Business
Acquisition of Cyprus Gold Mines Ltd
Acquisition of Cyprus Gold Mines Ltd.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2352D\n Caerus Mineral Resources PLC\n 28 June 2021\n \n \n \n 28 June 2021\n \n Caerus Mineral Resources PLC\n \n \n ('CMRS' or the 'Company')\n \n \n Acquisition of Cyprus Gold Mines\n \n Ltd\n \n \n \n Caerus Mineral Resources, (LSE: CMRS) the exploration and resource development company focused on developing mineral resources in Europe to supply the global \"Clean Energy\" drive, is very pleased to announce an agreement on Heads of Terms for the acquisition of Cyprus Gold Mines Ltd (\"CGML\"), known currently as P.Von-de-Tsianos Gold Mines Ltd (\"PVTGM\").\n CGML is a private, Cypriot-registered, exploration and mining company that holds three advanced copper - gold exploration properties, each with a mining history and excellent potential for discovery of further high-grade, copper-gold Volcanogenic Massive Sulphide (\"VMS\") and epithermal gold deposits. The Anglisides, Pano Lefkara and Layia licences show not only prominent evidence of unmined resources, but also copper-gold bearing oxide and waste stockpiles on-surface.\n Preliminary feasibility studies conducted by CGML for gold recovery from surface waste without the use of cyanide, will be inherited by the Company and fast-tracked to feasibility.\n The CGML assets are at an advanced stage, with one Exploration Licence, Anglisides, having been submitted for conversion to a Mining Licence.\n Highlights\n Anglisides Licence\n \n · \n Mined in 1936 at average grades of 5.98% Cu, 24.5g/t Au and 86.4g/t Ag\n \n \n · \n Recent PVTGM exploration focusing on gold mineralisation in surface gossan returned grades of 4.4g/t Au for channel samples, 3.9g/t Au for pits and 2.10g/t Au for short drillholes\n \n \n · \n Waste dump sampling peak grades of 50.1g/t Au, 44.1gt Ag, 9.4% Zn and 0.35% Cu\n \n \n · \n External consultant review commissioned by Caerus concluded:\n \n \n o \n Cu sulphide mineralisation beneath the gossans is underexplored\n \n \n o \n Future evaluation should target VMS-type Cu - Au sulphide mineralisation already known to extend over a substantial strike length at grades of >1% Cu and 2g/t Au\n \n Pano Lefkara Licence\n \n · \n Comprises a full suite of mineralisation styles characteristic of a Cyprus-type VMS setting\n \n \n · \n High-grade surface gold gossan, Cu - Au sulphide and substantial package widths of Cu-bearing stoc...