Troulli Project - Caerus Mineral Resources

The Troulli project is a strategic hub made up of the Troulli, Anglisides and Kokkinopetra licences. The Licences focus on the former Troulli copper mine and ancient surface gold workings with the neighbouring Kokkinopetra exploration Licence.

This project provides an ideal example of the Company’s dual strategy approach, with the “waste to revenue” strategy identifying mineralised low-grade waste dumps, ore stockpiles, tailings and other surface materials containing recoverable residual metals whilst also harbouring primary ore in the form of Volcanogenic Massive Sulphide (“VMS”) gold and copper sulphide mineralisation. Both resource types can be processed through the same treatment plant.

Troulli

Troulli is located in central southern Cyprus; the licence is situated approximately 12km due north of the city of Larnaca. The licence is focused on the historic Troulli mine, which was prematurely closed in 1974 at the time of the Turkish Invasion.

Troulli gold and copper orebodies are hosted by pillow lavas and controlled by faulting and are typical of stockwork-type VMS mineralisation found in Cyprus.

Historic drill results for sulphide mineralisation at the Troulli deposit

Hole	Drilled By & Date	From (metres)	To (metres)	Mineralised Width (metres)	Copper (Cu %)	Gold (g/t Au)
DHT – 05	Berdy 1964	3	41	38	2.5	*
DHT – 08	Berdy 1964	0	41	41	0.64	*
DHT – 12	Berdy 1964	3	29	26	0.71	*
DHT – 17	Berdy 1964	11	37	26	0.73	*
MR 20/65	UN 1970	6	61	55	0.76	*
TR21DH02	CMRS 2021	14	22	8	0.62	2.09
TR21DH05	CMRS 2021	14	20	6	1.41	0.1
TR21DH07	CMRS 2021	14	16	2	1.68	0.39

Notable Drill Intercepts 1964 – 2021

*No gold assays undertaken

Gold oxide drill results for the Troulli Gold Zone

Drillhole	Drilled By & Date	From (metres)	To (metres)	Mineralised Width (metres)	Gold (g/t Au)
TR21DH01	CMRS 2021	0	12	12	5.11
TR21DH02	CMRS 2021	0	22	22	1.93
TR21DH03	CMRS 2021	0	22	22	1.2
TR21DH04	CMRS 2021	0	4	4	1.32
TR21DH05	CMRS 2021	0	14	14	1.18
TR21DH06	CMRS 2021	0	10	10	2.07
TR21DH08	CMRS 2021	0	18	18	0.98

Pit	Sampled by & Date	From (metres)	To (metres)	Mineralised Width (metres)	Gold (g/t Au)
1	PRL 2017	0	4	4	0.97
2	PRL 2017	0	6	6	3
3	PRL 2017	0	4	4	0.47
4	PRL 2017	0	1.5	1.5	0.81
5	PRL 2017	0	6	6	0.42
6	PRL 2017	0	4	4	0.36
7	PRL 2017	0	2.5	2.5	0.26
8	PRL 2017	0	5.5	5.5	1.19
9	PRL 2017	0	4	4	0.7
10	PRL 2017	0	4	4	0.52
11	PRL 2017	0	2.3	2.3	1.9
12	PRL 2017	0	2.5	2.5	2.06
13	PRL 2017	0	6	6	0.19
14	PRL 2017	0	4	4	0.1

Further drilling is scheduled for 2021 to extend the limits of the gold oxide zone and to define the VMS Cu – Au sulphide bodies, sufficient to generate NI 43 – 101 Mineral Resource Estimates.

Kokkinopetra

The Kokkinopetra licence lies adjacent to the Troulli Licence. Alignment of oxidation zones and major regional structures suggests the known sulphide mineralisation at Troulli may extend to Kokkinopetra. Exploration will initially focus on the extensive gold-bearing gossan covering the licence that has returned samples from trenching of between 0.56 and 1.52g/t Au and which reported bulk sample grades on mineralised stockwork of up to 3g/t Au. The Company will also test for any underlying Cu – Au VMS-type mineralisation formed as an extension of the Troulli VMS deposits

Anglisides

Acquired in 2021 as part of the Cyprus Gold Mines acquisition, the Anglisides Licence was first explored in the 1930s by Cyprus Mining Corporation (” CMC”). A bulk sample of 88 tonnes collected by CMC in 1936 returned an average grade of 5.98% Cu and a second sample of 1,336 tonnes returned precious metal grades of 24.5g/t Au and 86.4g/t Ag.