Caerus Mineral Resources plc and Jubilee Metals Group plc have committed to an immediate pilot copper-gold sampling and investigation programme in Cyprus.
The programme, to be managed on site by Caerus using Jubilee protocols, aims to make up for time lost due to Covid-related travel restrictions.
Laboratory mineralogical and metallurgical studies will be followed by a site visit by key Jubilee management, provisionally planned for mid-September.
INCREASE IN SITES
The programme is part of the Jubilee option agreement in which the company can elect to convert any of the multiple ‘waste-to-revenue’ candidate sites within Caerus’ portfolio into a joint venture.
The option agreement was announced on 4 May 2021 when Caerus considered targets, based on the tonnage, grade of copper and/or gold using historic records and recent drill-proven data, grouped into three broad project areas of Kalavasos, Mala and N. Mathiatis.
Since April, and as a result of reviews and further acquisitions, Caerus has now identified a significant number of additional potential targets that fit Jubilee’s criteria.
The total number of former mine sites have increased from 14 to 20 within the project areas, all of which are potentially eligible for a single-site JV arrangement.
CLEAN ENERGY
Caerus operates a dual policy of recovering value from waste at its brownfield sites through future JVs with Jubilee, while seeking mining opportunities that yield primary ore for a market looking for copper in multiple global Clean Energy initiatives.
Chief executive Martyn Churchouse said he was pleased the programme had progressed to identify priority targets and then ascertain those suitable for a joint venture.
“We remain in constant dialogue with the Jubilee management team, and it is pleasing that we continue to find ways to move the programme forward and overcome unavoidable delays due to the pandemic.”