The N. Mathiatis project comprises of the N. Mathiatis, N. Kapedes and Umber regions and is focused on the former N. Mathiatis pyrite mine that commenced operations in 1965 and closed in the early seventies.
The project is the primary focus of Caerus and contains significant potential for the Company’s dual strategy approach, with significant remnant ore and large scale dumps and ore stockpiles. Caerus has also acquired the surrounding licences to further understand the geology and seek a potential continuation of the orebody.
The N. Mathiatis area comprises two licences that cover the volcanic units along the north-eastern flank of the Troodos Ophiolite Complex incorporating the N. Mathiatis mine. Historic reports state that N. Mathiatis mined 2.1Mt of high-grade pyrite ore containing copper at an average grade of 0.20% Cu during the recovery of the mine’s primary target, a massive pyrite body. The historic focus of the operation, lower grade copper and gold mineralisation was not a priority for the former mine operator. These potential low-grade bulk targets along with strike extensions to mineralisation will be the focus of exploration.
The region is also well known for the historic mining of precious metals, with the N. Mathiatis and neighbouring S. Mathiatis mine reported to have produced 26,691 ounces of gold and 154,719 ounces of silver from near-surface mining between 1936 and 1938.
Recent work carried out in 2007, returned consistent grades of 0.36 to 0.48g/t Au and 0.06 to 0.19% Cu for the 75 metre wide massive sulphide breccia at the base of the open pit.
Caerus will focus on a detailed review of the substantial database to generate 3-D models to determine what portion of the original mineralised envelope remains in the ground and what is in the neighbouring dumps.