Last checked at 14 Sep 2021 07:00
14 September 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Option Agreement(s) Update
Caerus Mineral Resources (LON: CMRS), the exploration and resource development company focused on developing mineral resources in Europe to support the global "Clean Energy" initiative, is pleased to provide Shareholders with an update on Jubilee Metals Group plc ("Jubilee") and Bezant Resources plc ("Bezant") Option and prospective Joint Venture ("JV") Agreements.
An on-site review of all the targets within the Company's Cyprus-based portfolio with its Option Agreement partners was completed successfully during the week commencing 6 September 2021. The extensive and detailed review provided the opportunity to assess individual projects in terms of the geology, viability of progression and scalability of future operations and logistics. The Company's brownfield licence portfolio, with numerous former producing mines and associated surface materials, together with sulphide potential provides significant optionality for project design and in particular optimisation of future metallurgical processing and metal recovery.
The thorough programme of metallurgical test work being undertaken by Jubilee under the terms of the Option Agreement, is progressing well and will continue to identify and optimise mineral processing options, leading to a blueprint for plant design. The final details of a JV will be determined by the tonnage, grade and origin of feedstock to be delivered by Caerus to a Jubilee-designed processing plant.
Furthermore, Bezant has completed a high-level review of all projects in the Caerus portfolio and the parties have agreed on work programme priorities. The Caerus exploration team will deliver to the future Joint Venture Management Committee a detailed work programme, schedule and budget in parallel with a league table prioritising resources for development. The commencement of work programmes is imminent.
Commenting on the site visit and Joint Venture Agreements, Chief Executive Officer Martyn Churchouse; "Over the past week, Caerus and our colleagues at Jubilee and Bezant have made significant progress towards the development of our Cypriot portfolio. The visit and subsequent discussions have achieved a number of results. Firstly, the support of our JV partners regarding the overall strategy and way forward has meant we are confident as we launch the next phase of resource development, and a contract has been signed for a diamond drill rig to be delivered to site by the beginning of October. Whilst the scout drilling programme the Company has been undertaking these past 3 months has proved invaluable, the generation of drill core will provide us with better quality samples, the ability to complete NI 43-101 Mineral Resource Estimates and provision of samples for detailed metallurgical test work. Secondly, shareholders will be pleased to know that the emphasis remains on rapid development and the generation of cash flow, with Jubilee guiding the optimisation of the mineral processing pathways. Thirdly, the clarity achieved in terms of the overall objectives and priorities means Caerus can refine the resource development plan and shorten the lead time to project development. We look forward to updating shareholders as we continue to advance our collaborative programme."
For further information, please visit www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc: | |
Martyn Churchouse Chief Executive Officer | info@caerusmineralresources.com +44 (0)1249 782162 |
Novum Securities | |
Jon Bellis | +44 (0) 20 7399 9425 |
Follow us on Twitter at @CaerusMineral
About Caerus Mineral Resources
Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value.
With investors recognising copper as one of the cornerstone metals for the Clean Energy Transition centred upon the Electric Vehicle and Stationary Energy sectors, Caerus is working to rapidly expand its copper exploration and production objectives. The Caerus licence portfolio includes 16 former mines which operated with an average head grade of approximately 2% copper.
Caerus' licence portfolio comprises brownfield sites, where historic mining has taken place, and greenfield licences, where there has been no systematic exploration. The Brownfield sites and the former high-grade copper-gold mines they host are evidence of rock types and structures conducive to Volcanogenic Massive Sulphide ("VMS") mineralisation. As VMS deposits characteristically occur in camps or clusters, it is the Company's view that its licences are prospective for both extensions to existing or mined-out orebodies together with new discoveries.
The combination of brown and greenfield exploration provides optionality and the opportunity for the Company to quickly build a resource portfolio that can be commercially developed.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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