Caerus Mineral Resources PLC Kalavasos Project Update (4271K)
May 05 2022 - 2:01AM
UK Regulatory
TIDMCMRS
RNS Number : 4271K
Caerus Mineral Resources PLC
05 May 2022
05 May 2022
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Kalavasos 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 exploration on the
Kalavasos Project licences in Cyprus.
For the full release, including photos and graphics, please
follow the link
http://www.rns-pdf.londonstockexchange.com/rns/4271K_1-2022-5-5.pdf
Highlights
-- First batch of grab samples from recent exploration near the
Platies Mine area returned peak gold assays of 7.65g/t Au, 2.83g/t
Au and 2.74g/t Au.
-- Corresponding copper grades peaking at 0.48% Cu
-- Results sufficiently encouraging to warrant further detailed
follow up including scout drilling.
Martyn Churchouse, Chief Executive Officer said "Preliminary
results from grab samples across various sites within the suite of
Kalavasos licences has returned very encouraging results
particularly for the presence of both residual gold in dumps and in
new targets. Kalavasos hosts 14 former producing mines and as such
there is a large volume of surface material that needs to be
assessed that could contain residual copper and gold values. From
work undertaken by Caerus to date and further validated by these
new results, there appears to be significant scope to build a gold
resource based initially around dump and stockpile material and
subject to further investigation other hard rock sources. A
comprehensive programme of work has been planned for Kalavasos and
Shareholders can expect further regular updates as the programme
expands out across the licences".
Table 1: Grab Sample Type, Location and Grades - Kalavasos
Licences
Sample ID Type Description Grade Grade
(g/t Au) (% Cu)
19071 Grab Gossan 0.16 0.08
------ ------------------------------------- ---------- --------
19072 Grab Mixed waste dump 1.23 0.37
------ ------------------------------------- ---------- --------
19073 Grab Mixed waste dump 2.83 0.34
------ ------------------------------------- ---------- --------
19074 Grab Mixed waste dump 0.41 0.18
------ ------------------------------------- ---------- --------
19075 Grab Slag fragments 0.44 0.28
------ ------------------------------------- ---------- --------
19076 Grab Mixed waste dump 2.74 0.15
------ ------------------------------------- ---------- --------
19077 Grab Mixed waste dump 0.88 0.48
------ ------------------------------------- ---------- --------
19078 Grab Waste Dump - Old Workings 0.43 0.35
------ ------------------------------------- ---------- --------
19079 Grab Leached Sulphide Zone - Platies pit 7.65 0.11
------ ------------------------------------- ---------- --------
19080 Grab Kaolinite alteration Platies pit 0.08 0.70
------ ------------------------------------- ---------- --------
19081 Grab From Platies pit NW 1.39 0.14
------ ------------------------------------- ---------- --------
Kalavasos Project
The Kalavasos Project area includes several abandoned mines
including Platies, associated waste dumps and exposed gossans.
Widespread ancient mine workings and slag dumps remain from
pre-Roman era exploitation. In many cases, strong gossanous
alternation at surface was also targeted for gold and silver.
The Kalavasos prospect sits within the easternmost part of the
volcanic units of the Southern Troodos Domain. The Kalavasos area
also has significant structural complexity with faults mapped in
various geometries. The project area includes gabbro, sheeted dykes
and minor ultramafic units which are considered prospective for
disseminated sulphide systems.
Sulphide orebodies of the Cyprus-type, comprising massive and/or
stockwork-type cupriferous pyrite deposits occasionally capped by
ochre and post-mineralisation lavas or, more frequently,
intersected by post-mineralisation dykes. The Kalavasos district of
orebodies has a pronounced NE-SW pattern reflected in both in the
orientation of the Axis Sequence dykes and the trend of the faults
and major mineralised zones.
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
such information in the form and context in which it appears.
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