Resource Development and Exploration Update
14 December 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Resource Development and Exploration Update
Drill results enhance the potential economic viability of all three hard rock targets at Troulli
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 exploration and resource development work in Cyprus, including drill and trench analyses for copper and gold.
Highlights
· Indications are that drilling has delineated an economically viable Gold Oxide Zone for near-term development. Recent peak drill intercepts include 1.4g/t Au over 22 metres, 1.1g/t Au over 30 metres and 1.0g/t Au over 20 metres, all from surface.
· Recent infill diamond drilling has yielded compelling evidence for the continuity of the sulphide zone at depth beneath the Gold Zone with peak drill intercepts including 1.68% Cu over 2 metres, 1.41% Cu over 6 metres, 1.3% Cu over 6 metres and 0.7% Cu over 20 metres.
· Diamond drill hole TR21DD002, testing extensions of the former open pit has intersected highly significant copper mineralisation at a grade of 0.40% Cu over 117 metres, including 0.70% Cu over 44.0 metres. Mineralisation commences from surface.
· Trench sampling of surface materials continues to return notable pXRF results with peak readings of 17.7% Cu, 6.9% Cu, 6.64% Cu, 6.12% Cu and 4.94% Cu.
· Joint Venture and Option agreements are progressing well with all parties moving quickly towards both plant and initial mine design.
Commenting on the Programme, Chief Executive Officer Martyn Churchouse said; "We continue to make significant progress with our Joint Ventures and evaluation and resource development programmes. Our policy of regular communication with Shareholders has been undermined by the painfully slow turnaround from the independent assay laboratory. It is little comfort to shareholders that we are drilling, trenching, and sampling at an impressive pace if we cannot back this up by sharing analytical results. We remain hopeful that the backlog will be cleared soon.
Shareholders will be aware that we have started to use the pXRF to generate preliminary results and, whilst XRF data is not as accurate as laboratory assay data, it does confirm the presence of copper and/or gold and therefore a high degree of comfort that we are targeting the right resources. The detailed work completed on surface materials at Troulli has far exceeded expectations both in terms of tonnage, and particularly grade, and clearly validates our brownfield strategy. The ability to have access to stockpiles with copper grades typically running at 4 to 6% Cu with peak grades above 15% Cu that can be processed during the early stages of mining is an exciting opportunity as we look in a future production situation. The delineation of a potentially substantial copper sulphide orebody located immediately beneath the Gold Oxide Zone has been an unexpected bonus that adds a new dimension to the Troulli Project with a combined package width ranging from 30-60 metres.
It is important to emphasise that all the drill intercepts reported to date, without exception, relate to mineralisation occurring at, or close to, surface. The ability to limit overburden or waste stripping to the pushing back of open pit slopes, rather than stripping unmineralised waste rock, is expected to enhance Project Economics. We are working well with our Joint Venture partner Bezant Resources and both parties are keen to see the hard work of the past few months converted to Mineral Resource estimates and economic assessment, with mine design and planning to commence in Q1 2022. The work being undertaken by Jubilee Metals Group is reaching a stage where their independent metals recovery test work can commence, leading quickly to plant design.
Caerus has outlined an aggressive programme for 2022, which is expected to see the Company shift from being an exploration company to becoming a resource developer and near-term small miner".
Gold Oxide Drill Programme (Troulli)
· Assay results received for some of the short percussion holes drilled into the Gold Oxide Zone at Troulli returned highly encouraging results.
· 20 percussion and 10 diamond drillholes completed to date. Analyses for all diamond drillholes still to be received from the independent laboratory
· Ongoing diamond drilling will provide the information required to complete the generation of a JORC (2012) Mineral Resource expected in Q1, 2022.
· It is important to note all mineralisation commences from surface and is thus conducive to low-cost mining.
