Phase II Drilling at Troulli

RNS Number : 5887F

Caerus Mineral Resources PLC

19 July 2021

 

19 July 2021

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Phase II Drilling at Troulli

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 announce the commencement of the Phase II drilling programme at Troulli, the flagship property in the suite acquired from the recent takeover of PR Ploutonic Resources Ltd.

Highlights

· The goal of the programme is to expand the coverage over the high-grade epithermal gold zone and targeting the underlying copper-gold sulphide mineralisation.

· Drilling two Volcanogenic Massive Sulphide ("VMS") bodies to build on the known high-grade sulphide mineralisation within the Troulli Licence.

· Drilling is part of a two-step resource development programme;

o Firstly, focusing on building resource tonnes of copper and gold ounces from hard rock targets within the Troulli licence.

o Secondly, upgrading the mineralogical, metallurgical, grade and tonnage information for dumps, stockpiles, and tailings on the site.

Phase II drilling aims to further define the limits of the surface epithermal gold mineralisation, which previously returned grades of up to 5.1g/t Au over 12 metres. Drillhole density will be sufficient to permit a mineral resource estimation.

Existing holes will be extended to broadly delineate the underlying VMS copper-gold sulphide mineralisation intersected during Phase I drilling with a peak intercept grade of 0.62% Cu and 2.09g/t Au over 8 metres. Drilling will specifically target residual sulphide mineralisation in the former open pit, the extension of the open pit orebody and the newly discovered orebody located beneath the recently drilled epithermal gold zone.  

The exploration team's goal is to ensure the full package width of VMS mineralisation is captured. Hole density will meet the requirements needed to permit at least an Inferred Mineral Resource estimation to NI 43-101 standards.

In parallel, a surface sampling programme will be undertaken to better define the mineralogy, metallurgy, grade and tonnage of the existing ore stockpiles, dumps, and tailings within the Licence boundary as part of the ongoing programme devised by Jubilee Metals Group and being implemented by Caerus.

In all, the programme aims to provide a combined Mineral Resource Estimate for surface materials containing residual metals and hard rock resources.

Martyn Churchouse, CEO of Caerus Mineral Resources, commented: "The commencement of the Phase II drill programme is a significant step in the development of the Troulli Project. It marks the point at which we begin to build a Mineral Resource and provisionally plan for the development and processing of both the metal-bearing surface materials and the high-grade hard rock copper and gold mineralisation beneath. Troulli is the model template that we plan to roll out across our growing suite of assets as we expand our resource base." 

For further information, please visit www.caerusmineralresources.com or contact:

Caerus Mineral Resources plc:
Martyn Churchouse, CEO	[e-mail] [phone]
Novum Securities
Jon Belliss	[phone]

Follow us on Twitter at @CaerusMineral

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.

Qualified Persons

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.

 

END

 

 

DRLZZGMNMRNGMZZ