Visible Gold & Potential VMS Extension at Troulli

RNS Number : 0601V

Caerus Mineral Resources PLC

12 April 2021

 

12 April 2021

Caerus Mineral Resources Plc

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

Visible Gold and Potential Discovery of the Extension to the Troulli VMS Orebody

Caerus Mineral Resources, the exploration and resource development company focused on developing mineral resources in Europe to supply the global "Clean Energy" initiative, is pleased to update Shareholders on the preliminary outcome of Due Diligence drilling that has been taking place on the PR Ploutonic Resources Limited ("PRL") licences in Cyprus. The conditional acquisition of PRL by Caerus is subject to Shareholder Approval being sought at a General Meeting on 28 April 2021.

Percussion drilling has been undertaken as part of the Due Diligence process validating historic work completed on licences in the PRL portfolio that are subject to acquisition by Caerus.

The drilling has been completed over the gold-bearing 'gossan' and oxide located close to the former Troulli open pit that previously exploited a Volcanogenic Massive Sulphide ("VMS") copper deposit first mined in 1938 and which saw sporadic activity up until 1974. The intention of the recent drilling was to provide preliminary information concerning the extent of the gold-bearing 'gossan' and oxide zone and the possibility of further VMS-type copper mineralisation below the oxide cap.

Highlights

· Visible gold was recovered during the panning of randomly selected samples of drill chips collected during the drilling of the 'gossan' and oxide zone on the Troulli licence.

· The 'gossan' and oxide zone, originally thought to be approximately 10 metres thick, has now been recorded to a depth from surface of up to 25 metres. This adds significantly to the potential tonnage of higher grade, gold-bearing material for future processing.

· One drill-hole extended through the oxide zone and immediately intersected the sulphides with copper mineralisation: cuprite and chalcocite at a depth of only 24 metres below surface.

· The potential discovery of the extension of the Troulli VMS copper-gold deposit provides scope to combine the remnant VMS copper mineralisation in the former open pit with any subsequent tonnage that is delineated to build a meaningful high-grade resource for future treatment.

Samples collected are in the process of being dispatched to ALS Laboratory in Rosa Montana, Romania, for independent analysis and the results will be reported in due course.

No drilling was undertaken on the extensive dump and ore stockpile inventory on the Troulli licence.  Additional drilling will be undertaken once the drill rig completes the scheduled evaluation drilling that commences later this week on the Company's N. Mathiatis licences.  

Commenting on the Due Diligence drilling Chief Executive Officer Martyn Churchouse said , "This is an excellent result for the Company that far exceeds expectations. Finding visible gold in percussion drill chips would have been positive news in itself, but establishing the oxide zone to be significantly thicker than anticipated, together with the potential discovery of the extension to the Troulli VMS copper-gold deposit more than validates the proposed acquisition.  We will soon return to the Troulli and Kokkinapetra Licences and undertake more detailed work to define the extent of the gold-bearing oxides and the underlying VMS copper-gold mineralisation with a view to generating JORC (2012) Mineral Resource Estimates as quickly as possible".

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

Caerus Mineral Resources plc:
Martyn Churchouse Chief Executive Officer	[e-mail] +44 ())1249 782162
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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