Caerus Mineral Resources plc today announced progress across its copper-gold operations, bulk waste materials project and in its search for new volcanogenic massive sulphide (VMS) opportunities in Cyprus.
The company said it was also in advanced discussions over three “highly prospective” copper-gold sites, and one with a new mining licence application under active consideration by the Cyprus Government.
Caerus has two objectives in Cyprus: to create a platform for its ‘ waste to revenue’ strategy and an exploration programme alongside locating new VMS opportunities for future exploitation.
OPERATIONS
At its project in North Mathiatis, the company said it had completed 24 of 39 short percussion drill holes of 442 metres into the 4Mt copper-bearing waste stockpiles, with the programme due to end of May 2021.
Caerus aims to establish the commercial prospects for a ‘waste to revenue’ reprocessing operation to support the drive for clean energy.
Site preparation at Troulli continues ahead of the drill programme on the epithermal gold oxide resources and copper sulphide VMS target.
Approximately 350m of percussion drilling is planned at four to five locations.
DISCUSSIONS
At Mala, the company is in talks with external consultants and advisers to establish a maiden NI 43-101 copper resource estimate and how to exploit profitably the company’s smaller, high-grade assets.
Caerus is also prioritising prospective copper-gold joint venture (JV) projects as it re-assesses each of its 16 candidate sites against Jubilee Metals Group JV criteria.
The company expects to complete acquisition of PR Ploutonic Metals within the next three weeks following delays due to Covid-19.