Commencement of N. Mathiatis Drilling Programme

RNS Number : 7723T

Caerus Mineral Resources PLC

29 March 2021

 

29 March 2021

Caerus Mineral Resources Plc

("Caerus" or the "Company") (Ticker: CMRS)

Commencement of N. Mathiatis Drilling Programme

Caerus Mineral Resources plc, the European-focused exploration and development company targeting mineral resources to supply the global Clean Energy Transition , is pleased to announce the commencement of a Dump Evaluation Drilling programme that will begin at the N. Mathiatis copper-gold project in Cyprus.

Drilling will commence significantly ahead of schedule on the two N. Mathiatis licences.  The programme is designed to identify copper and gold mineralisation within the dumps generated by historic mining on the Company's licences commencing with the former high-grade pyrite copper-gold N. Mathiatis deposit.  Holes to an average depth of 30m will be drilled on a grid pattern over N. Mathiatis dumps and stockpiles, providing the Company with a broad indication of mineral content in a low-cost and quick to implement manner.

The Company will be targeting both low-grade leachable copper oxide mineralisation at an average grade of 0.25% Cu, the typical feed grade for recent profitable dump leaching operations in Cyprus, together with higher sulphide copper grades (>0.30% Cu) more suited to flotation recovery, particularly if associated with a gold credit.  The programme will allow Caerus to further understand the economic viability of the dump and stockpile material, which has been boosted by the current commodity pricing environment for copper.

Preparation has started on-site, and access roads are being built across the various dumps. Drilling is expected to commence once the site is ready to receive the drill rig, which is anticipated to be in early April 2021. 

Martyn Churchouse, Chief Executive Officer, said: "The fact that the Company is commencing drilling operations only a few weeks after listing reflects the advanced nature of many of our projects located on licences that host more than half of the former producing mines in Cyprus. The multiple resource types we have gives us the flexibility and the confidence to commit early to resource estimation and the building of shareholder value through a growing copper-gold inventory. 

The exploration and evaluation of dumps is often speculative, and this Dump Evaluation Drilling Programme is a cost-effective way of testing potential without compromising either the quality of geological information generated or the budget. The programme will use short-hole percussion drilling to begin to de-risk the opportunity for near-term production by establishing whether sufficient copper-gold mineralisation occurs in dumps to warrant more detailed follow-up and evaluation.

This is an exciting step for Caerus as we look to build-up a dump reprocessing programme and start to accumulate resources around which we can design the most suitable operation to deliver near term shareholder value ." 

For further information, please visit www.caerusmineralresources.com or contact:

Caerus Mineral Resources plc:
Martyn Churchouse Chief Executive Officer	[e-mail] [phone]
Novum Securities
Jon Belliss	[phone]

Follow us on Twitter at @CaerusMineral

About Caerus Mineral Resources plc

 Caerus Mineral Resources is a copper-gold resource development and exploration company with mineral exploration licences located in Cyprus. 

Cyprus is a member of the European Union that operates to English common law. The Country has a well-developed infrastructure and a climate conducive to year-round exploration.

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 14 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 with multiple target types and the opportunity for the Company to quickly build a resource portfolio that can be commercially developed.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation 9EU) No 596/2014 until the release of this announcement.

 

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