REG - Aterian PLC - New Copper Projects and Licences

AterianAnnouncement

10/08/2023 07:15

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RNS Number : 8641I  Aterian PLC  10 August 2023

10 August 2023

 

New Copper Projects and Licences Granted in Morocco

 

Aterian Plc

("Aterian" or the "Company")

 

Aterian Plc (LSE: ATN), the exploration and development company advancing its
portfolio of African-focused critical and strategic metal assets, is pleased
to announce the granting of two substantial exploration projects, in addition
to several new exploration licences adjacent to existing projects (the
"Projects") in the Kingdom of Morocco ("Morocco").

 

In total, 10 new licences have been granted for an area of 139.6 km(2). The
licences were awarded to the Company's 100% owned subsidiaries as part of a
competitive tender process. The Company now holds 17 Projects covering a total
of 897 km(2) in Morocco within established mining districts. The main target
metals of the portfolio include copper, silver and other base metals.

Highlights:

·      Two new projects, Akka and West Tazalaght, granted totalling 74.5
km(2).

·      Projects located in central Morocco within the western
Anti-Atlas, a region considered highly prospective for sedimentary-hosted
copper mineralisation.

·      Additional licences granted on the Tata, Azrar and Jebilet Est
Projects where high copper values have been reported from previous fieldwork.

·      Morocco portfolio enlarged to 17 projects covering 897 km(2)
representing a 17% increase in landholding.

·      New Projects located close to historical working and active
operations.

·      Exploration programmes on new projects to commence shortly.

·      Investigating the opportunities to unlock value from the existing
core and certain non-core assets following the recent Rio Tinto joint venture.

 

Charles Bray, Chairman of Aterian, commented:

 

"I am very pleased to report on these new projects and the additional licences
secured as part of Morocco's recent licence tender process. The increase in
total land area and the expansion of the copper project portfolio clearly
demonstrates our strong belief that Morocco represents an exciting mining
destination, particularly for critical minerals vital for a successful energy
transition. We remain confident that our existing asset portfolio has the
potential to deliver tremendous value to the Company, its shareholders and
other stakeholders, as demonstrated in large part by our recent announcement
of our joint venture with Rio Tinto Mining and Exploration Ltd for lithium
exploration in Rwanda. The fundraise announced earlier today provides
sufficient funding to meet all existing and envisaged cash commitments.
Aterian has a clear plan to unlock value from our extensive portfolio of
critical mineral assets. I look forward to updating shareholders as we deliver
on our value creation plans with the results from our on-going exploration
programmes."

 

Project Summary:

New Projects:

 

 

Akka Project

The project consists of 3 licences covering 47.1 km(2) located 15 km west of
the town of Akka in the Tata Province within the Souss-Massa Region. The
Project occurs in the western Anti-Atlas Mountains, with copper as the primary
target metal. Copper occurrences within the district are typically hosted
within Adoudounian and Cambrian age sediments, which lie immediately east of
the Paleoproterozoic Tagragra d'Akka inlier. These sedimentary sequences are
known to host copper deposits throughout the Western and Central Anti-Atlas
and have been mapped in the Project area with a historical occurrence of
sedimentary hosted copper identified c.1.5 km north of the Akka Project. The
Akka Copper-Gold Mine (Iourirn), operated by Managem Group, lies 20 km west,
with the Tazalaght Copper Mine occurring 35 km northeast of the Akka Project
(mineralisation hosted at Akka Mine (Iourirn) is not necessarily indicative of
mineralisation at our Akka project).

 

 

 

 

West Tazalaght Project

This consists of 2 licences covering 27.4 km(2) located 13 km northeast of the
town of Tafraoute in the Taroudant Province within the Souss-Massa Region and
100 km southeast of the port city of Agadir. The Tazalaght Copper Mine,
operated by Managem Group, lies 7 km east of the Project. The Project occurs
in the western Anti-Atlas Mountains and is underlain by folded sedimentary
units of the Adoudou and Taliwine Formations, lying to the northeastern of the
Kerdous Palaeoproterozoic inlier and west of the d'Ait Abdallha inlier.
Sedimentary-hosted copper is the primary exploration target metal
(mineralisation hosted at Tazalaght mine is not necessarily indicative of
mineralisation at our  West Tazalaght Project).

 

 

 

Licence Extensions to Existing Aterian Projects

Jebilet Est Project

2 licences covering 28.3 km(2) have been granted as extensions to this
project. The project now comprises 5 licences for a total area of 73.6 km(2).

