24 February 2022

Caerus Mineral Resources PLC ("Caerus") & Bezant Resources PLC ("Bezant") 

Cyprus Joint Venture Update 

Caerus Mineral Resources (LON: CMRS) and Bezant Resources (AIM: BZT), the exploration and resource development companies (the "Companies") with a Joint Venture ("JV") focused on the Troulli Mine Development Project and other copper-gold JV targets in Cyprus, are pleased to advise Shareholders that independent laboratory assays have been received for both dump sampling and drilling for the Troulli, Kokkinapetra and Anglisides JV Projects.  

Highlights

·      Troulli Project: stockpile sampling average grade of 1.2% Cu; tailings sampling at double projected grade; and positive copper and gold mineralisation drill results outside main Troulli deposit area

o  Troulli stockpile sampling has returned a consistent average copper grade of 1.2% Cu over more than 639 metres of trenching with sections sampled at 5 metre ("m") intervals.

o  Troulli tailings sampling over 44 metres has returned an average grade of 0.4% Cu and 0.2g/t Au, double the projected grade and provides a further easily accessible low-cost resource for early cash flow.

o  Drilling on the fringes of the Troulli deposit has extended the surface profile of both copper and gold mineralisation with peak intercepts including:

§ TR21DD007: 0.86% Cu eq over 15.6m from 67.1m

§ TR21DD013: 1.21g/t Au over 21.8m from 2.7m

§ TR21DD014: 0.77% Cu eq over 37.1m from 0.0m

§ TR21DD014: 0.8g/t Au over 15.2m from 0.0m

§ TR21DD017: 0.50g/t Au over 35.5m from 0.0m

§ TR21DD017: 1.0% Cu eq over 16.05m from 15.05m

§ TR21DD018: 0.50g/t Au over 36m from 5.2m

§ TR21DD018: 0.60% Cu eq over 39.4m from 4.0m

§ TR21DD019: 0.65% Cu over 16.9m from 21.6m

§ TR21DD019: 0.8g/t Au over 10.4m from 0.0m

·      Kokkinapetra Project: Drilling of the 1.5km strike length of the Kokkinapetra extension of the Troulli deposit returned extremely encouraging drill results including 0.85% Cu eq over 28.10m from surface, 1.0g/t Au over 10.8m and 0.66% Cu eq over 29.2, also from surface. Ground geophysical survey will now be conducted to better define the next round of drill targets.

·      Anglsides Project: Validation drilling of the Troulli satellite project, Anglisides returned equally encouraging results with a peak intercept of 1.18% Cu eq over 40m from surface. A more comprehensive drilling programme will now be undertaken with the objective of defining a high-grade resource that can be processed off-site at the future Troulli plant site. 

·      Chief Operating Officer Appointment: The Board of Caerus is pleased to announce the appointment of Nigel Chapman as Chief Operating Officer for Caerus's Cypriot operations.

Martyn Churchouse, Chief Executive Officer of Caerus said "The recent results are very encouraging on a number of levels.

Troulli project stockpile assays have met expectations and confirm Caerus's view that they represent an ideal target for early treatment to generate cash flow to meet a significant proportion of the anticipated capital cost of the processing plant. The ability to meet the bulk of capital costs upfront provides a lot more flexibility with regard to the subsequent mining and processing of hard rock and lower grade dump material.

Troulli project drill results from the outer limits of the Troulli deposit indicate it is larger than anticipated and, in some cases, requires further step-out drilling to close off mineralisation. We will be looking to include these and historic holes with the objective of defining a global Mineral Resource.

Kokkinapetra project: The 1.5km strike length between Kokkinapetra and Troulli is potential upside to the Troulli Project. We have now proven that evidence of mineralisation at surface can be backed up with positive copper and gold drill intercepts and it remains to complete more detailed mapping and a ground geophysical survey in order to generate drill targets.

