Critical Mineral Resources PLC Regulatory News (CMRS)

04 May 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Mala Project Gold Assays from recent drill programme

Caerus Mineral Resources (LON: CMRS), the Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources to support the global "Clean Energy" initiative, is pleased to provide an update on recent auger drilling and pitting on the Mala Project in Cyprus. 

Highlights

· Hand auger drilling and pitting results for the Mala pyrite dump has returned consistently anomalous gold assay results

· 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

· A combination of pitting and hand auger drilling can only penetrate to an approximate depth of 2 to 3 metres in the dense pyrite-rich dump material. The dump is approximately 150m x 140m x 25m metres and mineralisation is anticipated throughout.

· A percussion drill rig will undertake closer spaced vertical drilling to the base of the dump to provide sufficient sample density and assays for an initial Mineral Resource Estimate.

Martyn Churchouse, Chief Executive Officer said "Our previous announcement in March of this Year of the discovery of consistent gold grades in the Mala pyrite dump has been verified by these highly promising auger drill and pit results. We would expect the gold to be distributed throughout the dump and, it remains to be seen whether the residual grades in the older material towards the base of the dump are higher owing to historic inefficiencies at the time of plant start-up. With each of our brownfield sites we aim to de-risk resource development by delineating as early as possible in the project development process, a potential resource that can provide the foundation for the building of a larger mineral resource sufficient to sustain a stand-alone operation. 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".

Mala Sampling Programme

The gold-bearing pyrite dump is a consolidated mass which is difficult to penetrate due to the high pyrite content. The Exploration Team resorted to the excavation of 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. The individual samples were split, and a representative sample dispatched to an independent assay laboratory for gold and copper analysis. Future assessment of the dump will in all likelihood be done using a percussion drill rig with the capacity to drill vertical holes to the base of the dump.

For further information, in relation to the Company, please visit www.caerusmineralresources.com or contact:

Qualified Person The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman who is the exploration manager and now COO of Caerus. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos Naturales SAC, an independent geological consultancy established in 2015 and is a Member of the Australasian Institute of Geoscientists (A.I.G.) 

Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.