Metals & Minerals News

Caerus ‘very encouraged’ by Kalavasos results

Caerus Mineral Resources plc reported results of residual gold in dumps and in new targets at the Kalavasos project licences in Cyprus.

Volume: Platies mine, looking northeast, at the Kalavasos project area (Caerus Mineral Resources)

KALAVASOS

The project consists of five Kalavasos licences and the Pano Lefkara and Layia licences.

The area includes several abandoned mines including Platies, associated waste dumps and exposed gossans.

Caerus said that widespread ancient mine workings and slag dumps remain from pre-Roman era exploitation.

In many cases, strong gossanous alternation at surface was also targeted for gold and silver.

RESULTS

Caerus said that the first batch of grab samples from recent exploration near the Platies Mine area returned peak gold assays of 7.65g/t Au, 2.83g/t Au and 2.74g/t Au.

Corresponding copper grades peaked at 0.48% Cu.

The company added that the results warranted further detailed follow up, including scout drilling, and has planned a comprehensive programme of work.

Sample ID Type Description Grade (g/t Au) Grade (% Cu)
19071GrabGossan0.160.08
19072GrabMixed waste dump1.230.37
19073GrabMixed waste dump2.830.34
19074GrabMixed waste dump0.410.18
19075GrabSlag fragments0.440.28
19076GrabMixed waste dump2.740.15
19077GrabMixed waste dump0.880.48
19078GrabWaste Dump – Old Workings0.430.35
19079GrabLeached Sulphide Zone – Platies pit 7.650.11
19080GrabKaolinite alteration Platies pit0.080.70
19081GrabFrom Platies pit NW1.390.14
Table 1: Grab Sample Type, Location and Grades – Kalavasos licences (Caerus Mineral Resources)

SIGNIFICANT SCOPE

“Preliminary results from grab samples across various sites within the suite of Kalavasos licences has returned very encouraging results particularly for the presence of both residual gold in dumps and in new targets,” said chief executive Martyn Churchouse.

“Kalavasos hosts 14 former producing mines and as such there is a large volume of surface material that needs to be assessed that could contain residual copper and gold values.

“From work undertaken by Caerus to date and further validated by these new results, there appears to be significant scope to build a gold resource based initially around dump and stockpile material and subject to further investigation other hard rock sources.”