Anglisides project: We have mentioned previously, the perceived value of moderate sized high-grade partially drilled out deposits at localities such as Anglisides, St. Nicholas and Mala and the recent drilling at Anglisides has validated this view.

We now plan;  i) to complete a more detailed drill programme at Anglisides with the objective of defining a Mineral Resource for this project and to provide sufficient information for metallurgical test work; ii) a preliminary economic assessment , also at Anglsides, with a view to future off-site processing at Troulli; and iii) Exploration and resource development on many fronts.  We have increased our in-country technical staff complement to meet the increased workload and work is now underway on 5 separate projects and further updates can be anticipated.  I am delighted to say that we have appointed Nigel Chapman as COO of Caerus to manage Cypriot operations. Whilst the COO role is not a board level position, we have given Nigel responsibility for all aspects of day-to-day management of exploration in Cyprus."

Colin Bird, Chief Executive Officer of Bezant said "These results are highly encouraging in whichever way you look at them.  We have good results from our stockpiles and tailings and extensions to primary copper are significant and will extend our known resources for mine planning purposes.  

I am particularly encouraged by the Kokkinapetra extension of the Troulli deposit. Since, drilled mineralised intervals were significant and consistent.  With the widths being experienced, we have potential to build up considerable tonnage between the two deposits. 

Our initial foray into Anglisides, again show considerable mineralised intervals at good grades.  

The potential to link these two areas is evident and will be included in our project planning.  We intend to carry out an outline scoping study to define the annual tonnage and grade, whilst determining capital and operating cost.  The results to date, underpin our prognosis and expectations for initial joint venture producing some 8,000 tonnes of copper for 8-10 years.

However, this being the objective, we will not be blinkered in our approach, since the combined scenario may present an opportunity for a bigger operational plan, which if evident, we will pursue."

Troulli project: Detailed assay and drilling results

Preliminary trench assay results have been received for several dumps and tailings on the Troulli site.

TROSP (Main) Stockpile

Results have been received for 6 trenches excavated across the stockpile over a combined sample length of 512 metres. The cumulative average copper grade, based on average grades of representative channel samples taken at 5m intervals along each trench returns a grade of 1.20% Cu over 2.6m.  

Peak assay intercepts over selected horizons within each sample profile returned copper grades of 5.84% Cu over 0.35m, 5.51% Cu over 0.2m, 5.49% Cu over 0.30m, 5.22% Cu over 0.35m, 5.01% Cu over 0.50m, 4.98% Cu over 0.35m, 4.84% Cu over 0.20m and 4.7% Cu over 0.25m. The results confirm the delineation of a significant zone with a consistent grade across all sampled surfaces underpinned by high-grade zones of copper enrichment providing an opportunity for the Companies to prioritise an easily accessible, low mining and processing cost asset with scope to cover a significant upfront portion of the cost of processing plant capital.

Junction Stockpile

Results have been received for 4 trenches excavated to an average depth of 3.4 metres over a combined sample length of 127 metres returning a cumulative average copper grade of 1.3% Cu over 3.4 m. Peak assay grades over specific horizons within sampled profiles included 4.81% Cu over 0.75m, 4.79% Cu over 1.0m, 4.35% Cu over 0.5m, 4.17% Cu over 0.65m, 4.0% Cu over 0.3m, 3.99% Cu over 0.7m, 3.95% Cu over 0.6m and 3.6% Cu over 0.15m.

Similarly to the TROSP Stockpile, the Junction resource represents another target that can be mined and processed at low-cost to quickly generate early-stage cash flow.

Tailings ("Trails Tailings")

Two trench excavations across the Trails Tailings over a combined sample length of 44 metres returned an average Cu grade of 0.4% Cu and 0.2g/t Au over 2.6 m. Peak intercepts achieved during sampling of tailings included 3.03% Cu and 0.2g/t Au over 0.1m, 2.04% Cu and 0.4g/t Au over 0.25 m and 1.48% Cu and 0.2g/t Au over 0.15m. The average tailings grade significantly exceeds expectations returning a grade that is double that anticipated. Tailings grades are indicative of another easily accessible and mineable asset that can further contribute to early-stage cash flow. 

