Caerus Mineral Resources plc said hand augur drilling and pitting had returned consistently anomalous gold assay results from the Mala pyrite dump in Cyprus.
MALA
The gold-bearing pyrite dump is a consolidated mass difficult to penetrate due to the high pyrite content.
Caerus’ exploration team excavated a hand dug pit followed by hand auger drilling from the base of the pit to provide a combined sample depth or approximately 1 to 1.5m.
Individual samples were split, and a representative sample dispatched for gold and copper analysis.
Caerus said that future assessment of the dump would likely involve a percussion drill rig to drill vertical holes to the base of the dump.
RESULTS
The company reported peak gold grades of 9.9g/t Au, 1.9g/t Au, 1.3g/t Au and 1.2g/t Au.
A total of 55 auger holes and pits returning gold grades from 0.1to 9.9g/t Au.
Caerus added that combined pitting and hand auger drilling could only penetrate to an approximate depth of two to three metres in the dense pyrite-rich dump material.
The dump is 150m x 140m x 25m and the company anticipates mineralisation throughout.
POTENTIAL
Chief executive Martyn Churchouse added that the company had yet to determine whether the residual grades in the older material towards the base of the dump were higher owing to historic inefficiencies.
“We know that there is a near-surface copper-gold mineralised sulphide body that has been partially drilled-out in the former Mala open pit and we anticipate the discovery of further sulphide bodies as exploration steps out around the former mine.
“The potential gold resource in the pyrite dumps combined with the known sulphide body is an excellent start and provides the confidence we need to commit to further detailed resource development.
“The exploration team has set an initial target of 16 – 20,000oz Au for the pyrite-gold dump to which we would expect to add copper-gold tonnage from sulphide bodies found within the licence.”