Caerus Mineral Resources PLC Troulli Project Update (2030Q)

TIDMCMRS

RNS Number : 2030Q

Caerus Mineral Resources PLC

26 October 2021

26 October 2021

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Troulli Project Update

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 its' flagship' Troulli Project trenching and sampling programme focused on residual metals in surface materials, and the subject of a prospective Joint Venture involving Jubilee Metals Group and Bezant Resources.

Highlights

-- Trenching over Run of Mine ("ROM") Stockpiles has revealed very high-grade visible copper mineralisation persistent across the defined Mineral Resource target area;

   --      Copper grades based on semi-quantitative XRF analysis are highly significant; 

-- The extent of ROM ore also exceeds previous expectations and will be reflected in the final Mineral Resource tonnage estimate;

   --      Samples have been collected and are ready for dispatch to the assay laboratory; 

-- Duplicate samples have been batched and dispatched to Jubilee Metals Group ("Jubilee") for test work;

-- Further trenching over the ROM Stockpile will be undertaken in the next 7 to 10 days with a view to achieving sufficient coverage to permit a Mineral Resource Estimation;

-- Other trenches are being excavated and evaluated across the Project area in parallel with the ROM stockpile programme.

Over 160 metres ("m") of trenching extending to a depth of over 4 m and a width of 2.5m have revealed a potential resource for copper that exceeds all expectations in terms of both tonnage and grade. The ROM ore surface layer is now known to extend to up to 3 m and comprises ROM ore that has remained at the current location since the termination of historic operations some 50 years ago. The surface zone contains visible copper oxide and sulphide minerals and is also expected to host an as yet unknown grade of gold.

This surface zone is immediately underlain by a highly enriched zone varying in width between 30 and 50 cm hosting visible copper mineralisation and running at significantly high-grade copper values, peaking at 17% Cu but more typically at 6-8% Cu. This enriched zone, the copper values for which are reported here from indicative XRF records as an interim measure, has been created by the leaching of copper from the overlying sulphide ROM ore and its redeposition lower in the trench profile at the point where the copper-bearing solution meets the underlying carbonate-bearing soil. This high-grade zone is then underlain by a further zone containing lower grade but still significantly elevated copper values.

The ROM pad is ca. 200m x 120m in surface area and the trenches excavated so far show a re-assuring consistent, unbroken pattern of copper mineralisation. There is an expectation of an accompanying gold credit but the XRF technology being used to report data as an interim measure is unable to report gold concentrations, even semi-quantitatively. Based on the areal extent of the ROM pad under investigation, Caerus expects that the as yet undefined ROM Mineral Resource Estimate will exceed 200Kt. However, this is expected to increase as a second and adjacent ROM pad is exposed and assessed in the immediate future. A further estimated 900m of trenching is scheduled and is already underway to better inform and confirm continuity and the impending Mineral Resource Estimate.

Commenting on the Troulli trench sampling update, Chief Executive Officer Martyn Churchouse said; "Each dump potentially represents an orebody. In terms of future mining, the notable difference between a dump and a lens of volcanogenic massive sulphide mineralisation is the fact that we do not need to drill and blast the resource, nor is it necessary to strip overlying waste material or commit to the capital required to access the mineralisation via underground development.

We simply need to confirm the tonnage and grade and, subject to test work, build a processing plant capable of treating the variety of ore types we are encountering. Assay results are fundamental to growing and ambitious natural resources development companies such as Caerus and the current lengthy lead times between sample dispatch and the delivery of results from the certified laboratory puts pressure on us to keep Shareholders informed. We have therefore elected to utilise our XRF equipment to determine at field level the presence of copper mineralisation in all forms of exploration that we are currently undertaking, drilling, dump evaluation and regional exploration. Shareholders and other interested parties should take careful note of the statement beneath the table below with reference to the underlying XRF copper grades quoted".

XRF Results for Troulli ROM Stockpile Trenching and Sampling Programme

Over 100 separate XRF analyses have been undertaken on the high-grade copper leach zone within the Troulli ROM stockpile. Peak grades within the high-grade, copper-rich zone range from 17.6% Cu to 4.5% Cu, with the average grade achieved to date of 6 % Cu. No attempt has been made to estimate the copper content of the overlying ROM ore. Details of a representative selection of XRF analyses and their location within the trenches excavated to date are provided below.

