TIDMCMRS
RNS Number : 5632B
Caerus Mineral Resources PLC
11 June 2021
11 June 2021
Caerus Mineral Resources Plc
("Caerus" or the "Company") (Ticker: CMRS)
Completion of Acquisition of PM Ploutonic Resources Limited
Caerus Mineral Resources , the exploration and resource
development company focused on developing mineral resources in
Europe to supply the global "Clean Energy" drive, is pleased to
announce completion of the acquisition of PR Ploutonic Resources
Ltd ("PRL") following shareholder approval given on 28 April
2021.
PRL is a private, Cypriot-registered, exploration and mining
company the acquisition of which provides Caerus with access to a
further suite of advanced copper - gold exploration licences in the
Republic of Cyprus. Each of the three licences, Troulli,
Kokkinapetra and St. Nicholas, has clear evidence of historic
production and all three properties have excellent potential for
discovery of further high-grade VMS copper-gold and epithermal gold
deposits.
Project Summary
The Troulli Project comprises both a former small-scale
high-grade, open pit gold mine last operated in the 1930's, and a
separate open-pit operation that mined a high-grade copper-gold VMS
deposit, ceasing production prematurely in 1974. The Licence area
also hosts a number of dumps and stockpiles with reported grades as
high as 1.5% copper.
The Kokkinapetra Project represents the geological extension of
the Troulli deposits. Gravity concentration of a number of 60kg
bulk samples collected by PRL returned notable quantities of fine
gold. There are also indications of VMS-type copper - gold
mineralisation located beneath the overlying epithermal gold
occurrence.
The St. Nicholas Project comprises two sulphide copper - gold
orebodies partially drilled by Noranda in 1977, returning a peak
intercept of 5m @ 4.82% Cu and 6g/t Au from 11m depth. More
recently, in 2011, Katla (Northern Lion) reported intercepts
including 28.6m @ 1.06% Cu and 4.5g/t Au from 10m depth.
Consideration
The valuation of the transaction between the Company and PRL
remains unchanged from that announced initially. The Consideration
of GBP750,000 is payable through the issue of 3,311,258
restricted-trading, new Ordinary Shares of 0.1p each
("Consideration Shares") at a price of 22.65p per share calculated
using a VWAP based on the 30-trading days following announcement of
the, then conditional, transaction on 08 April 2021.
Exploration Update - Troulli
Since announcing the intended acquisition of PRL in early April,
the Company has conducted further exploration of the key project
area at Troulli both for Due Diligence purposes and to move forward
with assessing the extent and depth of the gold-bearing epithermal
zones and the Volcanogenic Massive Sulphide ("VMS") mineralisation
beneath. Significant progress has been made in this regard and the
Company anticipates updating shareholders in the very near
future.
Martyn Churchouse, Chief Executive Officer of Caerus Mineral
Resources, commented ; "This acquisition represents an important
addition to our licence portfolio. We are especially excited about
the very promising initial exploration observations at Troulli that
indicate the presence of both an epithermal Au deposit and scope
for a further Cu-Au VMS deposit. The objective is to quickly
establish the physical limits of both mineralisation types before
undertaking work to determine a Mineral Resource that, combined
with the mineralised dumps, ore stockpiles and tailings on the
licence, will convert into a stand-alone project that fits the
entry criteria for Jubilee Metals Group under the terms of the
Option Agreement announced on 04 May 2021."
For further information , please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse info@caerusmineralresources.com
Chief Executive Officer +44 (0)1249 782162
--------------------------------
Novum Securities
--------------------------------
Jon Belliss +44 (0) 20 7399 9425
--------------------------------
Follow us on Twitter at @CaerusMineral
About Caerus Mineral Resources
Caerus Mineral Resources is a copper - gold resource development
and exploration company with mineral exploration licences located
in Cyprus, a member of the European Union that operates to English
common law. The Country has a well-developed infrastructure and a
climate conducive to year-round exploration.
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 that operated with an
average head grade of approximately 2% copper equivalent.
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
.
For further information, please visit
www.caerusmineralresources.com or contact:
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