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Caerus Mineral Resources commences N. Mathiatis drilling programme

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Global Mining Review,

Caerus Mineral Resources plc, a European-focused exploration and development company targeting mineral resources to supply the global clean energy transition, has announced the commencement of a dump evaluation drilling programme that will begin at the N. Mathiatis copper-gold project in Cyprus.

Drilling will commence significantly ahead of schedule on the two N. Mathiatis licences. The programme is designed to identify copper and gold mineralisation within the dumps generated by historic mining on the company’s licences commencing with the former high-grade pyrite copper-gold N. Mathiatis deposit. Holes to an average depth of 30 m will be drilled on a grid pattern over N. Mathiatis dumps and stockpiles, providing the company with a broad indication of mineral content in a low-cost and quick to implement manner.

The company will be targeting both low-grade leachable copper oxide mineralisation at an average grade of 0.25% copper (Cu), the typical feed grade for recent profitable dump leaching operations in Cyprus, together with higher sulfide copper grades (> 0.3% Cu) more suited to flotation recovery, particularly if associated with a gold credit. The programme will allow Caerus to further understand the economic viability of the dump and stockpile material, which has been boosted by the current commodity pricing environment for copper.

Preparation has started on-site, and access roads are being built across the various dumps. Drilling is expected to commence once the site is ready to receive the drill rig, which is anticipated to be in early April 2021.

Martyn Churchouse, CEO, said: “The fact that the company is commencing drilling operations only a few weeks after listing reflects the advanced nature of many of our projects located on licences that host more than half of the former producing mines in Cyprus. The multiple resource types we have gives us the flexibility and the confidence to commit early to resource estimation and the building of shareholder value through a growing copper-gold inventory.

“The exploration and evaluation of dumps is often speculative, and this dump evaluation drilling programme is a cost-effective way of testing potential without compromising either the quality of geological information generated or the budget. The programme will use short-hole percussion drilling to begin to de-risk the opportunity for near-term production by establishing whether sufficient copper-gold mineralisation occurs in dumps to warrant more detailed follow-up and evaluation.

“This is an exciting step for Caerus as we look to build-up a dump reprocessing programme and start to accumulate resources around which we can design the most suitable operation to deliver near term shareholder value.”

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