Table 1: Representative XRF Analyses of the three principle mineralised zones in the Troulli Mine ROM Dumps

 
 Sample No     Trench     Source Material    Grade (% Cu) 
 T110S2       Trench 1        ROM Ore            0.45 
             ----------  -----------------  ------------- 
 T110S3       Trench 1        ROM Ore            1.00 
             ----------  -----------------  ------------- 
 T110S4       Trench 1       B Horizon           0.80 
             ----------  -----------------  ------------- 
 T110S5       Trench 1       B Horizon           1.40 
             ----------  -----------------  ------------- 
 T110S6       Trench 1     Cu Leach Zone         6.90 
             ----------  -----------------  ------------- 
 T120S1       Trench 1        ROM Ore            0.58 
             ----------  -----------------  ------------- 
 T120S2       Trench 1        ROM Ore            1.50 
             ----------  -----------------  ------------- 
 T120S3       Trench 1       B Horizon           0.87 
             ----------  -----------------  ------------- 
 T120S4       Trench 1     Cu Leach Zone         5.90 
             ----------  -----------------  ------------- 
 T130S1       Trench 1        ROM Ore            0.36 
             ----------  -----------------  ------------- 
 T130S2       Trench 1        ROM Ore            0.34 
             ----------  -----------------  ------------- 
 T130S4       Trench 1       B Horizon           1.06 
             ----------  -----------------  ------------- 
 T130S5       Trench 1     Cu Leach Zone         6.02 
             ----------  -----------------  ------------- 
 T155S1       Trench 1        ROM Ore            0.32 
             ----------  -----------------  ------------- 
 T155S2       Trench 1        ROM Ore            0.22 
             ----------  -----------------  ------------- 
 T155S3       Trench 1        ROM Ore            0.85 
             ----------  -----------------  ------------- 
 T155S4       Trench 1       B Horizon           1.40 
             ----------  -----------------  ------------- 
 T155S5       Trench 1     Cu Leach Zone         6.10 
             ----------  -----------------  ------------- 
 T160S1       Trench 1        ROM Ore            0.57 
             ----------  -----------------  ------------- 
 T160S2       Trench 1       B Horizon           1.52 
             ----------  -----------------  ------------- 
 T160S3       Trench 1     Cu Leach Zone         6.52 
             ----------  -----------------  ------------- 
 T170S1       Trench 1        ROM Ore            1.50 
             ----------  -----------------  ------------- 
 T170S2       Trench 1       B Horizon           1.13 
             ----------  -----------------  ------------- 
 T170S3       Trench 1     Cu Leach Zone         6.32 
             ----------  -----------------  ------------- 
 T175S1       Trench 1        ROM Ore            0.64 
             ----------  -----------------  ------------- 
 T175S2       Trench 1       B Horizon           1.15 
             ----------  -----------------  ------------- 
 T175S3       Trench 1     Cu Leach Zone         4.30 
             ----------  -----------------  ------------- 
 T175S4       Trench 1     Cu Leach Zone         3.50 
             ----------  -----------------  ------------- 
 T175S5       Trench 1     Cu Leach Zone        17.36 
             ----------  -----------------  ------------- 
 T205S1       Trench 2        ROM Ore            0.95 
             ----------  -----------------  ------------- 
 T205S2       Trench 2       B Horizon           1.20 
             ----------  -----------------  ------------- 
 T205S3       Trench 2     Cu Leach Zone         4.90 
             ----------  -----------------  ------------- 
 T220S1       Trench 2        ROM Ore            0.10 
             ----------  -----------------  ------------- 
 T220S2       Trench 2        ROM Ore            1.17 
             ----------  -----------------  ------------- 
 T220S3       Trench 2       B Horizon           0.66 
             ----------  -----------------  ------------- 
 T220S4       Trench 2     Cu Leach Zone         3.00 
             ----------  -----------------  ------------- 
 T230S1       Trench 2        ROM Ore            0.35 
             ----------  -----------------  ------------- 
 T230S2       Trench 2        ROM Ore            0.80 
             ----------  -----------------  ------------- 
 T230S3       Trench 2     Cu Leach Zone         4.53 
             ----------  -----------------  ------------- 
 T250S1       Trench 2        ROM Ore            0.30 

             ----------  -----------------  ------------- 
 T250S2       Trench 2        ROM Ore            0.33 
             ----------  -----------------  ------------- 
 T250S3       Trench 2       B Horizon           1.57 
             ----------  -----------------  ------------- 
 T250S4       Trench 2     Cu Leach Zone         5.90 
             ----------  -----------------  ------------- 
 T260S1       Trench 2        ROM Ore            1.38 
             ----------  -----------------  ------------- 
 T260S2       Trench 2       B Horizon           1.40 
             ----------  -----------------  ------------- 
 T260S3       Trench 2     Cu Leach Zone         7.25 
             ----------  -----------------  ------------- 
 T260S4       Trench 2     Cu Leach Zone         5.20 
             ----------  -----------------  ------------- 
 T270S1       Trench 2        ROM Ore            0.63 
             ----------  -----------------  ------------- 
 T270S2       Trench 2       B Horizon           2.00 
             ----------  -----------------  ------------- 
 T270S3       Trench 2     Cu Leach Zone         8.60 
             ----------  -----------------  ------------- 
 T270S4       Trench 2     Cu Leach Zone         9.32 
             ----------  -----------------  ------------- 
 

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                [e-mail] 
  Chief Executive Officer          [phone] 
                                 -------------------------------- 
 Novum Securities 
                                 -------------------------------- 
 Jon Bellis                       [phone] 
                                 -------------------------------- 
 

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 H. Andrew Daniels, P. Geo in his capacity as a Qualified Person as defined by National Instrument 43-101.

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October 26, 2021 02:00 ET (06:00 GMT)