Caerus Mineral Resources plc said that due diligence scout drilling had intersected significant gold oxide and copper-gold sulphide mineralisation at shallow depth on the Pano Lefkara licence in Cyprus.
DRILL READY
Drilling aims to confirm the results derived from historic exploration and ahead of starting a more detailed programme of work.
Caerus has defined for follow-up a zone of mineralisation with a surface area of 500 metres by 400 metres.
The area is considered ‘drill-ready’ and the company will schedule diamond drilling for the project.
The company added that mineralisation was present from surface with both holes ending in mineralisation.
| Hole | Zone | From (m) | To (m) | Intersection (m) | Grade (g/t Au) | Grade (ppm Cu) |
| PL21DH01 | Gold Oxide | 0.0 | 34.0 | 34.0 | 0.63 | – |
| Sulphide | 46.0 | 54.0 | 8.0 | 1.03 | 6,100 | |
| PL21DH02 | Gold Oxide | 0.0 | 14.0 | 14.0 | 0.45 | – |
| Gold Oxide | 18.0 | 32.0 | 14.0 | 0.51 | – |
COPPER RESOURCE
Chief executive Martyn Churchouse said that the gold grades from surface may contribute to the economics of any future discovery by meeting costs of stripping to expose underlying sulphide mineralisation.
“It is, however, the scope to define a copper resource built around stockwork and disseminated mineralisation located beneath the gold oxide zone that is the exciting element of the planned exploration programme.
“The density of historic and recent due diligence scout drilling enables the company to plan a diamond drill programme aimed at defining an initial compliant NI 43-101 mineral resource.”
TARGETS
He added that a diamond drill programme for Pano Lefkara would start once drilling on other priority targets at the Troulli, Kokkinapetra and Kalavasos projects had been completed.
“The company has entered into a contract with an internationally recognised drilling company to provide a dedicated diamond drill which will arrive in Cyprus in October.
“Our exploration team has quickly and efficiently progressed our exploration programme on multiple fronts and has rapidly defined a number of high-quality drill-ready targets across our licence portfolio in the five months since admission.”