Caerus Mineral Resources Plc (LON:CMRS) completed the acquisition of PR Ploutonic Resources Ltd, adding three advanced copper-gold exploration licences in the Republic of Cyprus.
The licences - Troulli, Kokkinapetra and St. Nicholas – each host 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, the company said in a statement.
Caerus agreed the deal in April and has now received the backing of shareholders through a vote.
"This acquisition represents an important addition to our licence portfolio,” said chief executive Martyn Churchouse. “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."
The company is paying £750,000 to acquire the licences, paid in shares (3.31mln shares priced at 22.65p each).
In the statement, Caerus highlighted that exploration activity since April conducted for due diligence purposes helped move the project forward, in the assessment of the extent and depth of the gold-bearing epithermal zones and the Volcanogenic Massive Sulphide (VMS) mineralisation beneath.
It said that significant progress has been made and the company anticipates it will update shareholders in the very near future.