Critical Mineral Resources plc (CMR) has started its Moroccan acquisitions with an “incubator portfolio” and a binding deal for an advanced copper-silver project.
DISTINCT PROJECTS
The company said it had identified a number of open areas prospective for copper, silver, manganese and barite while it continues fieldwork on prospective areas.
Local subsidiary Atlantic Research Minerals (ARM)’s incubator portfolio will contain at least three distinct projects over a range of critical minerals.
“Each project will likely consist of multiple permits to ensure a sufficient footprint in selected areas,” added CMR.
“The team is working now to secure ground in two separate regions.”
The 16km2 Inghrem permit, retained out of four assessed, contains high grade manganese and barite mineralisation and is also prospective for copper and silver.
A comprehensive geological mapping and sampling programme will begin in the coming weeks.
CMR, which also aims for advanced projects for earn-in, joint venture or acquisition, has signed a binding heads of terms for the Anzar high grade copper-silver project project in central Morocco.
“Management is targeting an average resource grade of 1.75 to 2.0% copper plus 30 to 40 g/t of silver and regards Anzar as having the potential for rapid development to a construction decision and operating mine.”
The 1km2 mining licence is surrounded by a 15km2 research permit, similar to an exploration licence or prospecting right.
Under the agreement, CMR can earn-in up to 51% over 24 months for MAD 3million ($295,275) in stages with an option to acquire 100% after 42 months for MAD 9m ($885,827).
“CMR has made clear progress since the acquisition of ARM,” said chief executive officer Charlie Long.
“These developments demonstrate the geological potential of the regions where we are prospecting, the strong know-how of our Moroccan subsidiary ARM and progress against our clear focus on developing assets that produce key commodities essential for the clean energy revolution.”