Caerus Mineral Resources PLC (LON:CMRS) and Jubilee Metals Group (LON:JLP) have committed to an immediate pilot sampling and investigation programme at Caerus’s portfolio of copper-gold assets in Cyprus.
The programme is part of the option agreement under the terms of which Jubilee can elect to convert any of the multiple ‘Waste to Revenue’ candidate sites within Caerus’ portfolio into a joint venture.
The programme will be managed on-site by Caerus personnel using Jubilee protocols. Laboratory mineralogical and metallurgical studies will precede a site visit by key Jubilee management, provisionally planned for mid-September.
The field and laboratory mineralogy and metallurgical test programme will, in due course, be succeeded by a further laboratory and analytical schedule leading to swift joint venture decisions on the candidate sites.
Since April Caerus has now identified a significant number of additional potential targets that fit Jubilee’s criteria, with the total number of former mine sites increasing from 14 to 20 within the project areas, all of which are potentially eligible for a single-site Joint Venture arrangement.
Caerus remains firmly committed to its twin-track policy of recovering value from waste at its brownfield sites through future joint ventures with Jubilee while seeking mining opportunities that will yield primary ore for profitable processing.
“I am very pleased to announce the commitment by ourselves and Jubilee to move forward and increase the pace of the programme by using our in-country knowledge and their technological expertise to initially identify priority targets and then ascertain those suitable for joint venture,” said Martyn Churchouse, chief executive of Caerus Mineral Resources.
“We remain in constant dialogue with the Jubilee management team, and it is pleasing that we continue to find ways to move the programme forward and overcome unavoidable delays due to the pandemic.”