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Shares of Caerus Mineral Resources PLC (LON: CMRS) on positive updates regarding its dump evaluation program of its Kalavasos Project in Cyprus.
The mining and mineral exploration company revealed that initial assay results had shown significant copper and gold deposits.
Some of the impressive assay results from the program include 0.52% Copper and 1.75g/t gold deposits with 85% of the samples collected containing anomalous gold deposits.
Caerus has forwarded representative samples to Jubilee Metals for preliminary testing while the company prepares larger samples for more detailed analysis.
The firm is currently exploring other gossans found within its five license areas with initial sampling showing that they contain gold and copper deposits.
The Kalavasos project contains 14 former high-grade copper mines with approximately eight distinct dump areas that contain gold and copper deposits due to the less advanced mining technologies used in the past.
Caerus could also discover new copper and gold deposits within the area, which could create new revenue streams for the company.
Martyn Churchouse, Caerus Mineral’s CEO, said: “Dump sampling to date at Kalavasos has been very successful and gives impetus to our “Waste to Revenue” strategy. There are a considerable number of dumps still to be assessed and the programme is now continuing in parallel with a regional topographic survey that will enable the Company to build tonnage estimates to complement grade data.
“The assessment of mineralised gossans is part of the mid-term programme at Kalavasos which will ultimately produce a list of prioritised targets for detailed follow-up as part of the broader programme to define VMS-type copper resources for future development”.
Caerus Mineral share price.
Caerus Mineral's share price edged 4.35% higher to trade at 24p, rising from Friday’s closing price of 23p.
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