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 Jubilee Metals Group plc (“Jubilee”) and Bezant Resources plc (“Bezant”) Option and prospective Joint Venture (“JV”) Agreements.
An on-site review of all the targets within the Company’s Cyprus-based portfolio with its Option Agreement partners was completed successfully during the week commencing 6 September 2021. The extensive and detailed review provided the opportunity to assess individual projects in terms of the geology, viability of progression and scalability of future operations and logistics. The Company’s brownfield licence portfolio, with numerous former producing mines and associated surface materials, together with sulphide potential provides significant optionality for project design and in particular optimisation of future metallurgical processing and metal recovery.
The thorough programme of metallurgical test work being undertaken by Jubilee under the terms of the Option Agreement, is progressing well and will continue to identify and optimise mineral processing options, leading to a blueprint for plant design. The final details of a JV will be determined by the tonnage, grade and origin of feedstock to be delivered by Caerus to a Jubilee-designed processing plant.
Furthermore, Bezant has completed a high-level review of all projects in the Caerus portfolio and the parties have agreed on work programme priorities. The Caerus exploration team will deliver to the future Joint Venture Management Committee a detailed work programme, schedule and budget in parallel with a league table prioritising resources for development. The commencement of work programmes is imminent.
Commenting on the site visit and Joint Venture Agreements, Chief Executive Officer Martyn Churchouse; “Over the past week, Caerus and our colleagues at Jubilee and Bezant have made significant progress towards the development of our Cypriot portfolio. The visit and subsequent discussions have achieved a number of results. Firstly, the support of our JV partners regarding the overall strategy and way forward has meant we are confident as we launch the next phase of resource development, and a contract has been signed for a diamond drill rig to be delivered to site by the beginning of October. Whilst the scout drilling programme the Company has been undertaking these past 3 months has proved invaluable, the generation of drill core will provide us with better quality samples, the ability to complete NI 43-101 Mineral Resource Estimates and provision of samples for detailed metallurgical test work. Secondly, shareholders will be pleased to know that the emphasis remains on rapid development and the generation of cash flow, with Jubilee guiding the optimisation of the mineral processing pathways. Thirdly, the clarity achieved in terms of the overall objectives and priorities means Caerus can refine the resource development plan and shorten the lead time to project development. We look forward to updating shareholders as we continue to advance our collaborative programme.”
