Caerus Mineral Resources plc said an on-site review had been completed as part of its option agreement and proposed joint venture for metallurgical processing and metal recovery at its Cyprus portfolio.
PORTFOLIO
Caerus’s brownfield licence portfolio comprises numerous former producing mines and associated surface materials, together with sulphide potential.
The company’s hopes to further the agreements with Jubilee Metals Group plc and Bezant Resources plc for all its targets in the country.
The review, completed during last week, involved an assessment of the geology, viability of progression and scalability of future operations and logistics of individual projects.
Jubilee is conducting metallurgical test work under the terms of the option agreement ahead of designing a blueprint for plant design.
The final details of a JV will be determined by the tonnage, grade and origin of feedstock to be delivered by Caerus to a Jubilee-designed processing plant.
Bezant has also completed a high-level review of all projects in the Caerus portfolio and the parties have agreed on work programme priorities.
PRIORITIES
Caerus chief executive Martyn Churchouse said that Jubilee and Bezant’s visits and discussions had achieved a number of results.
“Firstly, the support of our JV partners regarding the overall strategy and way forward has meant we are confident as we launch the next phase of resource development, and a contract has been signed for a diamond drill rig to be delivered to site by the beginning of October.
“Secondly, shareholders will be pleased to know that the emphasis remains on rapid development and the generation of cash flow, with Jubilee guiding the optimisation of the mineral processing pathways.
“Thirdly, the clarity achieved in terms of the overall objectives and priorities means Caerus can refine the resource development plan and shorten the lead time to project development.”