Business
Completion of Acquisition of GC Gold Mines
Completion of Acquisition of GC Gold Mines.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9268H\n Caerus Mineral Resources PLC\n 09 August 2021\n \n \n \n \n \n \n \n 09 August 2021\n \n \n Caerus Mineral Resources PLC\n \n \n ('Caerus' or the 'Company')\n \n \n Completion of Acquisition of GC Gold Mines (Cyprus) Ltd (\"GMCL\")\n \n \n \n Caerus Mineral Resources \n \n (LON: CMRS), the exploration and resource development company focused on developing mineral resources in Europe to support the global \"Clean Energy\" initiative, \n is pleased to announce the completion of the acquisition of Gold Mines (Cyprus) Limited (\"GMCL\") for a total consideration of GBP£300,000, funded through the recent disposal of the Black Pine nickel-cobalt project and associated licences as announced on 29 July 2021.\n \n \n Highlights\n \n \n · \n \n 3 new licences acquired hosting a partially delineated Volcanogenic Massive Sulphide (\"VMS\") copper-gold and gold oxide deposits\n \n \n \n · \n \n Due diligence drilling undertaken by Caerus has strongly confirmed the potential for both copper-gold VMS and gold oxide mineralisation\n \n \n \n · \n \n A mining licence application has been submitted for the Anglisides property noted for high-grade gold oxide mineralisation and significant mineralised widths of copper-gold sulphides at, or near, surface\n \n \n \n \n The 3 licences have a legacy of small-scale mining and host ore stockpiles, waste dumps and tailings \n \n GMCL \n is a private, Cypriot-registered, exploration and mining company \n with three additional 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 not only show prominent evidence of unmined resources, but also metal-bearing dumps, tailings and waste stockpiles on-surface. \n \n \n Since agreeing Head of Terms with GMCL, and in advance of completion, the Company has reviewed all the historic exploration data from trenching, pitting and drilling at all three sites, and especially Anglisides where an application for a Mining Licence was submitted to the Mines Department in March 2019.\n \n \n \n Martyn Churchouse, Chief Executive Officer of Caerus Mineral Resources, commented;\n \n \"The Acquisition is another important step i...