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Caerus Minerals provides operations update

Published by
Global Mining Review,


Caerus Mineral Resources, a Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources and reprocessing bulk waste materials under a 'waste to revenue' strategy to support the global ‘Clean Energy’ initiative, has provided an update on ongoing exploration, asset evaluation and corporate development activities.

Highlights

  • 24 of the 39 drill holes have been completed on the North Mathiatis copper-bearing waste stockpiles, with full completion of the programme expected by the end of May 2021.
  • Site preparation at Troulli is ongoing ahead of the near term drill programme on the epithermal gold oxide resources and copper sulfide VMS target.
  • Further work is underway to establish a maiden NI 43-101 copper re-source estimate at Mala, and how to profitably exploit the smaller, high-grade assets within the company portfolio.
  • Prioritisation of prospective copper-gold joint venture (JV) projects underway by way of a re-assessment of each of the company's 16 candidate sites against Jubilee Metals Group JV criteria.
  • PR Ploutonic Metals acquisition expected to be completed within the next 3 weeks following COVID-19 imposed delays.
  • An updated Corporate Presentation will shortly be available on the Caerus website.

Operations update

N. Mathiatis

24 of the 39 short percussion holes (442 m) into the substantial ca. 4 million t of copper-bearing waste stockpiles have been completed at North Mathiatis, with the balance anticipated for completion by the end of May. The objective is to establish the commercial prospects for a 'Waste to Revenue' reprocessing operation. The programme includes two deeper drill holes, one at each end of the existing opencast, to test for the extension of the main Mathiatis orebody at depth.

Troulli Project

Upon completion of the North Mathiatis drill programme, the 'rig' will move immediately back to Troulli to (1) complete a short-hole programme to outline the surface limits and depth of the epithermal gold oxide resource; (2) provide a broad definition of the Volcanogenic Massive Sulfide (VMS) copper-zone believed, from previous exploration, to lie beneath the epithermal gold, and (3) drill deeper holes in the base of the current opencast to test the depth of the sulfide portion of the original VMS orebody. Approximately 350 m of percussion drilling are envisaged at 4 – 5 locations.

Jubilee Metals Group

The prioritisation of prospective JV projects is underway, with the Company re-assessing each of the 16 candidate sites against Jubilee Metals Group JV criteria.

PR Ploutonic Metals

COVID-imposed delays surrounding the completion the acquisition of PR Ploutonic Metals have now been resolved with outstanding accounting and audit elements of the transaction expected to be finalised in 2 – 3 weeks.

Mala Project

Ongoing discussions are being held with external consultants and advisers to establish a maiden NI 43-101 Resource estimate for the sulphide ore-body at Mala by re-verification of existing historic exploration data as an initial resource inventory to be added to by subsequent evaluation of dumps, tailings and new targets.

Black Pine

The company has completed a strategic review of its non-core assets, including the Black Pine Ni-Co tenements, and has decided to separate and dispose of these assets to an independent Third Party so as to ensure that the projects receive exploration attention and realise value for shareholders.

Other Targets

Consideration is being given by the company as to how best to exploit the smaller, high-grade assets within the company portfolio and their potential to carry the grade and tonnage necessary to warrant mining and transport to a central facility for processing.

Acquisitions

The company is also in advanced discussions with the owner and licence/titleholder of three highly prospective sites, each with historic cop-per-gold mining operations and one with a new mining licence application under active consideration by the Mines Department of the Cyprus government.

CEO of Caerus Mineral Resources, Martyn Churchouse, commented: "We are actively pursuing our twin objectives of creating a platform for our' waste to revenue' strategy and driving forward our exploration programme to declare NI-43-101 resources and locate new VMS opportunities for future exploitation. We will continue to update our shareholders as we advance our core objectives alongside the identification of further bolt-on acquisitions to broaden our footprint and increase shareholder value as we seek to become a key operator within Cyprus."

Read the article online at: https://www.globalminingreview.com/exploration-development/17052021/caerus-minerals-provides-operations-update/

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