Due Diligence Drill Results for Pano Lefkara Licence Exploration
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 announce the results from due diligence scout drilling on the recently acquired Pano Lefkara Licence (“Pano Lefkara”), located in the Republic of Cyprus.
Caerus has completed successful due diligence scout drilling over the Pano Lefkara Licence, aimed at confirming the results derived from historic exploration and drilling ahead of commencing a more detailed programme of work.
· Due diligence scout drilling has intersected significant gold oxide and copper-gold sulphide mineralisation at shallow depth
· A zone of mineralisation, with a surface area of 500 metres x 400 metres has been defined for follow-up
· The project area is considered “drill-ready” and diamond drilling will now be scheduled for the Project
Mineralisation is present from surface with both holes ending in mineralisation
Pano Lefkara Licence
The Pano Lefkara Licence was acquired as part of the Cyprus Gold Mines acquisition which completed in August 2021. Historic drilling in sulphide mineralisation returned intersections including 3.13% Cu & 4.10g/t Au over 7.6m from 38.1m and 0.70% Cu & 1.82g/t Au over 27.43m from 36.58m. A gold breccia has also been drilled returning a peak intercept of 3.4g/t Au over 41m from surface.
Historic work that included channel sampling of gold oxides returned peak intercepts of 3.47g/t Au over 41m and 1.1g/t au over 25m. Grab samples collected over the 500m by 400m project area returned a notable number of samples at grades of between 5.0g/t Au and 8.66g/t Au. Soil geochemistry over an enlarged area generated a clearly definable gold in soil anomaly that confirmed the prospectivity of the 200,000m2 target area.
Commenting on the latest results, CEO Martyn Churchouse said; “We held the view that Pano Lefkara was potentially larger than assumed by previous exploration teams and these results significantly enlarge the footprint of the drill-ready mineralised target zone of 500 metres by 400 metres. Good gold grades from surface are encouraging and may ultimately contribute to the economics of any future discovery by meeting costs of stripping to expose underlying sulphide mineralisation. It is, however, the scope to define a copper resource built around stockwork and disseminated mineralisation located beneath the gold oxide zone that is the exciting element of the planned exploration programme. The density of historic and recent due diligence scout drilling enables the Company to plan a diamond drill programme aimed at defining an initial compliant NI 43-101 Mineral Resource. A diamond drill programme for Pano Lefkara will commence once drilling on other priority targets at the Troulli, Kokkinapetra and Kalavasos Projects has been completed. The Company has entered into a contract with an internationally recognised drilling company to provide a dedicated diamond drill which will arrive in Cyprus in October.
The details of the drill programme will be discussed and finalised at Management Committee level with our exploration and resource development Joint Venture partner, Bezant Resources.
Our exploration team has quickly and efficiently progressed our exploration programme on multiple fronts and has rapidly defined a number of high-quality drill-ready targets across our licence portfolio in the five months since Admission. Further details will be released to the market once finalised.”
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.
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.
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