Caerus Mineral Resources plc reported total hard rock resource estimate of 4.9 million tonnes at its joint venture copper-gold project with Bezant Resources plc in Troulli, Cyprus.
DATA
The input databases for the waste dumps and hard rock estimates included:
– 72 diamond and open hole percussion drillholes, totalling 3,393.30 metres and 208 trench channels for 692.17m.
At a selected cut-off grade of 0.5% Cu, the company established a hard rock resource estimate of approximately 2.7Mt at a Cu equivalent grade of 0.74% CuEq (0.51% Cu and 0.26 g/t Au).
HARD ROCK ESTIMATE
Caerus said that total hard rock JORC (2012) resource estimate of 4.9Mt is at 0.41% Cu and 0.2 g/t Au for 20,000t Cu metal and 31,000 oz Au, from a cut-off grade of 0.26% Cu equivalent.
The hard rock estimate is comprised of:
– indicated 260,000t at 0.18% Cu and 0.91 g/t Au for 460t Cu and 7,700 oz Au
– inferred 80,000t at 0.14% Cu and 0.47 g/t Au for 260t Cu and 2,800 oz
– inferred 4.4Mt at 0.43% Cu and 0.14 g/t Au for 19,000t Cu and 21,000 oz Au
– inferred waste and tailings dump resources of approximately 93,000t at 0.76% Cu and 0.12 g/t Au for 710t Cu and 360 oz Au.
PROGRAMME
The company plans to upgrade and expand the mineral resource and complete metallurgical test work.
It will also conduct environmental baseline studies and the environmental and social impact assessment, continue development of a mine plan and apply for a mining licence.
ANGLISIDES
The near-term programme will include continued resource development and the further expansion of the larger Troulli deposit.
Caerus will drill the Anglisides satellite project to provide feedstock to the Troulli processing plant for extraction of both copper and gold.
KOKKINOPETRA
The company will conduct further work to evaluate the Kokkinopetra project which lies 1.5km from Troulli.
Caerus also plans to complete infill drilling to upgrade the recently announced mineral resource.
OPTIMISATION
Chief executive Martyn Churchouse said the initial MRE was a significant step to becoming a producer with Troulli potentially generating the company’s first revenue.
“With Bezant now committing to mine design, we are able to move to the next stage in the metallurgical test work and plant configuration process.
“Once we have guidance on likely annual plant capacity we will be able to marry resource tonnes to throughput and start the process of optimisation and providing detail of targeted metal production.”