Caerus Mineral Res. (CMRS.L) Troulli Project 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 its’ flagship’ Troulli Project trenching and sampling programme focused on residual metals in surface materials, and the subject of a prospective Joint Venture involving Jubilee Metals Group and Bezant Resources.


· Trenching over Run of Mine (“ROM”) Stockpiles has revealed very high-grade visible copper mineralisation persistent across the defined Mineral Resource target area;

· Copper grades based on semi-quantitative XRF analysis are highly significant;

· The extent of ROM ore also exceeds previous expectations and will be reflected in the final Mineral Resource tonnage estimate;

· Samples have been collected and are ready for dispatch to the assay laboratory;

· Duplicate samples have been batched and dispatched to Jubilee Metals Group (“Jubilee”) for test work;

· Further trenching over the ROM Stockpile will be undertaken in the next 7 to 10 days with a view to achieving sufficient coverage to permit a Mineral Resource Estimation;

· Other trenches are being excavated and evaluated across the Project area in parallel with the ROM stockpile programme.

Over 160 metres (“m”) of trenching extending to a depth of over 4 m and a width of 2.5m have revealed a potential resource for copper that exceeds all expectations in terms of both tonnage and grade. The ROM ore surface layer is now known to extend to up to 3 m and comprises ROM ore that has remained at the current location since the termination of historic operations some 50 years ago. The surface zone contains visible copper oxide and sulphide minerals and is also expected to host an as yet unknown grade of gold.

This surface zone is immediately underlain by a highly enriched zone varying in width between 30 and 50 cm hosting visible copper mineralisation and running at significantly high-grade copper values, peaking at 17% Cu but more typically at 6-8% Cu. This enriched zone, the copper values for which are reported here from indicative XRF records as an interim measure, has been created by the leaching of copper from the overlying sulphide ROM ore and its redeposition lower in the trench profile at the point where the copper-bearing solution meets the underlying carbonate-bearing soil. This high-grade zone is then underlain by a further zone containing lower grade but still significantly elevated copper values.

The ROM pad is ca. 200m x 120m in surface area and the trenches excavated so far show a re-assuring consistent, unbroken pattern of copper mineralisation. There is an expectation of an accompanying gold credit but the XRF technology being used to report data as an interim measure is unable to report gold concentrations, even semi-quantitatively. Based on the areal extent of the ROM pad under investigation, Caerus expects that the as yet undefined ROM Mineral Resource Estimate will exceed 200Kt. However, this is expected to increase as a second and adjacent ROM pad is exposed and assessed in the immediate future. A further estimated 900m of trenching is scheduled and is already underway to better inform and confirm continuity and the impending Mineral Resource Estimate.

Commenting on the Troulli trench sampling update, Chief Executive Officer Martyn Churchouse said; “Each dump potentially represents an orebody. In terms of future mining, the notable difference between a dump and a lens of volcanogenic massive sulphide mineralisation is the fact that we do not need to drill and blast the resource, nor is it necessary to strip overlying waste material or commit to the capital required to access the mineralisation via underground development.

We simply need to confirm the tonnage and grade and, subject to test work, build a processing plant capable of treating the variety of ore types we are encountering. Assay results are fundamental to growing and ambitious natural resources development companies such as Caerus and the current lengthy lead times between sample dispatch and the delivery of results from the certified laboratory puts pressure on us to keep Shareholders informed. We have therefore elected to utilise our XRF equipment to determine at field level the presence of copper mineralisation in all forms of exploration that we are currently undertaking, drilling, dump evaluation and regional exploration. Shareholders and other interested parties should take careful note of the statement beneath the table below with reference to the underlying XRF copper grades quoted”.

XRF Results for Troulli ROM Stockpile Trenching and Sampling Programme

Over 100 separate XRF analyses have been undertaken on the high-grade copper leach zone within the Troulli ROM stockpile. Peak grades within the high-grade, copper-rich zone range from 17.6% Cu to 4.5% Cu, with the average grade achieved to date of 6 % Cu. No attempt has been made to estimate the copper content of the overlying ROM ore. Details of a representative selection of XRF analyses and their location within the trenches excavated to date are provided below.

Table 1: Representative XRF Analyses of the three principle mineralised zones in the Troulli Mine ROM Dumps

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Notes to Editors and Stakeholders

X-ray fluorescence (XRF) is a fast and effective but only semi-quantitative method for positively identifying the elemental composition of a wide range of materials, including geochemical samples. A common application is by geologists using hand-held XRF devices as a prospecting guide to prioritising exploration targets. XRF data generated for copper in alloys, concentrates, soils, and even Certified Reference Materials can have a significant error term and an accuracy and precision of at least + 20% compared to the quantitative acid digestion- ICPMS laboratory methods – that are the definitive quality (QA/QC) standard (Knight et al., 2013, Hull, 2017).

Hull, M.W (2017). NDT Technician Newsletter, Vol 16 (1), 1-6.

Knight, R.D., Kjarsgarrd, B.A., Plourde, A.P and Moroz, M. (2013). Geol. Survey of Canada. Open File 7358. Natural Resources, Canada. 42pp.

For further information , please visit or contact:

Caerus Mineral Resources plc:

Martyn Churchouse

Chief Executive Officer

[email protected]

+44 (0)1249 782162

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