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Caerus Mineral Resources provides Due Diligence drilling update

Published by
Global Mining Review,


Caerus Mineral Resources, an exploration and resource development company focused on developing mineral resources in Europe to supply the global ‘Clean Energy’ initiative, has provided an update on the preliminary outcome of Due Diligence drilling that has been taking place on the PR Ploutonic Resources Ltd (PRL) licences in Cyprus. The conditional acquisition of PRL by Caerus is subject to shareholder Approval being sought at a General Meeting on 28 April 2021.

Percussion drilling has been undertaken as part of the Due Diligence process validating historic work completed on licences in the PRL portfolio that are subject to acquisition by Caerus.

The drilling has been completed over the gold-bearing ‘gossan’ and oxide located close to the former Troulli opencast that previously exploited a volcanogenic massive sulfide (VMS) copper deposit first mined in 1938 and which saw sporadic activity up until 1974. The intention of the recent drilling was to provide preliminary information concerning the extent of the gold-bearing ‘gossan’ and oxide zone and the possibility of further VMS-type copper mineralisation below the oxide cap.

Highlights

  • Visible gold was recovered during the panning of randomly selected samples of drill chips collected during the drilling of the ‘gossan’ and oxide zone on the Troulli licence.
  • The ‘gossan’ and oxide zone, originally thought to be approximately 10 m thick, has now been recorded to a depth from surface of up to 25 m. This adds significantly to the potential tonnage of higher grade, gold-bearing material for future processing.
  • One drill-hole extended through the oxide zone and immediately intersected the sulphides with copper mineralisation: cuprite and chalcocite at a depth of only 24 m below surface.
  • The potential discovery of the extension of the Troulli VMS copper-gold deposit provides scope to combine the remnant VMS copper mineralisation in the former opencast with any subsequent tonnage that is delineated to build a meaningful high-grade resource for future treatment.

Samples collected are in the process of being dispatched to ALS Laboratory in Rosa Montana, Romania, for independent analysis and the results will be reported in due course.

No drilling was undertaken on the extensive dump and ore stockpile inventory on the Troulli licence. Additional drilling will be undertaken once the drill rig completes the scheduled evaluation drilling that commences later this week on the company’s N. Mathiatis licences.

CEO, Martyn Churchouse, said: “This is an excellent result for the company that far exceeds expectations. Finding visible gold in percussion drill chips would have been positive news in itself, but establishing the oxide zone to be significantly thicker than anticipated, together with the potential discovery of the extension to the Troulli VMS copper-gold deposit more than validates the proposed acquisition. We will soon return to the Troulli and Kokkinapetra Licences and undertake more detailed work to define the extent of the gold-bearing oxides and the underlying VMS copper-gold mineralisation with a view to generating JORC (2012) Mineral Resource Estimates as quickly as possible.”

Read the article online at: https://www.globalminingreview.com/exploration-development/12042021/caerus-mineral-resources-provides-due-diligence-drilling-update/

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