Exploration Programme Update

RNS Number : 1049T

Caerus Mineral Resources PLC

23 March 2021

 

23 March 2021

Caerus Mineral Resources Plc

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

 Exploration Programme Update

Caerus Mineral Resources plc, the European-focused exploration and development company targeting mineral resources to supply the global Clean Energy Transition, is pleased to provide an update on its exploration programmes in Cyprus.

Over the past few months, thanks to its focus on an in-country operations team, the Company is well ahead of schedule with compilation and creation of a substantial database and Geological information System ("GIS") based on records held by the Mines Department of Cyprus and the Geological Survey. With 14 former producing mines on the Caerus licences, there is a sizeable volume of useful historic information to be processed to provide the basis for 3-D modelling and interpretation of the project geology.

Further strong progress has also been made with drone surveys that will eventually cover all areas held under licence. High-resolution photography will complement digitised data by providing an accurate framework for the overlay of newly digitised historic maps and plans to help with detailed geological mapping and future target selection.  The surveys have already highlighted an impressive number of surface alteration targets that could be indicative of underlying mineralisation.  These new targets will be followed up in due course.

Mineral Resource estimations remain central to the Company's short to mid-term strategy along with the building of a resource inventory of copper and gold. Early Mineral Resource estimates are likely to be based on residual ore associated with former mines, dump material and early-stage resource development that was curtailed in the mid '70's.

Commenting on the start of exploration, CEO Martyn Churchouse said "We have an exciting licence portfolio where the combination of brown and greenfield exploration gives us a diverse range of target types that we can evaluate. Our exploration team is keen to take advantage of having a full complement of geological staff resident in Cyprus and able to commence fieldwork. As the exploration programme unfolds, shareholders can expect feedback and updates on three main project areas or suites of licences: Kalavasos, Mala and N. Mathiatis."

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 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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