Caerus Mineral Resources PLC (LON:CMRS) said a phase 2 drill programme has been approved for the Troulli project to broadly define the limits of the gold mineralisation and to drill deeper into the Volcanogenic Massive Sulphide (VMS) deposit.
In an exploration update, Cyprus-focussed Caerus said it was also planning a drill programme to test the various dumps, ore stockpile, tailings and the main VMS sulphide orebody that begins in the base of the current open pit within the Troulli licence, where historic sampling has indicated copper grades for some of the waste resources to be as high as 1.5%.
Caerus also said the N. Mathiatis drill programme continues to progress with nine of the planned 39 holes completed so far.
“The results of our exploration programmes to date have been very encouraging and should provide shareholders with the confidence that exploration funds are being well spent,” said chief executive Martyn Churchouse.
“Whilst work is still ongoing to fully define the scope of our copper-gold resource inventory, current ‘in-house’ estimates are close with our strategic targets. The potential of our Brownfield strategy is becoming evident, and the company remains on track to start building out its resource inventory.”
Caerus said it had made excellent progress with the digitisation of the substantial database inherited by the company and 3-D modelling of former VMS orebodies, drill hole data and prospective geology in the main Kalavasos licenses is underway.