Table 1: Principal intersections for the complete oxide gold zone percussion drill programme include:
|
Hole |
From (metres) |
To (metres) |
Mineralised Width (metres) |
Gold (g/t Au) |
|
TR21DH01 |
0.0 |
12.0 |
12.0 |
5.11 |
|
TR21DH02 |
0.0 |
22.0 |
22.0 |
1.93 |
|
TR21DH03 |
0.0 |
22.0 |
22.0 |
1.20 |
|
TR21DH04 |
0.0 |
4.0 |
4.00 |
1.32 |
|
TR21DH05 |
0.0 |
14.0 |
14.0 |
1.18 |
|
TR21DH06 |
0.0 |
10.0 |
10.0 |
2.07 |
|
TR21DH08 |
0.0 |
18.0 |
18.0 |
0.98 |
|
TR21DH09 |
0.0 |
6.0 |
6.0 |
1.50 |
|
TR21DH10 |
6.0 |
32.0 |
26.0 |
0.50 |
|
TR21DH11 |
0.0 |
22.0 |
22.0 |
1.40 |
|
TR21DH12 |
0.0 |
20.0 |
20.0 |
0.90 |
|
TR21DH13 |
0.0 |
14.0 |
14.0 |
0.50 |
|
TR21DH14 |
0.0 |
15.0 |
15.0 |
0.70 |
|
TR21DH18 |
0.0 |
30.0 |
30.0 |
1.10 |
|
TR21DH19 |
0.0 |
20.0 |
20.0 |
1.00 |
|
TR21DH20 |
0.0 |
12.0 |
12.0 |
1.00 |
Copper Zone Drill Programme (Troulli Au Oxide Zone)
· Caerus is now confident that the new copper zone discovery located close to surface and immediately beneath the Gold Oxide Zone will convert to a viable copper sulphide Mineral Resource.
· Initial percussion drilling did not intersect the full width of sulphide copper mineralisation. This has now been achieved with the recent diamond drill programme from which further analyses are pending.
· The Company is targeting a copper sulphide JORC (2012) Mineral Resource during Q1, 2022.
Table 2: Peak copper intersections beneath the oxide gold zone include:
|
Hole |
From (metres) |
To (metres) |
Mineralised Width (metres) |
Grade (% Cu) |
|
TR21DH02 |
14.0 |
22.0 |
8.0 |
0.62 |
|
TR21DH05 |
14.0 |
20.0 |
6.0 |
1.41 |
|
TR21DH07 |
14.0 |
16.0 |
2.0 |
1.68 |
|
TR21DH10 |
26.0 |
32.0 |
6.0 |
0.80 |
|
TR21DH11 |
18.0 |
22.0 |
4.0 |
0.70 |
|
TR21DH18 |
20.0 |
30.0 |
20.0 |
0.70 |
|
TR21DH19 |
12.0 |
20.0 |
8.0 |
0.50 |
|
TR21DH25 |
0.0 |
48.0 |
48.0 |
0.4 |
|
Includes |
34.0 |
40.0 |
6.0 |
1.30 |
|
TR21DH26 |
0.0 |
22.0 |
22.0 |
0.50 |
Copper Sulphide Drill Programme (Open Pit Extensions)
· Eight drillholes have been completed in the sulphide zone of the former open pit, with assays returned for only one hole to date.
· TR21DD002 has returned highly significant mineralised intercepts indicative of a broad zone of sulphide mineralisation commencing at surface and extending to depth beneath the former open pit
· Copper mineralisation has been demonstrated in all holes drilled to date which, combined with the package width intercepted in drillhole TR21DD002 implies potential for a sizeable mineral resource once all assays for the other drillholes drilled have been received.
Table 3: Peak copper intersections for Former Open Pit Copper Zone Extension include:
|
Hole |
From (metres) |
To (metres) |
Mineralised Width (metres) |
Grade (% Cu) |
|
TR21DD002 |
0.0 |
117.0 |
117.0 |
0.40 |
|
Includes |
8.0 |
52.0 |
44.0 |
0.70 |
|
Includes |
37.0 |
47.0 |
10.0 |
1.10 |
|
Includes |
90.0 |
98.0 |
8.0 |
0.60 |
Surface Material Sampling (Troulli)
· A wide-ranging and comprehensive programme of trenching and sampling has been completed over all ore stockpiles, low-grade dumps, tailings and other surface materials at Troulli
· pXRF analysis on dumps has returned impressive results in the 0.29 to 17.7% Cu range (Table 4) that will now be confirmed by external laboratory analysis.
