Company and Projects Update

RNS Number : 2818Y

Caerus Mineral Resources PLC

13 January 2022

 

13 January 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

 Company and Projects Update  

Caerus Mineral Resources  (LON: CMRS), the exploration and resource development company focused on developing mineral resources in Europe to support the global "Clean Energy" initiative, is pleased to provide shareholders with an update on both recent exploration results and work programmes and objectives for the year ahead.

Highlights

· High-grade gold intercept achieved for drillhole testing the Troulli - Kokkinapetra extension returning a substantial package width grade of 1.4g/t Au over 52.6m from surface including 4.97g/t Au over 11.55m.

· Grab samples collected between Troulli mine and Kokkinapetra returned peak grades of 4.2g/t Au, 1.76g/t Au, 0.76g/t Au providing further compelling evidence of the presence of mineralisation over a 1.5km strike length.

· Jubilee Metals (AIM: JLP) has taken receipt of the last batch of test work samples and is progressing towards plant design

· Bezant Resources (AIM: BZT) has appointed a mining engineer to undertake detailed Joint Venture ("JV") mine plan studies at Troulli to complement work undertaken by Jubilee

· The Environmental Impact Assessment is making good initial progress and has employed a local Cypriot environmental consulting group to facilitate the mine permitting process

· Caerus continues to seek out further opportunities to grow its copper mineralisation portfolio, through either acquisition or other schemes of arrangement.

Planned Exploration and Objectives for 2022

A wide-ranging programme of Resource development and further exploration is scheduled for multiple projects in Cyprus with an emphasis on the completion of a first Joint Venture and the development of the first mining project.

· Troulli Project - Conclusion of the first Jubilee Metals Group ("Jubilee") Joint Venture in parallel with the generation of a JORC (2012) Mineral Resource triggering design of a processing facility and commencement of mine development.

· Troulli - Kokkinapetra Extension Project - Following up on the encouraging new gold 'grab' and drill assays with the objective of proving-up of additional copper-gold mineral resources along the 1.5km of extension between the two sites, thereby adding to the Troulli life-of-mine.

· Kalavasos Project - Generation of the initial JORC (2012) Mineral Resource based on dumps and the engagement of Jubilee for metallurgical test work leading to a second Joint Venture.

· Mala Project - Development of a JORC (2012) Mineral Resource and confirmation that an economically viable project can be developed based on in-house and external metallurgical test work and high-level mine planning.

· St. Nicholas - Generation of either a high-grade JORC (2012) Mineral Resource that can be processed at the Troulli site or an expansion towards a stand-alone Mineral Resource on the St. Nicholas Licence

· Anglisides - Preliminary Economic Assessment ("PEA") in parallel with diamond drilling and metallurgical test work to determine whether Anglisides represents a high-grade satellite Resource for central treatment at the Troulli plant or a stand-alone operation.

· Pano Lefkara - Completion of drone surveys, the first two phases of diamond drilling and the development of an initial JORC (2012) Mineral Resource.

Martyn Churchouse, Chief Executive Officer, said, "2021 saw the Company make substantial progress in the short timeframe from our Admission to the Standard List in mid-March. Few, if any, Junior exploration and development companies listed in recent years can demonstrate such meaningful progress in so short a time after Listing. We have completed two significant acquisitions and entered into agreements with Jubilee Metals Group and Bezant Resources. 2021 also saw Caerus launch a drill programme on the Troulli Project whilst also undertaking smaller drilling campaigns at Kalavasos and Kokkinapetra. Additional routine exploration was also undertaken at the Kalavasos, Anglisides, Pano Lefkara and Mala Projects specifically for the preparation of these sites for more advanced resource development work. 

The intention in 2022 is to quickly build our Cyprus Resource base with JORC Resources declared at multiple sites with an initial focus on Troulli, its' extensions and satellites which offer potential high-grade exploitable ore in the near term. We believe that once the Troulli Project Joint Venture is formalised and mine development commences, there is a significant opportunity to extend mineralisation and in turn, add further shareholder value through the nearby high-grade satellites and other projects within the presumed sphere of influence of the Troulli Hub.

Over the past nine months, the Caerus Board has demonstrated its intent to grow the Company not only through the advancement of our current portfolio but also through judicious acquisitions and agreements with Third Parties. It is our intention to continue this and aggressively seek new opportunities over the next twelve months that will provide significant value for our shareholders. Caerus has a strong balance sheet that, combined with the successful recruitment of additional key technical personnel, provides us the platform for the Company's continued growth as it moves steadily towards the development of a first mining project."

Kalavasos Project

Encouraging assay results from scout drilling with a peak intercept of 0.95g/t Au over 3 metres confirms the presence of gold in dump material at depth, complementing earlier results from surface grab samples. Detailed drone surveys have been undertaken that will allow the Company to calculate the volume of dump material leading to an initial JORC (2012) Mineral Resource estimate. Mineralised dumps are a key trigger for the engagement of JLP as metal-bearing surface materials provide all parties with confidence that an initial Mineral Resource and associated recoverable metals can be generated at low-cost from easily accessible sites using familiar and trusted technologies.

Borehole No:	From (metres)	To (metres)	Mineralised Width (metres)	Grade (g/t Au)
SHD001	12.0	15.0	3.0	0.95
SHD002	0.0	6.0	6.0	0.53

*Reported grades represent "Partial" results and provide gold grades only as copper assays remain outstanding and will be relayed to Shareholders as soon as the results are received from the external independent laboratories. Gold content in future Mineral Resources is expected to provide a valuable by-product with the principal value being derived from copper mineralisation.

Troulli Extension

Notable gold assays and intercepts from the latest laboratory data, including 1.4g/t Au over 52.6 metres provide the motivation for a comprehensive programme of ground geophysics and detailed exploration leading to diamond drilling as part of a campaign to generate additional Mineral Resources to increase the life of mine of the Troulli Project. 

Borehole No:	From (metres)	To (metres)	Mineralised Width (metres)	Grade* (g/t Au)
TR21DD06	0.0 22.0 42.0	5.8 24.8 46.4	5.8 2.8 4.4	0.51 1.15 0.53
TR21DD07	51.0 67.1	54.9 77.3	3.9 10.2	0.65 0.52
TR21DD09	2.0	6.1	4.1	0.53
TR21DD10 Including	0.0 0.90	52.6 12.45	52.6 11.55	1.40 4.97

*Reported grades represent "Partial" results and provide gold grades only as copper assays remain outstanding and will be relayed to Shareholders as soon as the results are received from the external independent laboratories. Gold content in future Mineral Resources is expected to provide a valuable by-product with the principal value being derived from copper mineralisation.

Kokkinapetra Project

Pervasive 'umber' (a reddish-brown iron-rich pigment indicative of hydrothermal vents in a VMS system) at surface across the Kokkinapetra Project area complemented by the recent anomalous gold grades from a single pilot drillhole raise both the profile of the Kokkinapetra Project and the scope for the discovery of a new VMS deposit. The location of Kokkinapetra, 1.5km from Troulli allows for the treatment of any new Mineral Resource in the Troulli processing plant.

Sample No:	Location	Grade (g/t Au)
015141	Gossan - East of Troulli Mine	0.75
015142	Gossan - East of Troulli Mine	1.76
015102	Gossan - East of Troulli Mine	0.50
015110	Gossan - East of Troulli Mine	0.67
015120	Gold Zone dump material	0.61
015131	Float material - East of Troulli Mine	4.20

*Reported grades represent "Partial" results and provide gold grades only as copper assays remain outstanding and will be relayed to Shareholders as soon as the results are received from the external independent laboratories. Gold content in future Mineral Resources is expected to provide a valuable by-product with the principal value being derived from copper mineralisation.

Troulli Project Mine Development

At present, an estimated 1,500 assays for copper (and gold) remain outstanding, representing another 10 drillholes from the Project area. Preliminary work has been completed by external Resource consultant Addison Mining, and it now remains for the remaining assay data to be input into the geological model ahead of the announcement of an initial JORC (2012) Mineral Resource.

Anglisides Project

Partial results (gold only) have been received for two short percussion drillholes completed at the Project returning an encouraging gold intersection of 0.81g/t Au over 38m including 1.92g/t Au over 10m from surface. The hole ended in gold mineralisation. Copper assays are pending. Anglisides represents a satellite project and a possible future source of ore for the Troulli processing plant. Sampling was conducted using two metre composites from drill chips.

Borehole No:	From (metres)	To (metres)	Mineralised Width (metres)	Grade (g/t Au)
ANG21DH01 including	0.0 0.0	38.0 10.0	38.0 10.0	0.81 1.92
ANG21DH02	0.0	2.0	2.0	0.76

*Reported grades represent "Partial" results and provide gold grades only as copper assays remain outstanding and will be relayed to Shareholders as soon as the results are received from the external independent laboratories. Gold content in future Mineral Resources is expected to provide a valuable by-product with the principal value being derived from copper mineralisation.

Mala Project Development

Positive copper-gold assays received in late December exceeded expectations raising the profile of the Mala Project. Further work will be undertaken to determine both the tonnage and grade of copper-gold-bearing tailings and stockpiles together with a programme to test other known targets within the licences that make up the Project. A broadly drill-defined copper - gold sulphide body located close to surface will also be converted to a JORC (2012) Mineral Resource to provide an initial mineral inventory at Mala.

 Qualified Persons

The content of this news release has been reviewed, verified, and approved by Mr.   Nigel Chapman.   Mr. Chapman   has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies.   Mr. Chapman   is an employee of   Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a Member of the   Australasian Institute of Geoscientists   (A.I.G.)  

Mr. Chapman   consents to the inclusion in this Announcement of such information in the form and context in which it appears.

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 Bellis	[phone]

Follow us on Twitter at @CaerusMineral

About Caerus Mineral Resources

Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value.

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 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. 

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.

 

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