Caerus Mineral Resources plc reported further anomalous gold values in the waste dumps at Mala in Cyprus.
RESULTS
Hand auger sampling of mine waste dumps returned anomalous gold grades.
Caerus said that 80% of the total number of gold assays received returned anomalous results above 0.29g/t gold.
| Percentage of samples exceeding the required grade (%) | Grade (g/t Au) |
| 14.5 | >1.0 |
| 58.0 | >0.49 |
| 88.0 | >0.29 |
COPPER ANALYSES
Caerus’s exploration team will continue its evaluation with the excavation of trenches to extend the depth profile of the dumps and at the same time estimate the volume.
The company is also due to receive copper analyses from the same dump material which might provide an additional revenue stream.
MALA & ST NICHOLAS
The Mala project comprises the Mala and St Nicholas licences in western Cyprus.
The key focus is on the historic Mala pyrite and St Nicholas mines, with both indicating large remnant sulphide-based deposits and significant on-surface deposits.
Caerus said that the Mala pyrite mine is reported to have produced more than 200,000 tonnes of ore, including 80,000t at 0.55% copper.
The target area has numerous volcanic vent structures, synonymous with volcanogenic massive sulphide (VMS) systems.
The deposit remains exposed within the historic open pit, and a 1994 report estimated a non-JORC (2012) ore reserve of 200,000 tonnes.
DUMP AND TAILINGS
The company added that the site hosts an estimated 500,000 tonnes of ore stockpiles, mine dumps and tailings.
The dump materials recently underwent on-site testing for gold and base metal grades as possible future sources of low-grade leachable feedstock.