Mala Project Update

RNS Number : 1554G

Caerus Mineral Resources PLC

28 March 2022

 

28 March 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Mala Project Update 

Caerus Mineral Resources  (LON: CMRS) , the Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources to support the global "Clean Energy" initiative, is pleased to provide an update on the Mala Project in Cyprus. 

The Mala Project consists of the Mala and St. Nicholas licenses, located in western Cyprus, with a key focus on the historic Mala pyrite and St. Nicholas mines. Both historic operations have indicated large remnant sulphide-based deposits and significant on-surface deposits.

The Mala pyrite mine is reported to have produced over 200,000 tonnes ("t") of ore, including 80,000t at 0.55% Cu. The target area has identified numerous volcanic vent structures, which are synonymous with volcanogenic massive sulphide ("VMS") systems. Its prospectivity is enhanced by the presence of a large number of northwest-southeast trending faults. The deposit remains exposed within the historic open pit, and a 1994 report estimated a non-JORC (2012) ore reserve of 200,000 tonnes.

The site also hosts an estimated 500,000 tonnes of ore stockpiles, mine dumps and tailings. The dump materials were the target of recent on-site testing to assess both gold and base metal grades as possible future sources of low-grade leachable feedstock.

Mala does not currently form part of the Bezant Resources Joint Venture but is subject to possible future test work as part of the Company's agreement with Jubilee Metals Group.

Highlights

· Hand auger sampling of mine waste dumps at Mala returned anomalous gold grades

· 80% of the total number of gold assays received returned anomalous results above 0.29g/t Au 

Percentage of Samples exceeding the required grade (%)	Grade (g/t Au)
14.5	>1.0
58.0	>0.49
88.0	>0.29

Martyn Churchouse, Chief Executive Officer of Caerus, said;  "The consistent presence of anomalous gold values in the Mala waste dumps is an exciting discovery that warrants further follow-up. The Exploration Team will continue the evaluation with the excavation of trenches to extend the depth profile of the dumps and, at the same time, generate the necessary information for the estimation of volume.

Representative samples will be sent for metallurgical test work to confirm the underlying grade and potential recovery of gold from this waste material. The Company is also expecting to receive copper analyses from the same dump material, which, subject to grade, may provide an additional revenue stream from this gold-rich waste material.

Our dual strategy, part of which includes focusing on brownfield sites, continues to result in discoveries of significant mineralised residual material. The Mala dumps clearly demonstrate the potential for substantial economically recoverable material at historical operations. The very nature of this waste, having already been mined and partially processed, reduces the need for expensive mining and processing costs and, therefore, more opportunity to develop further viable Mineral Resources from historic stockpiles, mine dumps and tailings ."

Auger samples with greater than 1g/t Au

Sample ID	Area	UTM_ E wgs84	UTM_ N wgs84	sample type	Au (g/t Au)
18080	Mala	470730	3863719	Auger	1.07
18092	Mala	470730	3863821	Auger	2.48
18093	Mala	470730	3863821	Auger	4.40
18096	Mala	470749	3863800	Auger	1.07
18098	Mala	470749	3863800	Auger	1.19
18105	Mala	470750	3863739	Auger	9.94
18109	Mala	470710	3863820	Auger	1.31
18111	Mala	470710	3863801	Auger	1.94

Auger samples with greater than 0.49g/t Au

sample ID	Area	UTM_ E wgs84	UTM_ N wgs84	sample type	Au (g/t Au)
18071	Mala	470652	3863724	Auger	0.55
18072	Mala	470650	3863740	Auger	0.60
18074	Mala	470648	3863758	Auger	0.52
18079	Mala	470730	3863719	Auger	0.78
18080	Mala	470730	3863719	Auger	1.07
18083	Mala	470729	3863759	Auger	0.92
18084	Mala	470729	3863759	Auger	0.62
18085	Mala	470730	3863781	Auger	0.93
18086	Mala	470730	3863781	Auger	0.54
18087	Mala	470730	3863800	Auger	0.67
18088	Mala	470730	3863800	Auger	0.51
18090	Mala	470751	3863820	Auger	0.83
18091	Mala	470751	3863820	Auger	0.62
18092	Mala	470730	3863821	Auger	2.48
18093	Mala	470730	3863821	Auger	4.40
18096	Mala	470749	3863800	Auger	1.07
18097	Mala	470749	3863800	Auger	0.83
18098	Mala	470749	3863800	Auger	1.19
18099	Mala	470750	3863781	Auger	0.54
18105	Mala	470750	3863739	Auger	9.94
18108	Mala	470710	3863820	Auger	0.57
18109	Mala	470710	3863820	Auger	1.31
18110	Mala	470710	3863801	Auger	0.72
18111	Mala	470710	3863801	Auger	1.94
18112	Mala	470707	3863780	Auger	0.90
18113	Mala	470707	3863780	Auger	0.81
18115	Mala	470691	3863761	Auger	0.51
18117	Mala	470689	3863780	Auger	0.55
18119	Mala	470691	3863801	Auger	0.83
18122	Mala	470770	3863740	Auger	0.58
18125	Mala	470770	3863779	Auger	0.51
18126	Mala	470770	3863779	Auger	0.60

For further information, in relation to the Companies  , please visit www.caerusmineralresources.com or contact:

	Caerus Mineral Resources plc	Bezant Resources plc
Website	www.caerusmineralresources.com	www.bezantresources.com
Company Contact	Martyn Churchouse Chief Executive Officer [e-mail] [phone]	Colin Bird Executive Chairman [e-mail] [phone]
Broker	Novum Securities Jon Bellis [phone]	Novum Securities Jon Bellis [phone]
Nominated Adviser	Not applicable	Beaumont Cornish Roland Cornish [phone]

Qualified Person  The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman who is the exploration manager and now COO of Caerus. 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 2012 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 Luna Recursos Naturales SAC, an independent geological consultancy established in 2015 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.

 

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