Kambia – Kapedes Project Update

10 May 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Kambia - Kapedes Project Update

Caerus Mineral Resources (LON: CMRS), the Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources to support the global "Clean Energy" initiative, is pleased to provide an update on exploration activities on the Kambia - Kapedes Project Licences in Cyprus.

The Kambia mine operated between 1952 and 1960 primarily as a pyrite mine and, the Kokkinovounaros (Red Hill) auriferous gossan was discovered and mined for a short time in the 1930's.

Highlights

·      First batch of partial assays (Au only) of chip-channel samples from recent exploration work have returned peak gold assays of 7.4g/t Au, 6.5g/t Au and 5.3g/t Au.

·      Exploration Team Caerus sampled the Kokkinovounaros auriferous gossan, approx. 600 metre ("m") SE of the Kambia Pit indicating a target with a substantial strike length.

·      A total of 9 samples returned Au grades above 1g/t and a total of 12 samples were above 0.5g/t Au.

·      Results sufficiently encouraging to warrant further detailed follow up work including detailed structural/geological mapping to generate targets for future drill testing.

Kambia - Kapedes Exploration Programme

All sampling to date has been via channel samples collected by hand by means of both vertical and horizontal channels over lengths ranging from 1.0 m to 5.0 m in length.

No multi-element assays have yet been returned from the laboratory but are expected soon, providing further detailed information on potential copper and other base metal content.

The consistent high-grade gold results occurring over a significant strike length are sufficiently encouraging to warrant further detailed follow-up and the possible initiation of a dedicated exploration programme aimed at the delineation of a stand-alone gold or copper-gold project.

The decision regarding the nature and scope of the future work programme will be made by the incoming management team. 

Martyn Churchouse, Chief Executive Officer said "The combination of high-grade gold assays at regular intervals all along the 175 m strike length of the target defined to date makes for a readymade drill target and another promising opportunity for Caerus. Our Brownfield policy yet again delivers encouraging results with scope for the development of a new stand-alone operation based around dumps and stockpiles from previous mining in conjunction with the newly discovered gold potential and any other copper-gold mineralisation remaining in the ground that was not exploited between 1930 and 1960. The Exploration Team has a well-established set of operating protocols that it can quickly employ to start the process of evaluating Kambia - Kapedes and this project provides another opportunity for the incoming board and management team to build upon the Caerus legacy".

Table 1: Grab Sample Type, Location and Grades - Kalavasos Licences

For further information, in relation to the Company, 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 Luna Recursos Naturales SAC, an independent geological consultancy established in 2015 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.