Troulli Exploration Update

RNS Number : 7163B

Caerus Mineral Resources PLC

14 June 2021

 

14 June 2021

Caerus Mineral Resources PLC

('CMRS' or the 'Company')

Troulli 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 due diligence drilling conducted on the recently acquired PR Ploutonic Resources Ltd. Troulli Project completed on 11 June 2021. 

Highlights

· Drilling results significantly exceed expectations, with all holes intersecting significant gold and/or copper mineralisation;

· Eight vertical percussion holes completed;

· Drilling indicates a robust and potentially significant oxide gold and VMS copper-gold deposit located on the site of a former small-scale mine;

· Continuous oxide gold zone mineralisation over substantial widths from surface to the interface with the underlying VMS copper-gold sulphide zone;

· VMS sulphide mineralisation was found to be present at the base of every hole drilled;

· The surface oxide gold zone remains open in all directions;

· Underlying VMS copper-gold zone remains open at depth and laterally in all directions;

Table 1: Peak gold intersections in the oxide gold zone include:

Hole	From (metres)	To (metres)	Mineralised Width (metres)	Gold (g/t Au)
TR21DH01	0.0	12.0	12.0	5.11
TR21DH02	0.0	22.0	22.0	1.93
TR21DH03	0.0	22.0	22.0	1.20
TR21DH04	0.0	4.0	4.00	1.32
TR21DH05	0.0	14.0	14.0	1.18
TR21DH06	0.0	10.0	10.0	2.07
TR21DH08	0.0	18.0	18.0	0.98

Table 2: Peak copper-gold intersections in the copper-gold sulphide zone include:

Hole	From (metres)	To (metres)	Mineralised Width (metres)	Copper (Cu %)	Gold (g/t Au)
TR21DH02	14.0	22.0	8.00	0.62	2.09
TR21DH05	14.0	20.0	6.0	1.41	0.10
TR21DH07	14.0	16.0	2.00	1.68	0.39

The continuity of gold values in the oxide gold zone indicates pervasive mineralisation with potential for upscaling resulting in a revenue-generating gold resource overlying a VMS copper-gold zone open at depth and in all directions laterally.

In addition to the known, partially delineated dumps, tailings and ore stockpiles within the Troulli licence, the Company is now confident of adding gold oxide mineralisation together with VMS copper-gold mineralisation from three separate and distinct targets, firstly, residual ore in the former open pit, secondly, extensions to the former open pit and thirdly, the recently intersected VMS zone underlying the oxide gold zone. To this should be added tonnage derived from the oxide gold zone, which remains to be defined from further drilling.

In addition, the Kokkinapetra Licence, also part of the PRL Ploutonic acquisition and located 1.5 kilometres from Troulli hosts the same style of mineralisation and has returned rock chip and channel samples consistently above 1g/t Au. Kokkinapetra has not been fully evaluated, offering scope for further oxide gold and VMS copper-gold discoveries. 

Martyn Churchouse, Chief Executive Officer of Caerus Mineral Resources, commented, "Drilling results from the preliminary programme have exceeded expectations.  We now have the exciting task of drilling to establish the limits of both the oxide gold and VMS copper-gold mineralisation at both Troulli and the neighbouring Kokkinapetra. As a result, the Company is well on the way to defining a resource that may meet the entry criteria for a Joint Venture Project under the terms of the Jubilee Option agreement." 

