Caerus Mineral Resources PLC (LSE:CMRS) and Bezant Resources PLC (AIM:BZT) announced a maiden resource estimate for their Troulli joint venture project in Cyprus.
The project has an estimated total hard rock resource of about 4.9 million tonnes (Mt) at 0.41% copper and 0.2 grammes a tonne (g/t) gold for 20,000t of copper metal and 31,000 ounces (oz) of gold, including 460t of copper and 7,700oz of gold at the higher indicated level.
The project also has inferred waste and tailings dump resources of approximately 93,000t at 0.76% copper and 0.12 g/t gold for 710t of copper and 360oz of gold.
"We are delighted with the maiden mineral resource estimate for Troulli that provides the joint venture with the foundation for the continued expansion of the resource as we drill out other known targets located along the 1.5km strike length between Troulli and Kokkinopetra,” said Caerus chief executive Martyn Churchouse.
“This is a significant step along the road to becoming a producer with the future development of Troulli potentially being our first revenue event. With Bezant now committing to mine design, we are able to move to the next stage in the metallurgical test work and plant configuration process.”
At a cut-off grade of 0.5% copper, the project has a hard rock resource estimate of about 2.7Mt at a copper equivalent (CuEq) grade of 0.74%.
“Early indications from metallurgical test work suggest that the lower grade hard rock resource, that below the 0.5% CuEq cut-off may be amenable to low-cost heap leaching adding significantly to the total hard rock resource by a further 2.5 million tonnes,” said Churchouse.