Operations Update

RNS Number : 7529Y

Caerus Mineral Resources PLC

17 May 2021

 

17 May 2021

Caerus Mineral Resources PLC

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

Operations Update

Caerus Mineral Resources, the Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources and reprocessing bulk waste materials under a 'waste to revenue' strategy to support the global "Clean Energy" initiative, is pleased to provide an update on ongoing exploration, asset evaluation and corporate development activities.

Highlights

· 24 of the 39 drill holes have been completed on the North Mathiatis copper-bearing waste stockpiles, with full completion of the programme expected by the end of May 2021

· Site preparation at Troulli is ongoing ahead of the near term drill programme on the epithermal gold oxide resources and copper sulphide VMS target

· Further work is underway to establish a maiden NI 43-101 copper Resource estimate at Mala, and how to profitably exploit the smaller, high-grade assets within the Company portfolio

· Prioritisation of prospective copper-gold Joint Venture (JV) projects underway by way of a re-assessment of each of the Company's 16 candidate sites against Jubilee Metals Group JV criteria

· PR Ploutonic Metals acquisition expected to be completed within the next three weeks following COVID-19 imposed delays

· An updated Corporate Presentation will shortly be available on the Caerus website.

Operations Update

N. Mathiatis

24 of the 39 short percussion holes (442 metres) into the substantial ca. 4Mt of copper-bearing waste stockpiles have been completed at North Mathiatis, with the balance anticipated for completion by the end of May. The objective is to establish the commercial prospects for a 'Waste to Revenue' reprocessing operation. The programme includes two deeper drill holes, one at each end of the existing open pit, to test for the extension of the main Mathiatis orebody at depth.

Troulli Project

Upon completion of the North Mathiatis drill programme, the 'rig' will move immediately back to Troulli to ( 1) complete a short-hole programme to outline the surface limits and depth of the epithermal gold oxide resource; (2) provide a broad definition of the Volcanogenic Massive Sulphide (VMS) copper-zone believed, from previous exploration, to lie beneath the epithermal gold, and (3) drill deeper holes in the base of the current open pit to test the depth of the sulphide portion of the original VMS orebody. Approximately 350m of percussion drilling are envisaged at 4-5 locations.

Jubilee Metals Group

The prioritisation of prospective Joint Venture (JV) projects is underway, with the Company re-assessing each of the 16 candidate sites against Jubilee Metals Group JV criteria.

PR Ploutonic Metals

Covid-imposed delays surrounding the completion the acquisition of PR Ploutonic Metals have now been resolved with outstanding accounting and audit elements of the transaction expected to be finalised in 2-3 weeks.

Mala Project

Ongoing discussions are being held with external consultants and advisers to establish a maiden NI 43-101 Resource estimate for the sulphide orebody at Mala by re-verification of existing historic exploration data as an initial Resource Inventory to be added to by subsequent evaluation of dumps, tailings and new targets. 

Black Pine

The Company has completed a strategic review of its non-core assets, including the Black Pine Ni-Co tenements, and has decided to separate and dispose of these assets to an independent Third Party so as to ensure that the projects receive exploration attention and realise value for shareholders.

Other Targets

Consideration is being given by the Company as to how best to exploit the smaller, high-grade assets within the company portfolio and their potential to carry the grade and tonnage necessary to warrant mining and transport to a central facility for processing.

Acquisitions

The Company is also in advanced discussions with the owner and licence/titleholder of three highly prospective sites, each with historic copper-gold mining operations and one with a new mining licence application under active consideration by the Mines Department of the Cyprus Government.

Company Presentation

An updated corporate presentation will shortly be available on the Company's website - www.caerusmineralresources.com .

CEO of Caerus Mineral Resources Martyn Churchouse commented : "We are actively pursuing our twin objectives of creating a platform for our' waste to revenue' strategy and driving forward our exploration programme to declare NI-43-101 resources and locate new VMS opportunities for future exploitation. We will continue to update our shareholders as we advance our core objectives alongside the identification of further bolt-on acquisitions to broaden our footprint and increase shareholder value as we seek to become a key operator within Cyprus".

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 16 former mines several of 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.

Qualified Person and Disclosure Statement:

The scientific and technical data contained in this news release was reviewed and approved by H. Andrew Daniels, P.Geo, a non-independent Qualified Person and non-executive Director of Caerus Mineral Resources, who is responsible for ensuring that the geologic and resource information provided in this news release is accurate. Mr Daniels acts as a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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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