Caerus Mineral Resources PLC (LON:CMRS) said drilling started yesterday, ahead of schedule, at its N. Mathiatis project in Cyprus and will continue until a systematic grid of drillholes has been completed over the dumps.
The dumps, estimated at more than 4 million tonnes of material, are being drilled to test for copper and gold mineralisation remaining following the historic mining of the N. Mathiatis pyrite orebody.
“Drilling at N. Mathiatis will provide critical information that will allow us to direct our future efforts to those parts of the dumps that contain recoverable copper and gold mineralisation,” said chief executive Martyn Churchouse.
The dumps located around the rim of the former open pit already display visible copper oxides in various locations together with copper sulphate leachate emanating from the base in some areas, Caerus said.
The company also said that The Mines Department of Cyprus had confirmed that its applications for the Kapedes and Vrechia (Mala) extension licences have been accepted.
The formal granting of the licences is expected to take several months during which time Caerus will start reconnaissance geological mapping and sampling.
“The acquisition of the two new licences is consistent with our strategy of maintaining a good mix of brownfield and greenfield exploration, giving us access to dumps, stockpiles and remnant mineralisation generated by former producing mines whilst also providing the potential upside for new discoveries,” said Churchouse.
The company is targeting Volcanogenic Massive Sulphide mineralisation (VMS) within the Kapedes licence and residual material at the old Kokkinochoma mine.