Troulli Drilling

Results have been received for a 6-hole drill programme to specifically test the margins of known mineralisation and to determine the likely limits of future ore.

TR21DD006 and TR21DD007 were drilled on the western margin of the gold Oxide Zone with TR21DD006 75m beyond the known limits of mineralisation.  Results indicate that the western limit of the Gold Zone has been reached although a further hole will be planned to test the 75m intervening strike length as the geological model suggests mineralisation extends into this area.

Geological logging of drill core within the past 4 weeks has also indicated that both copper and gold mineralisation could extend to the west and north-west and appears to dip under cover in this direction. (This would extend Cu/Au mineralisation between TR21DD007,019, 021 TR22DD022 and TR21DD006 to the west).

TR21DD017, 018 and 019 have extended the Gold Zone and underlying copper sulphide zone beyond previous limits and demonstrate the presence of copper-gold mineralisation from surface to a depth of approximately 60m and an additional 100m along strike.

Infill drilling is continuing to define additional mineralisation particularly around the high-grade core of the deposit and in an area between the former open pit and more recent discovery where additional mineralisation appears to be present.  

All drill and assay data is being added to the geological and Mineral Resource models being generated by external consultants.

Kokkinapetra - Troulli Extension Project: Detailed assay and drilling results

The Kokkinapetra - Troulli Extension Project offers potential for an expansion of the Troulli deposit resource over an additional 1.5km of strike length. Three holes were drilled, TR21DD010, 011 and 012, both returning highly encouraging results that clearly indicate the presence of copper and gold mineralisation associated with gossans that link Kokkinapetra to Troulli. These results have important implications for the potential expansion of the Troulli Project and as a result, the Companies have commissioned a ground geophysical survey to locate structures most likely to focus copper and gold mineralisation and to identify areas of sulphide concentration that may have a copper association. It is important that work is completed on the Kokkinapetra Target as soon as possible as results could determine the future capacity requirement of the planned processing plant.

Anglisides project: Detailed assay and drilling results

Anglisides represents a satellite project targeting high-grade copper - gold mineralisation suitable for open pit production and a target that has been partially drilled out. Caerus has completed two open hole percussion drillholes to validate historical drilling. Highly encouraging results have been obtained including an intercept in hole ANG21DH001 of 0.65% Cu and 0.8g/t Au over 40m from surface and a copper equivalent grade of 1.18% Cu. Anglisides is the first of the targets held by Caerus with potential to deliver high-grade selectively mined feedstock that is of sufficient grade to be able to carry the cost of haulage from its origin to a central processing facility whether pre-concentrated on-site or not. There are multiple other targets within the /Caerus portfolio that are currently being tested, initially for copper - gold content, and, subject to grade, metallurgical test work to determine the most cost effective and efficient way to pre-concentrate metals prior to transport to a central processing facility. 

For further information, in relation to the Companies  please visit www.caerusmineralresources.com or contact:

Qualified Person The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman who is the exploration manager and now COO of Caerus. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a Member of the Australasian Institute of Geoscientists (A.I.G.) 

Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.

Glossary

A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Au"      Gold

"Cu"      Copper

"Cu eq" Copper equivalent: Copper equivalent grades are based on a copper price of US$4.0/lb and a gold price of US$1,800/oz Au.

"g/t"      grammes per tonne

"kt"       thousand tonnes

"Mt"      million tonnes

About Caerus Mineral Resources: Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value and can be followed on Twitter at @CaerusMineral.

 About Bezant Resources: Bezant Resources is a focused on developing its pipeline of copper gold projects to provide a new generation of economically and socially sustainable mines and in addition to its joint venture with Caerus Mineral Resources in relation to Cyprus has copper projects in Namibia, Zambia, Philippines and Argentina and a manganese project in Botswana.

The information contained within this announcement is deemed by the Companies to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").