Caerus Mineral Resources (LSE: CMRS), the exploration and resource development company focused on developing mineral resources in Europe to supply the global “Clean Energy” drive, is pleased to provide an update on progress with the Jubilee Metals Group (‘Jubilee’) Option Agreement.
In which Jubilee can elect to convert any of the multiple ‘Waste to Revenue’ candidate sites within Caerus’ portfolio into a Joint Venture.
· Both parties have committed to an immediate pilot sampling and investigation programme
· The programme to be managed on-site by Caerus personnel using JLP protocols
· The programme aims to make up time lost due to COVID-19-related travel restrictions
· Laboratory mineralogical and metallurgical studies will precede a site visit by key Jubilee management, provisionally planned for mid-September
Caerus and Jubilee have committed to an immediate pilot sampling and investigation programme guided by Jubilee protocols and delivered initially by Caerus staff in the forthcoming weeks.
The field and laboratory mineralogy and metallurgical test programme will, in due course, be succeeded by a further laboratory and analytical schedule leading to swift Joint Venture decisions on the candidate sites. The pilot programme will be completed ahead of a planned site visit in mid-September that will enable key Jubilee management and operations personnel to review multiple projects in person.
When the Option Agreement was announced on 04 May 2021, Caerus considered targets, based on the tonnage, grade of copper and/or gold using historic records and recent drill-proven data, grouped into three broad project areas (Kalavasos, Mala and N. Mathiatis). Since April, and as a result of internal reviews and additional acquisitions, Caerus has now identified a significant number of additional potential targets that fit Jubilee’s criteria, with the total number of former mine sites increasing from 14 to 20 within the project areas, all of which are potentially eligible for a single-site Joint Venture arrangement.
Caerus remains firmly committed to its twin-track policy of recovering value from waste at its brownfield sites through future joint ventures with Jubilee while seeking mining opportunities that will yield primary ore for profitable processing in a market urgently seeking copper for multiple global Clean Energy initiatives.
Martyn Churchouse, CEO of Caerus Mineral Resources, commented: “I am very pleased to announce the commitment by ourselves and Jubilee to move forward and increase the pace of the programme by using our in-country knowledge and their technological expertise to initially identify priority targets and then ascertain those suitable for Joint Venture. We remain in constant dialogue with the Jubilee management team, and it is pleasing that we continue to find ways to move the programme forward and overcome unavoidable delays due to the Pandemic. I look forward to updating the market in due time during this exciting period for the Company and its stakeholders.”
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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 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 under a ‘Waste to revenue’ strategy.
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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