Business
Completion of PM Ploutonic Resources Acquisition
Completion of PM Ploutonic Resources Acquisition.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5632B\n Caerus Mineral Resources PLC\n 11 June 2021\n \n \n \n \n 11 June 2021\n \n \n \n \n \n Caerus Mineral Resources Plc\n \n \n \n \n \n (\"Caerus\" or the \"Company\") (Ticker: CMRS)\n \n \n \n \n \n Completion of Acquisition of PM Ploutonic Resources Limited\n \n \n Caerus Mineral Resources\n , the exploration and resource development company focused on developing mineral resources in Europe to supply the global \"Clean Energy\" drive, is pleased to announce completion of the acquisition of PR Ploutonic Resources Ltd (\"PRL\") following shareholder approval given on 28 April 2021.\n \n \n PRL \n is a private, Cypriot-registered, exploration and mining company\n the acquisition of which provides Caerus with access to a further suite of advanced copper - gold exploration licences in the Republic of Cyprus. Each of the three licences, Troulli, Kokkinapetra and St. Nicholas, has clear evidence of historic production and all three properties have excellent potential for discovery of further high-grade VMS copper-gold and epithermal gold deposits.\n \n \n Project Summary \n \n \n The Troulli Project comprises both a former small-scale high-grade, open pit gold mine last operated in the 1930's, and a separate open-pit operation that mined a high-grade copper-gold VMS deposit, ceasing production prematurely in 1974. The Licence area also hosts a number of dumps and stockpiles with reported grades as high as 1.5% copper. \n \n \n \n \n \n The Kokkinapetra Project represents the geological extension of the Troulli deposits. Gravity concentration of a number of 60kg bulk samples collected by PRL returned notable quantities of fine gold. There are also indications of VMS-type copper - gold mineralisation located beneath the overlying epithermal gold occurrence. \n \n \n \n \n \n The St. Nicholas Project comprises two sulphide copper - gold orebodies partially drilled by Noranda in 1977, returning a peak intercept of 5m @ 4.82% Cu and 6g/t Au from 11m depth. More recently, in 2011, Katla (Northern Lion) reported intercepts including 28.6m @ 1.06% Cu and 4.5g/t Au from 10m depth. \n \n \n \n Consideration\n \n \n \n \n \n The valuation of the transaction between the Company and PRL remains unchanged from that announced initially. The Consid...