Moroccan Copper-Silver Project Agreement
12 September 2023
Critical Mineral Resources PLC
Moroccan High Grade Copper-Silver Project Agreement
Critical Mineral Resources plc ('CMR' or the 'Company), the exploration and development company focused on clean energy commodities, is pleased to provide its first operational update since acquiring its Moroccan subsidiary, Atlantic Research Minerals ('ARM'), in June 2023. Since then, the Company has been actively building its portfolio of critical minerals projects and has identified a number of open areas prospective for copper, silver, manganese and barite.
The Ighrem Permit
During July and August, the Company staked four Research Permits1. Following a fieldwork assessment, three permits were dropped, with the Inghrem Permit being kept. The Ighrem Permit is 16km2 and contains high grade manganese and barite mineralisation. It is also prospective for copper and silver and a comprehensive geological mapping and sampling programme will be initiated in the coming weeks.
Incubator Portfolio
This process of selecting ground in prospective areas, supported by fieldwork and historical data, continues. The aim is to ensure ARM's incubator portfolio contains at least three distinct projects covering a range of critical minerals. Each project will likely consist of multiple permits to ensure a sufficient footprint in selected areas. The team is working now to secure ground in two separate regions, and the Company will provide updates in due course.
Anzar Copper-Silver Project
Alongside the incubator portfolio, the Company is targeting more advanced projects for earn-in, joint venture or acquisition. CMR has entered into binding heads of terms on the Anzar Project, an exciting high grade copper-silver project in central Morocco.
The deposit is sedimentary hosted in grey sandstones, and where it outcrops, the thickness ranges from 1.0 to 3.0m. Oxide and sulphide mineralisation is concentrated in the bedding planes and areas of fossilised vegetation, with lower grade disseminated mineralisation in the competent grey sandstone. 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 Anzar Project consists of a 1.0km2 mining license surrounded by a 15km2 Research Permit.
The property is accessible by sealed roads within 2.5km of the historical mining excavations, and a power line runs within 1.0km of the license boundary. Water is also expected to be available, either from nearby watercourses or water well drilling.
The agreement allows CMR to earn-in up to 51% over 24 months for MAD 3.0 million (USD 295,275)* in staged payments with an option to acquire 100% after 42 months for MAD 9.0 million (USD 885,827).
1 a Moroccan Research Permit is comparable to an exploration license or prospecting right
* based on the current exchange rate USD/MAD 10.16
Earthquake response
As previously announced, CMR will support and contribute to the relief efforts following the recent Moroccan earthquake. The ARM offices are located some distance from the earthquake zone and are not directly impacted. All ARM employees are safe, and the regions where ARM operates are unaffected by the tragic earthquake.
Charlie Long, Chief Executive Officer of CMR PLC, commented:
"CMR has made clear progress since the acquisition of ARM. 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."
For further information, please contact:
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Critical Mineral Resources plc
Charles Long, Chief Executive Officer |
info@cmrplc.com
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Novum Securities
Jon Belliss |
+44 (0) 20 7399 9425 |
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Hudson Sandler (Financial PR)
Charlie Jack |
+44 (0) 207 796 4133 |
Notes To Editors
Critical Mineral Resources (CMR) plc is an exploration and development company focused on developing assets that produce key commodities essential for renewable energy, battery storage and electrification to support the clean energy revolution. These commodities are widely recognised as being at the start of a supply and demand supercycle.
CMR is building a diversified portfolio of high-quality metals exploration and development projects in Morocco, focusing on copper, nickel, manganese, cobalt, and potentially rare earths. CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, infrastructure and attractive permitting, tax and royalty conditions. In 2023, the Company acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL.
Since taking over the CMR in 2022, the current management has completed a comprehensive strategic review and restructuring of the business and implemented its clear strategy to maximise exploration and resource development opportunities for the benefit of all stakeholders. The Company is listed on the London Stock Exchange (CMRS.L). More information regarding the Company can be found at www.cmrplc.com
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