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

Additional Information on the Troulli Licence Exploration

Table 3: Troulli Licence - Complete Intersection Results

Hole Number	Hole Depth (m)	Zone	From (m)	To (m)	Length (m)	Au (g/t)	Cu (%)
TR21DH01	14	Oxide Only	0	12	12	5.11
Includes		Oxide	0	6	6	7.41
TR21DH02	22	Oxide + Sulphide	0	22	22	1.93	0.26
Includes		Oxide	0	14	14	1.84
Includes		Sulphide	14	22	8	2.09	0.62
TR21DH03	28	Oxide + Sulphide	0	22	22	1.20
Includes		Oxide	0	8	8	1.00
Includes		Sulphide	8	22	14	1.32
and		Sulphide	22	28	6	0.53	0.66
TR21DH04	16	Oxide Only	0	4	4	1.32
Includes		Sulphide	4	16	12	0.26	0.41
TR21DH05	24	Oxide + Sulphide	0	14	14	1.18
Includes		Oxide	0	12	12	1.26
Includes		Sulphide	12	14	2	0.70
and		Sulphide	14	20	6	0.10	1.41
TR21DH06	20	Oxide Only	0	10	10	2.07
Includes		Oxide	0	6	6	2.82
Includes		Sulphide	14	20	6	0.34	0.43
TR21DH07	20	Oxide Only	2	6	4	0.78
includes		Sulphide	14	16	2	0.39	1.68
TR21DH08	18	Oxide + Sulphide	0	18	18	0.98
Includes		Oxide	0	2	2	0.53
Includes		Sulphide	2	18	16	1.04

The Troulli Project and, in particular, the Troulli VMS (Volcanogenic Massive Sulphide) copper deposit, like most copper deposits in Cyprus, was initially discovered in Roman times as evidenced by the ancient galleries and small remnant "slag" piles on the License.  The first production of any significance occurred in 1936 when Berdy Mining Limited first obtained a mining licence. Berdy operated from 1936 - 1962, erecting the first sulphide flotation plant in 1956, treating a modest 46,500 tons of copper ore in total.  Historical records suggest that Berdy Mining also produced approximately 1,500 ounces of gold and 6,000 ounces of silver from the oxide gossan that is subject to the recent drilling.  Sporadic exploration was undertaken at various times until 1974, when the then-operator Geominco was forced to close its plant and operation following the Turkish invasion.

From 2017 to 2021, Ploutonic Resources Ltd. conducted several phases of exploration including detailed geological mapping, surface trenching and pitting over the oxide gold zone just to the south of the current open pit and remnant VMS copper resources. As a result, Ploutonic discovered a relatively continuous zone of oxide gold mineralisation that appears to be faulted off from the upper part of the main Troulli VMS copper deposit.  This zone remains open in all directions and at depth as only the top few metres of the sulphide mineralisation have been tested.

Significant results from oxide zone in the previous Ploutonic Resources work include the following:

Table 4: Ploutonic Resources Ltd Channel Sampling

Channel	Length (m)	Gold (g/t)	Silver (g/t)
1	3	5.86	44.97
2	2	2.43	11.95
3	2	19.65	16.15
4	2	13.91	40.35
5	4	7.56	46.03
6	10	5.12	22.36
7	9	2.13	12.79
8	5	0.92	38.72
9	5	2.28	25.16
10	5	5.43	12.04
11	3	2.56	3.47
12	3	0.61	6.37
13	10	0.28	1.32

Table 5: Ploutonic Resources Ltd Excavator Pit Sampling

Pit Number	Depth (m)	Gold (g/t)	Silver (g/t)
1	4	0.97	6.2
2	6	3.0	9.5
3	4	0.47	5.2
4	1.5	0.81	3.5
5	6	0.42	3.2
6	4	0.36	3.6
7	2.5	0.26	2.3
8	5.5	1.19	7.73
9	4	0.7	1.5
10	4	0.52	6.05
11	2.3	1.9	19.2
12	2.5	2.06	4.8
13	6	0.19	1.53
14	4	0.1	1.45

Qualified Persons and Quality Assurance and Quality Control (QA/QC)

The content of this news release has been reviewed, verified, and approved by H. Andrew Daniels, P.Geo in his capacity as a Qualified Person as defined by National Instrument 43-101.

Drilling was conducted by Lemesis Drilling of Ormidia, Cyprus and was supervised by the Caerus Mineral Resources exploration team. All assays reported are uncut unless otherwise stated. Samples reported herein were assayed by ALS Laboratory of Rosa Montana, Romania who is independent of Caerus Mineral Resources. All assays reported both from current work and previous sampling were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au and ICP-MS for base metals and silver with four acid digestion for over-limit base metals samples > 1%.

Intercepts cited in both the drilling campaign and the previous channel and pit sampling do not necessarily represent true widths, unless otherwise noted.  Caerus Mineral Resources' quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision.

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.

 

END

 

 

UPDKXLFFFQLFBBV