Caerus Mineral Resources PLC (LSE:CMRS) has approved a wide-ranging dump assessment programme on its Kalavasos project in Cyprus, following positive assay results that returned significant copper and gold grades.
Representative samples have already been forwarded to Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) for preliminary test work and larger bulk samples have, based on recent assay data, been collected for dispatch.
Work has also commenced to assess previously unexplored gossans found within the five licences that make up the Kalavasos project.
Initial sampling on a small number of gossans has already returned anomalous gold and copper mineralisation, including 0.52% copper and 1.75 grams per tonne.
The five exploration licences that make up the Kalavasos project host 14 former producing high-grade copper mines.
"Dump sampling to date at Kalavasos has been very successful and gives impetus to our ‘Waste to Revenue’ strategy,” said Caerus chief executive Martyn Churchouse.
“There are a considerable number of dumps still to be assessed and the programme is now continuing in parallel with a regional topographic survey that will enable the company to build tonnage estimates to complement grade data. Representative samples have been collected for test work by Jubilee Metals Group with a view to optimising metal recovery processes. The assessment of mineralised gossans is part of the mid-term programme at Kalavasos which will ultimately produce a list of prioritised targets for detailed follow-up as part of the broader programme to define VMS-type copper resources for future development."