REG - Aterian PLC - Operational Update: Agdz Project, Morocco

AterianAnnouncement

30/09/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240930:nRSd1605Ga&default-theme=true

RNS Number : 1605G  Aterian PLC  30 September 2024

30 September 2024

 

Operational Update:

Scout Drilling Confirms Copper-Silver Mineralisation,

Agdz Project, Morocco

 

Aterian Plc

("Aterian" or the "Company")

 

Aterian Plc (LSE: ATN), the critical metal-focused exploration and development
company, is pleased to provide an update on the recently completed scout
reverse circulation ("RC") drill programme conducted on the Company's Agdz
Copper-Silver ("Cu-Ag") Project ("Agdz" or the "Project") in the Kingdom
of Morocco ("Morocco").

 

The Project, which is 100% owned by the Company, covers 34.5 km(2) and is
located in Morocco's eastern Anti-Atlas Mountains.

Highlights:

·      13 RC holes completed for 1,080 m

·      Copper and silver mineralisation reporting from 6 holes and over
three separate prospects confirm the copper-silver potential of the Project

·      Results highlight the near-surface potential of the
mineralisation over a broad geographic area

·      High silver values (154 g/t Ag and 124 g/t Ag, both over 1 m
intervals) reported from drilling in the north of the Makarn prospect

·      Results include:

o  1.24 % Cu and 101 g/t Ag over 3 m from 8 m (downhole) - Makarn (North)
prospect

o  0.45 % Cu and 3 g/t Ag over 11 m from 32 m (downhole) - Makarn (South)
prospect

o  0.79 % Cu and 5 g/t Ag over 6 m from 6 m (downhole) - Amzwaro prospect

o  0.27 % Cu and 3 g/t Ag over 4 m from 16 m (downhole) - Daoud prospect

·      Planning for follow-up exploration to define prospect-scale
drilling now in progress

 

Charles Bray, Chairman of Aterian, commented:

"We are pleased to announce our first drill results from the Agdz
Copper-Silver Project in central Morocco. These scout holes were widely
spaced across a large area to provide an initial indication of the sub-surface
potential from several prospects previously identified across the licence.
They proved themselves very informative as multiple locations indicated the
presence of near-surface copper and silver. The drill programme demonstrated
mineralisation across the target areas as a first-pass test of several
geophysical and structural targets within four priority prospects.

 

"Given the broad approach with only 13 drill holes across the 34.5 km(2)
licence, we consider these results highly encouraging, with near-surface
copper and silver reporting from three prospects: Makarn, Amzwaro and Daoud.
We had an intersection reporting a 3m interval containing 1.24 % Copper and
101 g/t Silver, which demands further investigation. This promising
intersection represents the clearest target area for step-out drilling work on
the project. We now need to continue the work to understand the geological
model and resource potential.

 

"We are continuing to evaluate these results and the outcomes of the previous
mapping and geophysical surveys conducted at Agdz to generate new work plans
to advance this project further."

 

Project Summary:

The Company's wholly-owned subsidiary, Aterian Resources Limited, holds a 100
% interest in the 34.5 km(2) Agdz Copper-Silver Project. The Project lies in
the Souss-Massa-Drâa region of the Anti-Atlas Mountains of
central Morocco, approximately 350 km south of the capital, Rabat, and
approximately 35 km east of the city of Ouarzazate where high-standard
infrastructure and services exist, including a regional airport. The 'Noor 1'
solar power station, the world's largest concentrated solar power plant with a
planned output of 580 MW, is located approximately 40 km northwest of Agdz.
The Project is accessed via a paved road, a network of unpaved roads, and
vehicle tracks close to and within the licence.

 

Agdz lies approximately 14 km southwest of the Bouskour copper-silver mine (53
Mt at 0.8 % Cu and 9 g/t Ag), with the world-class Imiter silver mine (131 Moz
of silver at 500 g/t Ag) located 80 km northeast of the Project. Both deposits
are operated by the Moroccan mining company, Managem Group (it should be
noted that mineralisation hosted at the adjacent mines is not necessarily
indicative of mineralisation at Agdz).

 

 

 

Aterian Scout Drill Programme

This scout RC programme consisted of 13 holes, between 20 m and 125 m downhole
depth, totalling 1,080 m. The programme aimed to test the sub-surface below
areas of known copper-silver mineralisation previously mapped on the surface
and identified in reconnaissance channel samples. The programme also targeted
several ground-based geophysical anomalies. The best intersections reported
were 3 m grading 1.24 % Cu and 101 g/t Ag starting at a downhole depth of 8 m
from a hole collared on the Makarn prospect and 6 m grading 0.79 % Cu and 5
g/t Ag starting from a downhole depth of 6 m collared on the Amzwaro prospect.
The collar locations are widely spaced across approximately 8-10 km(2) and
were located to test several geological areas of interest and geophysical
anomalies.

 

The drill programme was designed with the following objectives:

·    To intersect mineralisation of a suitable grade and width to be
deemed as showing economic potential.

·    To understand the down-dip continuity of the copper-silver
mineralisation mapped and sampled at the surface within outcropping alteration
zones.

·    To provide geological and geochemical datasets to aid in defining a
deposit-scale model.

·    To provide geological and geochemical datasets with which to aid in
the interpretation of geophysical anomalies.

Geophysical targets were defined from a previously completed 137-line-km IP
gradient array and a 12-line high-resolution IP survey, which were interpreted
together with the ground magnetic survey data.