· A total of 494 Trench samples have been dispatched for analysis covering a combined trench length of 709 metres
· 26 samples, including bulk composites from stockpiles have been sent to our partner Jubilee Metals Group for metallurgical testing
· To date, a total of 1,064 metres of trenching has been excavated
· Evidence to date indicates the discovery and delineation of a substantial volume of mineralised surface materials offering low-cost, easily accessible feedstock providing a quick and simple route to early cashflow
Table 4: Peak pXRF Copper Sample Analyses for Trench Excavations - Troulli Project
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21OSP1 |
A & AB |
1.50, 1.04 |
|
|
B |
4.02, 3.75, 3.73, 3.54 |
|
TR21OSP2 |
A & AB |
1.38, 1.17 |
|
|
B |
6.64, 4.94, 4.53 |
|
TR21OSP3 |
A & AB |
0.84, 0.80 |
|
|
B |
6.12, 5.01, 4.92 |
|
TR21OSP4 |
A & AB |
1.73, 1.48 |
|
|
B |
6.90, 6.03, 4.38 |
|
TR21OSP5 |
A & AB |
0.29 |
|
|
B |
3.90, 3.73 |
|
TR21JCT1 |
A & AB |
0.59, 0.41 |
|
|
B |
1.92, 1.40 |
|
TR21JCT4 |
A & AB |
17.7, 1.36 |
Jubilee Agreement
· The emphasis remains on the Troulli - Kokkinapetra - Anglisides Axis, where the former Troulli mine can serve as the processing hub. All parties are working towards concluding an agreement for the first Joint Venture in Q1, 2022. This would be the catalyst for a definitive outline plant design with sufficient data available to progress an initial mine design.
Bezant Joint Venture
· Proceeding as planned with both parties focusing on Resource Drilling of hard rock mineralisation and the assessment of surface materials to service the anticipated Jubilee Metals Group Joint Venture
Mineral Resource Estimation
· Caerus has engaged Addison Mining Services, a renowned London-based external consulting group to undertake mineral resource estimation work and geological - resource modelling. All parties are working towards JORC (2012) Mineral Resource Estimates in Q1, 2022.
Regional Exploration
· A sampling of waste dumps and tailings at the Mala Project has returned notable grades of copper and gold and much higher gold results than expected. Peak grab sample grades include 2.2g/t Au and 0.25% Cu, 1.5g/t Au and 0.37% Cu and 1.2g/t Au and 0.49% Cu.
· The combination of copper and gold associated with surface material elevates the Mala Project to a higher priority and additional work, including trenching and drilling will be undertaken early in 2022 to generate samples for Jubilee Metals Group test work and laboratory analysis to determine whether identified resources meet the Jubilee Joint Venture criteria.
· Further evaluation of dumps on the Kalavasos Project that returned encouraging, and previously reported, copper-gold grades, has revealed a potentially larger tonnage than originally anticipated. Survey-based volumetric estimation of dumps is ongoing, and a percussion rig has been contracted for Q1, 2022 to test the grades at depth in the larger dumps ahead of a preliminary Mineral Resource Estimation
