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 exploration update for the dump evaluation programme and general exploration of the Kalavasos Project (“Kalavasos”).
· Assays confirm that dumps contain significant copper and gold mineralisation;
· In particular, gold grades in 85% of all samples collected returned anomalous grades;
· Subject to metallurgical test work, and based on high-level in-house economic assessment, grades are considered sufficient to warrant an expanded evaluation programme;`
· The Caerus Board has accordingly approved a wide-ranging dump assessment programme to cover dumps not yet tested together with other metal-bearing surface materials;
· Representative samples have already been forwarded to Jubilee Metals Group (“Jubilee”) for preliminary test work and larger bulk samples have, based on recent assay data, been collected for dispatch;
· Work has commenced to assess previously unexplored gossans found within the 5 licences. Initial sampling on a small number of gossans has returned anomalous gold and copper mineralisation;
· Peak gossan grades include sample JKLV011 returning 0.52% Cu and 1.75g/t Au and sample JKLV012 returning 0.48% Cu and 1.47g/t Au.
The five exploration licences that make up the Kalavasos Project host 14 former producing high-grade copper mines. In addition to the potential for new copper discoveries, the Project also harbours a large number of metal-bearing dumps including eight distinct areas of dumps on Licence AE4608 alone.
As such, the Caerus management team took a view at the time of licence acquisition that the combination of historic events leading to premature closure of a still developing Volcanogenic Massive Sulphide district at Kalavasos could have resulted in residual copper and gold being present in dumps. To the best of the Company’s knowledge, dumps had never previously been tested for metal content and as such, the recent discovery of copper and gold in Kalavasos dumps represents an important step in the Company’s ‘Waste to Revenue” strategy and fully justifies the Company’s decision to acquire the Project.
Commenting on the Kalavasos exploration update, Chief Executive Officer, Martyn Churchouse said; “Dump sampling to date at Kalavasos has been very successful and gives impetus to our “Waste to Revenue” strategy. There are a considerable number of dumps still to be assessed and the programme is now continuing in parallel with a regional topographic survey that will enable the Company to build tonnage estimates to complement grade data. Representative samples have been collected for test work by Jubilee Metals Group with a view to optimising metal recovery processes. The assessment of mineralised gossans is part of the mid-term programme at Kalavasos which will ultimately produce a list of prioritised targets for detailed follow-up as part of the broader programme to define VMS-type copper resources for future development”.
Table 1: Copper and Gold Assays for Samples Collected from Dumps Within the Kalavasos Project
Table 2: Copper and Gold Assays for Samples Collected from Selected Gossans Within the Kalavasos Project
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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