Caerus Mineral Resources PLC (LSE:CMRS) and Bezant Resources PLC (AIM:BZT, FRA:BN5) have selected the Troulli Project as the first asset to be drilled under their joint venture agreement.
The project comprises the Troulli, Kokkinapetra and Anglisides licences. The joint venture (JV) partners will hold site meetings during the first two weeks of September to review the Troulli Project; Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) will also provide input in these meetings.
During the site visit the parties will develop a primary exploration plan, which initially will be reconnaissance, testing depth and strike continuity
A diamond drilling and mineral resource estimation programme will be agreed upon for Troulli along with other detailed sampling programmes specifically for mineralogical and metallurgical test work, bulk sampling, site surveys and preliminary economic assessment leading to a mining plan and processing plant design, Caerus told investors.
"The opportunity to spend time on-site with our partners reviewing the Troulli Project in detail will be invaluable. This represents a significant step in the development of the company,” said Martyn Churchouse, the chief executive officer of Caerus Mineral Resources.
“Our efforts over the past few months to broaden our footprint in the brownfield exploration space in Cyprus with two key acquisitions has resulted in the opportunity to bundle together licences and their associated mineralised surface materials and hard rock resources to create projects that meet the expectations of our preferred partners. Our dual strategy of ‘Waste to Revenue’, the reprocessing of waste materials, tailings and ore stockpiles together with the ongoing delivery of hard rock VMS and gold oxide ores gives us the ideal platform to deliver revenue-generating mineral resources and projects in the shortest possible time-frame,” he added.
Colin Bird, the executive chairman of Bezant, said the Bezant team was looking forward to meeting its new colleagues on-site and getting cracking on a work programme.
"The parties are of the opinion that the Projects they have selected, offer the opportunity for consolidation and growth, whilst being relatively low in funding demands for both exploration and development,” Bird said.
“The parties will also assess the other projects in the option portfolio and establish a ranking for future evaluation, which may well vary based on our experience and how the commodity and precious metals world and prices evolve post-pandemic,” he added.
Shares in Caerus were up 4.6% at 23p in early trades while Bezant’s shares were unchanged.