Caerus Mineral Resources plc expects to transform from an explorer to a developer and miner in 2022 as it released drill and trench copper and gold analyses at Troulli in Cyprus.
RESULTS
The company added that drilling had delineated an economically viable gold oxide zone for near-term development with peak drill intercepts including 1.4g/t Au over 22 metres, 1.1g/t Au over 30m and 1.0g/t Au over 20m, all from surface.
Recent infill diamond drilling showed compelling evidence for the continuity of the sulphide zone at depth and of a new copper zone beneath the gold zone.
Peak drill intercepts include 1.68% copper over 2m, 1.41% Cu over 6m, 1.3% Cu over 6m and 0.7% Cu over 20m.
Diamond drill hole TR21DD002, testing extensions of the former open pit has intersected highly significant copper mineralisation at a grade of 0.40% Cu over 117m, including 0.70% Cu over 44.0m.
The company added that trench sampling of surface materials continued to return notable pXRF [portable X-ray fluorescence] results with peak readings of 17.7% Cu, 6.9% Cu, 6.64% Cu, 6.12% Cu and 4.94% Cu.
MINERAL RESOURCE ESTIMATES
Caerus has also engaged Addison Mining Services to undertake mineral resource estimation work and geological-resource modelling for a JORC (2012) mineral resource estimates during Q1 2022.
PROJECT ECONOMICS
Chief executive Martyn Churchouse said that the XRF data, although less accurate than laboratory assay data, reassured the company that it was targeting the right resources.
“The detailed work completed on surface materials at Troulli has far exceeded expectations both in terms of tonnage, and particularly grade, and clearly validates our brownfield strategy.
“It is important to emphasise that all the drill intercepts reported to date, without exception, relate to mineralisation occurring at, or close to, surface.
“The ability to limit overburden or waste stripping to the pushing back of open pit slopes, rather than stripping unmineralised waste rock, is expected to enhance project economics.
“Caerus has outlined an aggressive programme for 2022, which is expected to see the company shift from being an exploration company to becoming a resource developer and near-term small miner.”