Exploration Update

RNS Number : 5178V

Caerus Mineral Resources PLC

15 April 2021

 

15 April 2021

Caerus Mineral Resources Plc

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

Exploration Update

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 provide Shareholders with an update on the exploration work carried out in Cyprus.

N. Mathiatis Drilling

Drilling began on 14 April ahead of schedule and will continue until a systematic grid of drillholes has been completed over the N. Mathiatis dumps. The dumps, estimated to be over 4 million tonnes of material, are being drilled to test for copper and gold mineralisation remaining following the historic mining of the N. Mathiatis pyrite orebody.

Dumps located around the rim of the former open pit already display visible copper oxides in various locations together with copper sulphate leachate emanating from the base in some areas. The drilling programme is designed to broadly define areas within the dumps that contain copper mineralisation for more detailed follow-up, including the collection of bulk samples for metallurgical test work.

Award of New Licences

The Mines Department of Cyprus has confirmed that our applications for the Kapedes and Vrechia (Mala) Extension Licences have been accepted.  Caerus will now await the formal granting of the Licences, which is expected to take several months but will commence reconnaissance geological mapping and sampling in the interim.

The Kapedes Licence covers approximately 10.2 sq. km and is located 25km west of Nicosia. The Company is targeting Volcanogenic Massive Sulphide mineralisation ("VMS") within the license and residual material at the old Kokkinochoma Mine.  The Kokkinochoma Mine produced only 55,000 tonnes of ore before closing prematurely whereas the nearby Kambia and Kokkinonero Mines produced more than 1.6 million tonnes of ore combined.  To date there has been no modern exploration over the Kapedes Licence. 

The Vrechia (Mala) Extension Licence covers an area of approximately 10 sq. km and has been acquired to secure prospective ground extending from the Company's existing Vrechia Licence. Prospective geology, geobotanical anomalies and structures typically associated with VMS-type mineralisation have been noted along strike of the Company's current Vrechia Licence that hosts the former Mala open pit pyrite mine. The Mala Project comprises a partially drilled copper-gold sulphide body located close to surface that represents an extension of the mined-out Mala orebody together with dumps and tailings totalling approximately 1.0 million tonnes thought to contain recoverable copper and gold.

Martyn Churchouse, Chief Executive Officer of Caerus Mineral Resources, commented, "Drilling at N. Mathiatis will provide critical information that will allow us to direct our future efforts to those parts of the dumps that contain recoverable copper and gold mineralisation. The acquisition of the two new licences is consistent with our strategy of maintaining a good mix of brownfield and greenfield exploration, giving us access to dumps, stockpiles and remnant mineralisation generated by former producing mines whilst also providing the potential upside for new discoveries."

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 (EU) No 596/2014 (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

 

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