The N. Mathiatis Project comprises two exploration licences (2.06km2) that includes the former N. Mathiatis pyrite mine that commenced operations in 1965 and closed in the early seventies.
With an historic emphasis on pyrite production, 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 high-grade pyrite core of the orebody was underlain in the footwall by disseminated copper mineralisation. The copper-bearing hangingwall mineralisation may be located in the >3Mt of dump material located around the top of the former open pit and footwall mineralisation is assumed to still be in the ground. Both represent potential bulk tonnage targets warranting follow-up.
The N. Mathiatis Project area comprises 2 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. High-grade pyrite ore required a copper grade of <0.15% Cu in order to qualify for a high-grade pyrite product status. The reported global copper grade for the deposit which included the mining of hangingwall host rock and lower grade pyrite zones was 0.5% Cu. The substantial suite of dumps of varying age located around the rim of the open pit will be evaluated for copper mineralisation.
Mathiatis and the neighbouring S. Mathiatis mine are reported to have produced 26,691 ounces of gold and 154,719 ounces of silver from near-surface mining between 1936 and 1938.
In 2007, five samples were collected across the 75 metre wide massive sulphide breccia at the base of the open pit. These returned consistent grades of 0.36 to 0.48g/t Au and 0.06 to 0.19% Cu. In the altered volcanic rocks around the massive sulphide body, five samples were assayed and returned up to 0.50g/t Au and 0.11% Cu.
A review of drill intercepts from historic long sections through the mine reveal substantial mineralised widths including 2.24% Cu over 12m, 1.0% Cu over 21m, 0.47% Cu over 24m, 0.45% Cu over 15m, 0.37% Cu over 21m and, 0.33% Cu over 36m. These grades have not been validated by the Company. Caerus will undertake 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.