 

 

This Project lies approximately 200 km south of the capital city of Rabat, 35
km northeast of Marrakech, and 15 km from a rail line to the port
of Casablanca. The Project lies approximately 15 km east of the historic Bir
N'Hass copper mine, with several known base metal and copper deposits and
occurrences identified within the district (mineralisation hosted at Bir n
Hass is not necessarily indicative of mineralisation at Jebilet Est).

 

The Jebilet Est Project is underlain by Palaeozoic metamudstones and
quartzites proximal to Variscan (Hercynian)-age granite and mafic intrusive
bodies. Initial reconnaissance has identified the presence of multiple
parallel quartz-carbonate veins with a general ENE orientation across the
licences with the largest vein zone, up to 10 m wide, striking discontinuously
for over 3 km. The new licences host historically mapped vein zones and a
historical copper occurrence.

 

Previously reported highlights for the Jebilet Est Project are:

 

·      High copper grades were reported from outcrop sampling.

·      Results include 4.43 % Cu and 3.11 % Cu from brecciated vein
samples.

·      Extensive vein system identified on Eastern Licence.

·      3 km long vein zone mapped on the Western Licence.

·      Project located close to good infrastructure.

 

For further information on this project, please refer to the most recent
announcement dated the 14(th) of March 2023 on the Company's website
(www.aterianplc.com (http://www.aterianplc.com) ) or the London Stock Exchange
companies page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page) ).

 

Azrar Project

2 licences covering 20.9 km(2) have been granted as extensions to this
Project. The project now comprises 8 licences for a total area of 99.3 km(2).

 

 

The Azrar Project is situated in the western Anti-Atlas Mountains, 155 km
southeast of the port city of Agadir and 45 km southeast of the Tizert
copper mine, which is operated by Managem Group (mineralisation hosted at
Tizert is not necessarily indicative of mineralisation at Azrar).

 

The western Anti-Atlas is dominated by Palaeoproterozoic to Neoproterozoic age
inliers overlain unconformably by Cambrian to recent sedimentary and volcanic
sequences. The Lower Cambrian Adoudounian Formation comprises sediments known
to host significant sedimentary copper deposits in the Western and Central
Anti-Atlas, including the Tizert mine. The Tizert copper deposit is
considered the largest copper deposit in the western Anti-Atlas, with
resources estimated to be 57 Mt grading 1.03 % Cu and 23 g/t Ag.

 

Previously reported highlights for this Project are:

 

·      High copper and silver grades were reported from outcrop
sampling.

·      Results include 3.79 % Cu and 23 g/t Ag in a fault breccia
sample.

·      Copper and silver mineralisation identified across 5 target
areas.

·      Work to date covers less than 50% of the Project area.

·      Multiple occurrences of historic hard rock artisanal mining have
been mapped.

·      Potential for stratiform sediment-hosted and contact breccia
copper-silver mineralisation.

 

For further information on this project, please refer to the most recent
announcement dated the 3(rd) of November 2022 on the Company's website
(www.aterianplc.com (http://www.aterianplc.com) ) or the London Stock Exchange
companies page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page) ).

 

Tata Project

1 additional licence covering 16 km(2) has been granted and lies to the
immediate east of the Tata Project. Combined with this new extension, the
Project now comprises 10 licences for a total area of 154.4 km(2).

 

 

The Tata Project is located in the western Anti-Atlas Mountains, 30 km south
of the Company's Azrar copper-silver project. The Project is located
approximately 465 km south of the capital Rabat, 165 km southeast of the port
city of Agadir, and 50 km southeast of the Tizert copper mine operated by
Managem Group. Late Ediacaran to early Cambrian-aged Adoudounian sediments
occur within the Project along the southern flanks of the Proterozoic Tagragra
de Tata Inlier.

 

Initial prospecting along the north part of the Tata Project identified copper
mineralisation hosted within sediments along a strike distance of c.8 km. More
recent fieldwork has observed copper mineralisation along a further 7 km of
strike (laboratory results from this work are pending).

 

Previously reported highlights from this Project are:

 

·      Stratiform sediment-hosted copper mineralisation identified
within Adoudounian sediments occurring on the flanks of
a Proterozoic inlier.

·      2.05 % Cu was reported from a dolomite float sample adjacent to
the contact between Adoudounian sediments and the Proterozoic inlier.

