auger drill and pit 0.9, 0.6
------------------------------------------ --------------
18085 - 86 Mala Pyrite dump Hand auger drill and pit 0.9, 0.5
------------------------------------------ --------------
18087 - 88 Mala Pyrite dump Hand auger drill and pit 0.7, 0.5
------------------------------------------ --------------
18090 - 91 Mala Pyrite dump Hand auger drill and pit 0.8, 0.6
------------------------------------------ --------------
18092 - 93 Mala Pyrite dump Hand auger drill and pit 2.5, 4.4
------------------------------------------ --------------
18094 - 95 Mala Pyrite dump Hand auger drill and pit 0.4, 0.3
------------------------------------------ --------------
18096 - 98 Mala Pyrite dump Hand auger drill and pit 1.1, 0.8, 1.2
------------------------------------------ --------------
18099 - 18100 Mala Pyrite dump Hand auger drill and pit 0.5, 0.5
------------------------------------------ --------------
18101 - 02 Mala Pyrite dump Hand auger drill and pit 0.3, 0.2
------------------------------------------ --------------
18104 - 05 Mala Pyrite dump Hand auger drill and pit 0.5, 9.9
------------------------------------------ --------------
18106 - 07 Mala Pyrite dump Hand auger drill and pit 0.4, 0.3
------------------------------------------ --------------
18108 - 09 Mala Pyrite dump Hand auger drill and pit 0.6, 1.3
------------------------------------------ --------------
18110 - 11 Mala Pyrite dump Hand auger drill and pit 0.7, 1.9
------------------------------------------ --------------
18112 - 13 Mala Pyrite dump Hand auger drill and pit 0.9, 0.8
------------------------------------------ --------------
18114 - 15 Mala Pyrite dump Hand auger drill and pit 0.4, 0.5
------------------------------------------ --------------
18116 - 17 Mala Pyrite dump Hand auger drill and pit 0.3, 0.6
------------------------------------------ --------------
18118 - 19 Mala Pyrite dump Hand auger drill and pit 0.5, 0.8
------------------------------------------ --------------
18120 - 21 Mala Pyrite dump Hand auger drill and pit 0.4, 0.3
------------------------------------------ --------------
18122 - 24 Mala Pyrite dump Hand auger drill and pit 0.6, 0.2
------------------------------------------ --------------
18125 - 26 Mala Pyrite dump Hand auger drill and pit 0.5, 0.6
------------------------------------------ --------------
For further information, in relation to the Company, please
visit www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc
Website www.caerusmineralresources.com
---------------------------------
Company Contact Martyn Churchouse
Chief Executive Officer
info@caerusmineralresources.com
+44 (0)1249 782162
---------------------------------
Broker Novum Securities
Jon Bellis
+44 (0) 20 7399 9425
---------------------------------
Nominated Adviser Not applicable
---------------------------------
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
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