Caerus Mineral Resources PLC said it signed an 18-month extension to the option agreement with Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF), enabling the companies to benefit from the highly prospective new licences and assets recently acquired by Caerus.
The extension allows them both to continue to assess the multiple waste stockpiles bearing residual copper and gold from the 16 mines that operated historically on Caerus' concessions, and the sulphide resources occurring either as residual ore left by previous operators or newly discovered mineralisation where Caerus is currently undertaking exploration and resource drilling.
Caerus said good progress has been achieved during the initial option period and the companies have jointly identified dumps and properties that warrant further detailed investigation with a view to forming a joint venture for development.
The main focus remains the Troulli - Kokkinapetra project in Cyprus where both companies are working towards a possible joint venture early in 2022.
Last week, Caerus signed a joint venture agreement with Bezant Resources PLC covering the Troulli copper-gold project.
READ: Caerus Mineral and Bezant Resources sign JV deal for Troulli copper-gold project
"The main focus of our Waste to Revenue development remains the Troulli project and a large number of samples are currently being assayed whilst bulk samples are subject to metal recovery test work by Jubilee," said Caerus chief executive Martyn Churchouse. "Very good progress has been made and we look forward to a swift and positive conclusion comprising a first joint venture with Jubilee."
"In this context, plans have been made for a team of Jubilee engineers to visit site before the end of November. The positive feedback from initial test work and the innovative approach adopted by Jubilee has incentivised Caerus to review and assess a much wider range of resource types than originally targeted. Both oxide and sulphide mineralisation are under the spotlight and the number of potential targets has increased significantly.
"The extension of the option period provides Caerus with the ability to complete more detailed reconnaissance on the enlarged suite of licences including the collection of samples from the recent major trenching exercise and ongoing drilling. This will provide Jubilee with the raw materials required for their extended metallurgical test work programme," he said.