REG - Caerus Mineral Res. - Company and Projects Update

Critical Mineral ResourcesAnnouncement

13/01/2022 07:05

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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       To         Mineralised Width  Grade

               (metres)   (metres)   (metres)           (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       To         Mineralised Width  Grade*

               (metres)   (metres)   (metres)           (g/t Au)
 TR21DD06      0.0        5.8        5.8                0.51

               22.0       24.8       2.8                1.15

               42.0       46.4       4.4                0.53
 TR21DD07      51.0       54.9       3.9                0.65

               67.1       77.3       10.2               0.52
 TR21DD09      2.0        6.1        4.1                0.53
 TR21DD10      0.0        52.6       52.6               1.40

 Including     0.90       12.45      11.55              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       To         Mineralised Width  Grade

               (metres)   (metres)   (metres)           (g/t Au)
 ANG21DH01     0.0        38.0       38.0               0.81

 including     0.0        10.0       10.0               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
(http://www.caerusmineralresources.com)  or contact:

 Caerus Mineral Resources plc:
 Martyn Churchouse              info@caerusmineralresources.com (mailto:info@caerusmineralresources.com)

 Chief Executive Officer        +44 (0)1249 782162
 Novum Securities
 Jon Bellis                     +44 (0) 20 7399 9425

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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