·      Results include 0.95 % Cu from a 4 m thick dolomitic sequence and
0.87% Cu from an 8 m thick sequence of dolomite and marl.

·      17 km of Adoudou Formation strike extension remains untested
within the Project.

·      Copper mineralisation is also identified within younger
Cambrian-aged units overlying the Adoudou Formation.

·      The Project is located 50 km southeast of the Tizert copper mine.

 

For further information on this project, please refer to the most recent
announcement dated the 28(th) of November 2022 on the Company's website
(www.aterianplc.com (http://www.aterianplc.com) ) or the London Stock Exchange
companies page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page) ).

These new licences are granted for an initial 3-year period, and thereafter
renewable for a further 4 years. The Company needs to mobilize and establish
exploration on the licences within six months of their granting.

 

Qualified Person

The technical disclosure in this regulatory announcement has been approved by
Simon Rollason, Director of Aterian Plc. A graduate of the University of the
Witwatersrand in Geology (Hons). He is a Member of the Institute of Materials,
Minerals and Mining, with over 30 years of experience in mineral exploration
and mining.

 

- ENDS -

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

For further information, please visit the Company's website:
www.aterianplc.com (http://www.aterianplc.com) or contact:

 

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com
(mailto:charles.bray@aterianplc.com)

Simon Rollason, Director - simon.rollason@aterianplc.com
(mailto:simon.rollason@aterianplc.com)

 

Financial Adviser and Broker:

Novum Securities Limited

David Coffman / George Duxberry

Tel: +44 (0)207 399 9400

 

Financial PR:

Bald Voodoo - ben@baldvoodoo.com

Ben Kilbey

Tel: +44 (0)7811 209 344

 

Notes to Editors:

About Aterian plc

www.aterianplc.com (http://www.aterianplc.com)

 

Aterian plc is an LSE-listed exploration and development company with a
diversified African portfolio of critical and strategic metals/minerals
projects.

Aterian plc is actively seeking to acquire and develop new critical and
strategic metal resources to strengthen its existing asset base whilst
supporting ethical and sustainable supply chains as the world transitions to a
sustainable, renewable future. The supply of these metals is vital for the
development of the renewable energy, automotive and electronic manufacturing
sectors that are playing an increasing role in reducing carbon emissions and
meeting climate ambitions globally.

 

The Company recently entered into a joint venture agreement with Rio Tinto
Mining and Exploration Limited for Rio Tinto to earn into the HCK project in
southern Rwanda and holds two further partnerships in Rwanda exploring and
developing lithium-tantalum-niobium-tin mining operations. In October 2022,
the Company acquired Aterian Resources Limited, a wholly owned battery
metals-focused subsidiary of Elemental Altus Royalties Corporation. Aterian
currently holds a portfolio of 17 copper-silver and base metal projects with a
project area of 897 km(2) in the Kingdom of Morocco.

 

The Company's strategy is to seek new exploration and production opportunities
across the African continent and to develop new sources of strategic and
critical mineral assets for exploration, development, and trading.

Glossary of Terms

The following is a glossary of technical terms:

 

 "Ag"                              means  Silver
 "Au"                              means  Gold
 "Breccia"                         means  a rock consisting of angular fragments of stones cemented by finer materials
 "Cu"                              means  Copper
 "Ferruginous"                     means  containing iron oxides
 "Float sample"                    means  loose pieces of rock that are not connected to an outcrop
 "g/t"                             means  grams per tonne
 "Hercynian or Variscan Orogeny"   means  an orogenic belt that evolved during the Devonian and Carboniferous periods,
                                          from about 419 to 299 million years ago
 "km"                              means  Kilometres
 "m"                               means  Metres
 "mm"                              means  Millimetres
 "Mt"                              means  millions of tonnes
 "NI 43-01"                        means  National Instrument 43-101 Standards of Disclosure of Mineral Projects of the
                                          Canadian Securities Administrators
 "Outcrop"                         means  a rock formation that is in situ and visible on the surface
 "Qualified Person"                means  a person that has the education, skills and professional credentials to act as
                                          a qualified person under NI 43-101
 "Sb"                              means  Antimony is used in alloys and in lead-acid storage batteries. The U.S.
                                          Government has considered antimony a critical mineral mainly because of its
                                          use in military applications.
 "Stratiform"                      means  parallel to the bedding planes of the surrounding rock
 "Vein"                            means  a distinct sheetlike body of crystallised minerals within a rock
 "Zn"                              means  Zinc

 

 

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