Caerus Mineral Resources PLC said samples taken from historic mine waste dumps at the Mala project in western Cyprus returned gold grades that could be economically recoverable.
“The consistent presence of anomalous gold values in the Mala waste dumps is an exciting discovery that warrants further follow-up,” said chief executive Martyn Churchouse.
“The exploration team will continue the evaluation with the excavation of trenches to extend the depth profile of the dumps and, at the same time, generate the necessary information for the estimation of volume.”
The London-listed company said 80% of the gold assays received had returned gold grades above 0.29 grammes a tonne (g/t), with 14.5% of the results showing grades above 1.0 g/t.
“Representative samples will be sent for metallurgical test work to confirm the underlying grade and potential recovery of gold from this waste material,” said Churchouse.
The Mala project includes the historic Mala and St. Nicholas mines and also hosts an estimated 500,000 tonnes of ore stockpiles, mine dumps and tailings.
Recent on-site testing of the dump materials was undertaken to assess both gold and base metal grades as possible future sources of low-grade leachable feedstock.
“The Mala dumps clearly demonstrate the potential for substantial economically recoverable material at historical operations,” said Churchouse.
“The very nature of this waste, having already been mined and partially processed, reduces the need for expensive mining and processing costs and, therefore, more opportunity to develop further viable mineral resources from historic stockpiles, mine dumps and tailings."
Caerus said it also expects to receive copper analyses from the same dump material, which, subject to grade, may provide an additional revenue stream.
Mala does not form part of the joint venture with Bezant Resources PLC (AIM:BZT), but is still subject to possible future test work as part of an agreement with Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF).