Caerus Mineral Resources plc said it ha signed an extension to the option agreement with Jubilee Metals Group plc for the waste-to-revenue Troulli – Kokkinapetra copper-gold project in Cyprus.
JOINT VENTURE
Caerus said that the extension was for a further 18 months during which it expected to decide on a joint venture (JV) with Jubilee in 2022.
The scale of the opportunity has increased following Caerus’ recent acquisition of new licences and assets.
The company added that good progress has been achieved to date with the identification of dumps and properties that warrant further detailed investigation ahead of the JV.
RESOURCE INCREASE
Work programmes and in-country design and engineering support are expected to increase as Jubilee advances test work towards finalising a processing plant.
Chief executive Martyn Churchouse said that a large number of were being assayed while bulk samples were subject to metal recovery test work by Jubilee.
“The positive feedback from initial test work and the innovative approach adopted by Jubilee has incentivised Caerus to review and assess a much wider range of resource types than originally targeted.
“Both oxide and sulphide mineralisation are under the spotlight and the number of potential targets has increased significantly.”