Completion of PM Ploutonic Resources Acquisition

RNS Number : 5632B

Caerus Mineral Resources PLC

11 June 2021

 

11 June 2021

Caerus Mineral Resources Plc

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

Completion of Acquisition of PM Ploutonic Resources Limited

Caerus Mineral Resources , the exploration and resource development company focused on developing mineral resources in Europe to supply the global "Clean Energy" drive, is  pleased to announce completion of the acquisition of PR Ploutonic Resources Ltd ("PRL")  following shareholder approval given on 28 April 2021.

PRL is a private, Cypriot-registered, exploration and mining company the acquisition of which provides Caerus with access to a further suite of advanced copper - gold exploration licences in the Republic of Cyprus. Each of the three licences, Troulli, Kokkinapetra and St. Nicholas, has clear evidence of historic production and all three properties have excellent potential for discovery of further high-grade VMS copper-gold and epithermal gold deposits.

Project Summary

The Troulli Project comprises both a former small-scale high-grade, open pit gold mine last operated in the 1930's, and a separate open-pit operation that mined a high-grade copper-gold VMS deposit, ceasing production prematurely in 1974. The Licence area also hosts a number of dumps and stockpiles with reported grades as high as 1.5% copper. 

The Kokkinapetra Project represents the geological extension of the Troulli deposits. Gravity concentration of a number of 60kg bulk samples collected by PRL returned notable quantities of fine gold. There are also indications of VMS-type copper - gold mineralisation located beneath the overlying epithermal gold occurrence. 

The St. Nicholas Project comprises two sulphide copper - gold orebodies partially drilled by Noranda in 1977, returning a peak intercept of 5m @ 4.82% Cu and 6g/t Au from 11m depth. More recently, in 2011, Katla (Northern Lion) reported intercepts including 28.6m @ 1.06% Cu and 4.5g/t Au from 10m depth.

Consideration    

The valuation of the transaction between the Company and PRL remains unchanged from that announced initially. The Consideration of GBP750,000 is payable through the issue of 3,311,258 restricted-trading, new Ordinary Shares of 0.1p each ("Consideration Shares") at a price of 22.65p per share calculated using a VWAP based on the 30-trading days following announcement of the, then conditional, transaction on 08 April 2021.

Exploration Update - Troulli

Since announcing the intended acquisition of PRL in early April, the Company has conducted further exploration of the key project area at Troulli both for Due Diligence purposes and to move forward with assessing the extent and depth of the gold-bearing epithermal zones and the Volcanogenic Massive Sulphide ("VMS") mineralisation beneath. Significant progress has been made in this regard and the Company anticipates updating shareholders in the very near future.

Martyn Churchouse, Chief Executive Officer of Caerus Mineral Resources, commented ; "This acquisition represents an important addition to our licence portfolio. We are especially excited about the very promising initial exploration observations at Troulli that indicate the presence of both an epithermal Au deposit and scope for a further Cu-Au VMS deposit. The objective is to quickly establish the physical limits of both mineralisation types before undertaking work to determine a Mineral Resource that, combined with the mineralised dumps, ore stockpiles and tailings on the licence, will convert into a stand-alone project that fits the entry criteria for Jubilee Metals Group under the terms of the Option Agreement announced on 04 May 2021."

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

Caerus Mineral Resources is a copper - gold resource development and exploration company with mineral exploration licences located in Cyprus, 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 16 former mines that operated with an average head grade of approximately 2% copper equivalent.

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 .

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

 

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