Critical Mineral Resources plc has expanded its Moroccan portfolio with four new exploration permits, covering 80 km2, in the Rabat and Beni-Mellal regions.
PRODUCTION
The company and its partner have also mutually terminated the binding agreement on the Zagora cobalt earn-in option, although both will continue to seek future joint opportunities.
Three of the new permits comprise the Meseta project in a region of copper, tungsten, tin and lead-zinc mineralisation.
Meseta lies in north Morocco, 80km south of Rabat, and is easily accessible by sealed roads.
The main permit is located on the same structural trend as the Rhouirat N’Has tungsten-copper project managed by Morocco’s state natural resources developer ONHYM and Aterian plc’s Zaer project.
CMR said that there was “clear evidence” of historical mining activity at several locations across the property.
The company’s motive in applying for the permits is to support the transition to “clean energy” and quickly advance to production and cash generation.
“The importance of copper and its position as an enabler of electrification despite long-term supply constraints remains accepted thinking,” added CMR.
“Meseta will provide CMR with continued and additional exposure to copper and its long-term value opportunity.”
Chief executive Charlie Long said that Meseta was an important addition to the company’s incubator portfolio of licences.
“Early indications give us confidence it has copper development potential.
“We are pleased to provide our investors with additional exposure to copper projects and the significant value we believe they and copper hold for the long term.”