The Mala Project consists of the Mala and St. Nicholas Licenses in the western region of Cyprus, with a key focus on the historic Mala pyrite and St. Nicholas mines. Both historic operations have indicated large sulphide based deposits as well as significant on-surface deposits.

Mala

The Mala licence includes the historic Mala pyrite mine reported to have produced 200,000 tonnes of ore comprising 80Kt at 0.55% Cu. The target area has identified numerous volcanic vents synonymous with VMS systems and it’s Prospectivity is enhanced by the presence of a large number of northwest – southeast trending faults. The deposit remains exposed within the historic open pit and a 1994 report estimated a non-JORC (2012) reserve of 200,000 tonnes.

The site is also host to an estimated 500,000 tonnes of ore stockpiles and tailings remain on-site requiring testing to estimate both gold and base metal grades as possible future sources of low-grade leachable feedstock.

Mala gold-bearing pyrite dump overlying mineralised tailings

Caerus has identified a number of target types located within the licence. These targets include high-grade sulphide ore, high-grade sulphide extensions and gold hosted within historic dumps.

As with much of the historic copper mining across Cyprus, gold was largely ignored by previous miners, given the financial implications placed on by the state. It is expected that with the use of modern exploration and processing techniques, Caerus can extract significant value from both historic dumps and under explored hard-rock mineralisation.

St. Nicholas

The St. Nicholas Project, located in the Paphos district, was acquired in June 2021 as part of the Company’s acquisition of Ploutonic Resources PRL. A brownfield site, last mined on a small-scale in 1954 by Hellenic Mining Company, St. Nicholas was explored most recently by BRGM between 1982 and 1984.

Historic drilling over the last 40 years has highlighted a significant sulphide mineralsiation on the St Nicholas licence which includes two partially drilled out sulphide orebodies. The second of which , was estimated to contain 85,000 tonnes at a grade of 2.9% Cu. No gold assays were recorded. A preliminary estimate by the Company’s external consultant indicated the northern orebody to contain more than 100,000 tonnes at a grade of 1% Cu and 4g/t Au.

Historic drilling

St. Nicholas

HoleDrilled By & DateFrom (metres)To (metres)Mineralised Width (metres)Copper (Cu %)Gold (g/t Au)
DDH4/77Noranda 1976-78131854.826
NIK-2BRGM 19841930110.865.3
11SN01Katla 20114.927.522.60.231.32
11SN02Katla 201110.138.728.61.044.5
11SN03Katla 201118.4565.4470.10.56
11SN04Katla 20118.0516.558.50.181.24
11SN05Katla 201150.857.46.60.514.77