Drill programmes
Table 5: Percussion Drill Analyses for Drilling Undertaken since Commencement of the Caerus Drill Programme - Troulli Gold Zone & Underlying Copper Zone
|
Hole Number |
Hole Depth (m) |
From (m) |
To (m) |
Length (m) |
Grade (g/t Au) |
Grade (% Cu) |
|
TR21DH01 |
14 |
0 |
12 |
12 |
5.11 |
|
|
Includes |
|
0 |
6 |
6 |
7.41 |
|
|
TR21DH02 |
22 |
0 |
22 |
22 |
1.93 |
0.26 |
|
Includes |
|
0 |
14 |
14 |
1.84 |
|
|
Includes |
|
14 |
22 |
8 |
2.09 |
0.62 |
|
TR21DH03 |
28 |
0 |
22 |
22 |
1.20 |
|
|
Includes |
|
0 |
8 |
8 |
1.00 |
|
|
Includes |
|
8 |
22 |
14 |
1.32 |
|
|
and |
|
22 |
28 |
6 |
0.53 |
0.66 |
|
TRT21DH04 |
16 |
0 |
4 |
4 |
1.32 |
|
|
Includes |
|
4 |
16 |
12 |
0.26 |
0.41 |
|
TR21DH05 |
24 |
0 |
14 |
14 |
1.18 |
|
|
Includes |
|
0 |
12 |
12 |
1.26 |
|
|
Includes |
|
12 |
14 |
2 |
0.70 |
|
|
and |
|
14 |
20 |
6 |
0.10 |
1.41 |
|
TR21DH06 |
20 |
0 |
10 |
10 |
2.07 |
|
|
Includes |
|
0 |
6 |
6 |
2.82 |
|
|
Includes |
|
14 |
20 |
6 |
0.34 |
|
|
TR21DH07 |
20 |
2 |
6 |
4 |
0.78 |
|
|
Includes |
|
14 |
16 |
2 |
0.39 |
1.68 |
|
TR21DH08 |
18 |
0 |
18 |
18 |
0.98 |
|
|
Includes |
|
0 |
2 |
2 |
0.53 |
|
|
Includes |
|
2 |
18 |
16 |
1.04 |
|
|
TR21DH09 |
22 |
0 |
6 |
6 |
1.5 |
|
|
TR21DH10 |
34 |
6 |
32 |
26 |
0.5 |
|
|
Includes |
|
8 |
14 |
6 |
|
0.4 |
|
Includes |
|
26 |
32 |
6 |
|
0.8 |
|
and |
|
28 |
32 |
4 |
1.5 |
|
|
TR21DH11 |
22 |
0 |
22 |
22 |
1.4 |
0.3 |
|
Includes |
|
0 |
8 |
8 |
2.0 |
|
|
Includes |
|
18 |
22 |
4 |
|
0.7 |
|
TR21DH12 |
20 |
0 |
20 |
20 |
0.9 |
|
|
Includes |
|
0 |
4 |
4 |
|
0.3 |
|
Includes |
|
0 |
8 |
8 |
1.4 |
|
|
TR21DH13 |
14 |
0 |
14 |
14 |
0.5 |
|
|
Includes |
|
0 |
8 |
8 |
0.7 |
|
|
TR21DH14 |
16 |
0 |
15 |
0.7 |
|
|
|
Includes |
|
0 |
4 |
4 |
2.0 |
|
|
TR21DH15 |
18 |
0 |
17 |
0.5 |
|
|
|
Includes |
|
10 |
14 |
4 |
0.9 |
|
|
TR21DH16 |
25 |
12 |
14 |
2 |
0.5 |
|
|
Includes |
|
12 |
20 |
8 |
|
0.3 |
|
TR21DH17 |
32 |
8 |
32 |
24 |
|
0.3 |
|
Includes |
|
8 |
22 |
14 |
|
0.4 |
|
TR21DH18 |
30 |
0 |
30 |
30 |
1.1 |
|
|
Includes |
|
20 |
30 |
10 |
|
0.7 |
|
Includes |
|
0 |
14 |
14 |
1.6 |
|
|
TR21DH19 |
20 |
0 |
20 |
20 |
1.0 |
0.4 |
|
Includes |
|
0 |
10 |
10 |
1.4 |
|
|
Includes |
|
0 |
4 |
4 |
|
0.5 |
|
and |
|
12 |
20 |
8 |
|
0.5 |
|
TR21DH20 |
12 |
0 |
12 |
10 |
1.0 |
|
|
Includes |
|
0 |
4 |
4 |
|
0.5 |
|
Includes |
|
0 |
18 |
18 |
|
0.3 |
|
TR21DH22 |
18 |
0 |
18 |
18 |
|
0.3 |
|
Includes |
|
0 |
6 |
6 |
|
0.4 |
|
TR21DH23 |
13 |
0 |
12 |
12 |
0.4 |
|
|
Includes |
|
6 |
12 |
6 |
0.5 |
|
|
TR21DH24 |
14 |
4 |
12 |
8 |
0.5 |
|
|
TR21DH25 |
48 |
0 |
48 |
48 |
|
0.4 |
|
Includes |
|
24 |
48 |
0.7 |
|
|
|
Includes |
|
34 |
40 |
6 |
|
1.3 |
|
TR21DH26 |
32 |
0 |
22 |
22 |
|
0.5 |
|
Includes |
|
0 |
4 |
4 |
|
0.7 |
|
Includes |
|
12 |
18 |
6 |
|
0.7 |
|
TR21DH27 |
15 |
1 |
5 |
5 |
|
0.3 |
|
TR21DH28 |
4 |
0 |
2 |
2 |
0.6 |
|
|
TR21DH29 |
6 |
0 |
2 |
2 |
|
0.3 |
|
TR21DH30 |
12 |
2 |
10 |
|
|
0.3 |
Table 6: Diamond Drill analysis TR21DD002 - Former Open Pit Area
|
Hole |
From (m) |
To (m) |
