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Caerus Mineral sees drilling on N. Mathiatis copper-gold project significantly ahead of schedule

Caerus Mineral Resources PLC (LON:CMRS) said drilling will start significantly ahead of schedule on its two licences at the N. Mathiatis copper-gold project in Cyprus.

The programme is designed to identify copper and gold mineralisation within the dumps generated by historic mining on the licences, starting with the former high-grade pyrite copper-gold N. Mathiatis deposit.

Holes to an average depth of 30m will be drilled on a grid pattern over N. Mathiatis dumps and stockpiles, providing Caerus with a broad indication of mineral content in a low-cost and quick to implement manner, the company said.

Drilling is expected to start once the site is ready for the drill rig, which is anticipated to be in early April 2021. 

“The fact that the company is commencing drilling operations only a few weeks after listing reflects the advanced nature of many of our projects located on licences that host more than half of the former producing mines in Cyprus,” said chief executive Martyn Churchouse.

“The exploration and evaluation of dumps is often speculative, and this Dump Evaluation Drilling Programme is a cost-effective way of testing potential without compromising either the quality of geological information generated or the budget. 

“The programme will use short-hole percussion drilling to begin to de-risk the opportunity for near-term production by establishing whether sufficient copper-gold mineralisation occurs in dumps to warrant more detailed follow-up and evaluation,” he added.

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