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Caerus Minerals provides exploration update

Published by , Editor
Global Mining Review,

Caerus Mineral Resources, an exploration and resource development company focused on developing mineral resources in Cyprus to support the global ‘Clean Energy’ initiative, has provided shareholders with an exploration update.


  • The N. Mathiatis drill programme continues to progress with a total of 9 holes of the 39 hole programme complete to date. Once completed, the samples will be shipped to to the ALS Laboratory in Rosia Montana for analysis.
  • A Phase 2 drill programme has been approved for the Troulli Project. This will focus on the epithermal gold target and potential extension to the former Troulli Volcanogenic Massive Sulfide (VMS) deposit.
  • The company is also planning to test the various dumps, ore stockpiles, tailings and the main VMS sulphide orebody that has never been mined and is present in the current opencast floor at the Troulli License. Historical indicated sample grades are as high as 1.5% copper (Cu).
  • Excellent progress has been made with the digitisation of the substantial database inherited by the company and 3D modelling of former VMS orebodies, drill hole data and prospective geology in the main Kalavasos licenses is underway.
  • Work continues on the collation and interrogation of current and historical data across the portfolio to further understand the value of the copper-gold resource inventory within the Cypriot licenses.

N. Mathiatis

The evaluation drilling, as announced on 29 March 2021, is progressing well. The programme was designed to provide a low-cost, simple and reliable way to establish whether copper-gold mineralisation zones remain within the numerous dumps that are located around the rim of the former opencast. As of this announcement, 9 drill holes of the planned 39 have been completed. The sampling and drilling protocols are being refined regularly by the on-site exploration team and will form the basis of future dump evaluation drilling on all of the other brownfield licences and former mine sites within the Caerus portfolio.

Troulli Gold

The recent results of Due Diligence drilling, including the discovery of a significantly thicker package of gold-bearing epithermal mineralisation and indications of the extension of the former high-grade Troulli copper-gold VMS orebody, has led the xompany to commission further drilling to broadly define the limits of the gold mineralisation and to drill deeper into the VMS deposit. Impressive recent (2018) surface channel sample grades complementing the more recent report of visible gold present in percussion samples has led the Caerus Board to prioritise infill and step out drilling of the epithermal gold zone.

The Board is also planning a drill programme to test the various dumps, ore stockpile, tailings and the main VMS suldide orebdy that begins in the base of the current open pit within the Troulli Licence, where historic sampling has indicated grades for some of the waste resources to be as high as 1.5% Cu.

Digitisation and modelling

Caerus has given the responsibility for digitisation and modelling to an external consulting group with the appropriate expertise, which has enabled exploration personnel to focus on more direct exploration programmes. The consultant is becoming very familiar with the company's database and it is expected that one or more of the Consulting team will move over to Caerus and undertake field-based exploration in due course.

The Kalavasos Project makes up a significant part of the database and whilst it is considered one of the most prospective assets held by Caerus, no field work has been undertaken to date. Kalavasos hosts a potential 2.5 million t of residual ore associated with former producing mines and targeting these resources can only be achieved once the historic data has been processed and 3D models generated. Kalavasos also hosts multiple dumps and includes three greenfield licences that have never been subject to any modern exploration. A wide-ranging exploration programme is envisaged for Kalavasos and the completion of digitisation and modelling will be the trigger for the commencement of field-based work.

Commenting on progress, CEO, Martyn Churchouse, said: "I am delighted with the rapid progress that we have made in the short time since listing. The results of our exploration programmes to date have been very encouraging and should provide shareholders with the confidence that exploration funds are being well spent. Whilst work is still ongoing to fully define the scope of our copper-gold resource inventory, current 'in-house' estimates are close with our strategic targets. The potential of our Brownfield strategy is becoming evident, and the company remains on track to start building out its resource inventory."

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