Mineralised Width (m) |
Gold (% Cu) |
|
TR21DD002 |
0.0 |
117.0 |
117.0 |
0.40 |
|
|
8.0 |
52.0 |
44.0 |
0.70 |
|
|
37.0 |
47.0 |
10.0 |
1.10 |
|
|
90.0 |
98.0 |
8.0 |
0.60 |
Surface Material Sampling
Table 7.1: pXRF - Copper Analyses Troulli Project - Trench TR21OSP1
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21OSP1 |
A & AB |
1.04, 0.35, 0.46, 0.57, 0.10, 1.50, 0.64 |
|
|
B |
3.38, 3.54,3.75, 4.02, 3.73, 2.99 |
|
|
C |
0.32 |
Table 7.2: pXRF - Copper Analyses Troulli Project - Trench TR21OSP2
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21OSP2 |
A & AB |
0.95, 0.10, 1.17, 0.34, 0.80, 0.31, 1.38, 0.63, 0.30 |
|
|
B |
3.05, 1.83, 4.53, 3.73, 4.33, 6.64, 4.94 |
|
|
C |
0.71 |
Table 7.3: pXRF - Copper Analyses Troulli Project - Trench TR21OSP3
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21OSP3 |
A & AB |
0.84, 0.50, 0.80, 0.64, 0.50, 0.66, 0.60, 0.40, 0.14, 0.35, 0.61, 0.48 |
|
|
B |
4.24, 2.74, 4.70, 2.46, 5.01, 3.60, 4.92, 6.12, 3.20, 3,04, 3.79 |
|
|
C |
0.17 |
Table 7.4: pXRF - Copper Analyses Troulli Project - Trench TR21OSP4
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21OSP4 |
A & AB |
0.87, 0.30, 0.77, 0.27, 0.34, 0.35, 1.48, 1.73, 0.43, 0.21 |
|
|
B |
1.72, 2.25, 6.03, 3.60, 4.07, 3.17, 2.60, 2.62, 6.90, 4.38 |
Table 7.5: pXRF - Copper Analyses Troulli Project - Trench TR21OSP5
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21OSP5 |
A & AB |
0.23, 0.18, 0.29 |
|
|
B |
3.90, 3.73, 2.25 |
Table 7.6: pXRF - Copper Analyses Troulli Project - Trench TR21JCT1
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21JCT1 |
A & AB |
0.27, 0.59, 0.41, 0.28 |
|
|
AC & C |
1.92, 1.40, 0.77 |
|
|
D |
1.11 |
Table 7.7: pXRF - Copper Analyses Troulli Project - Trench TR21JCT4
|
Trench |
Horizon |
Grade (% Cu) |
|
TR21JCT4 |
A & AB |
1.26, 1.36, 17.7 |
Table 8: Mala Project - Copper - Gold Grab Sample Analyses
|
Sample No |
Grade (g/t Au) |
Grade (ppm Cu) |
|
JMAL001 |
1.5 |
3,710 |
|
JMAL002 |
1.2 |
4,940 |
|
JMAL003 |
0.7 |
1,360 |
|
JMAL004 |
1.0 |
3,510 |
|
JMAL005 |
0.8 |
2,290 |
|
JMAL006 |
0.4 |
1,335 |
|
JMAL007 |
0.2 |
738 |
|
JMAL008 |
1.4 |
1,810 |
|
JMAL009 |
0.8 |
652 |
|
JMAL010 |
0.8 |
1,080 |
|
JMAL011 |
1.0 |
1,820 |
|
JMAL012 |
2.2 |
2,470 |
|
JMAL013 |
0.8 |
2,050 |
|
JMAL014 |
0.2 |
645 |
|
JMAL015 |
0.5 |
3,210 |
|
JMAL016 |
0.1 |
616 |
|
JMAL017 |
0.8 |
2,550 |
|
JMAL018 |
0.7 |
1,490 |
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 www.caerusmineralresources.com or contact:
|
Caerus Mineral Resources plc: |
|
|
Martyn Churchouse Chief Executive Officer |
info@caerusmineralresources.com +44 (0)1249 782162 |
|
Novum Securities |
|
|
Jon Bellis |
+44 (0) 20 7399 9425 |
Follow us on Twitter at @CaerusMineral
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.
Qualified Persons
The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a Member of the Australasian Institute of Geoscientists (A.I.G.)
Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.
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