The more significant intersections are reported below:

 Hole No     Prospect         From (m)  To (m)  Interval (m)  Cu (%)  Ag (g/t)
 24AGRC-003  Amzwaro Central  80.00     84.00   4.00          0.44    3
 24AGRC-006  Makarn North     8.00      11.00   3.00          1.24    101
 24AGRC-010  Makarn South     32.00     43.00   11.00         0.45    3
 24AGRC-011  Daoud            47.00     50.00   3.00          0.21    1
 24AGRC-012  Daoud            16.00     20.00   4.00          0.27    3
 24AGRC-013  Amzwaro South    6.00      12.00   6.00          0.79    5

 

Description of Intersections

24AGRC-003: Amzwaro Prospect

·    Drill hole targets surface mineralisation and geophysical conductors.

·    Copper mineralisation is locally associated with a visible
pyrite-magnetite-specular haematite alteration assemblage.

·    Alteration assemblages within 24AGRC-003 include :

o  From 28 m to 112 m (84 m down-hole interval), specular haematite +/-
magnetite, K-feldspar and carbonate as disseminations and veinlets.

o  From 43 m to 108 m (65 m down-hole interval) pyrite, including haematitic
and limonitic staining, specular haematite +/- magnetite, K-feldspar and
carbonate as disseminations and veinlets.

·    Alteration assemblages within 24AGRC-002 include:

o  From 2 m to 42 m (40 m down-hole interval) chlorite-specular haematite +/-
K-feldspar, actinolite, carbonate, quartz as fracture coatings, veinlets and
disseminations.

o  From 39 m to 52 m (13 m down-hole interval) actinolite-quartz fracture
coatings and veinlets.

o  From 52 to 100 m (48 m down-hole interval), magnetite +/- quartz and
actinolite as disseminations, veinlets and fracture coatings.

o  From 29 m to 100 m (71 m down-hole interval), pyrite, including haematitic
staining, as disseminations, fracture coatings and veinlets.

24AGRC-006: Makarn Prospect - North Area

·    Drill hole targets surface mineralisation, 200 m along strike of an
interpreted fault zone identified from ground IP survey data.

·    Malachite and chalcocite, veinlets and disseminations are locally
associated with chlorite, K-feldspar, and specular haematite alteration.

·    Alteration assemblages within 24AGRC-006 include:

o  From 2 m to 35 m (33 m down-hole interval), chlorite and K-feldspar,
specular haematite, and trace epidote as veinlets, fracture coatings and
disseminations.

·    Alteration assemblages within 24 AGRC-005 include:

o  From 2 m to 57 m (55 m down-hole interval), pervasive and fracture coating
chlorite +/- k-feldspar, specular haematite, carbonate and trace epidote as
fracture coatings, veinlets and disseminations.

o  From 57 m to 70 m (13 m down-hole interval), K-feldspar and/or epidote
and/or haematite as veinlets and disseminations.

 

 

 

24AGRC-010: Makarn Prospect - South Area

·    Drill hole targets surface mineralisation within conglomerate on the
periphery of a conductive geophysical anomaly.

·    Copper mineralisation is locally associated with a visible
pyrite-chlorite alteration assemblage within conglomerate and dolerite dykes.

·    Alteration assemblages include:

o  From 34 m to 43 m (10 m down-hole interval), pyrite as fracture coatings
and disseminations.

o  From 66 m to 74 m (8 m down-hole interval), pyrite as fracture coatings
and disseminations.

o  From 1 m to 90 m (89 m down-hole interval), chlorite +/- K-feldspar,
quartz specular haematite as disseminations, fracture coatings and veinlets.

 

 

24AGRC-011: Daoud Prospect

·    The drill hole targets surface mineralisation and extensive
alteration within felsic to intermediate volcanic units and intermediate
intrusives.

·    Copper mineralisation is locally associated with a pyrite-chlorite
alteration assemblage at the contact between an intermediate volcanic and
intermediate intrusive.

·    Alteration assemblages include:

o  From 43 to 53 m (10 m down-hole interval), pervasive and fracture coating
chlorite, pyrite and K-feldspar +/- quartz and carbonate as veinlets.

o  From surface to 65 m (65 m down-hole interval), chlorite and K-feldspar
+/- carbonate, quartz as fracture coatings and veinlets and disseminated
haematite.

24AGRC-012: Daoud Prospect

·    The drill hole targets surface mineralisation and extensive
alteration within felsic to intermediate volcanic units and intermediate
intrusive.

·    Copper mineralisation is locally associated with a pyrite-chlorite
alteration assemblage at the contact between an intermediate volcanic and
intermediate intrusive.

·    Alteration assemblages include:

o  From 16 to 20 m (4 m down-hole interval), pervasive and fracture coating
chlorite, pyrite and K-feldspar +/- quartz and carbonate as veinlets.

o  From 51 to 65 m (14 m down-hole interval), pervasive and fracture coating
chlorite, pyrite and K-feldspar +/- disseminated magnetite.

o  From surface to 42 m (42 m down-hole interval), pervasive chlorite +/-
pervasive haematite and/or K-feldspar veinlets.

o  From 42 m to 70 m (28 m down-hole interval), pervasive chlorite +/-
disseminated magnetite and K-feldspar veinlets.

 

24AGRC-013: Amzwaro Prospect

·    Drill hole targets surface mineralisation.

·    Copper mineralisation locally associated with chlorite-specular
haematite alteration within a felsic volcanic unit between intermediate
volcanics.

·    Alteration assemblage includes:

o  From 1 m to 20 m (19 m down-hole interval), fracture coating chlorite and
pervasive specular haematite.

·    Hole 24AGRC-004 returned no significant alteration zones and may have
been drilled sub-parallel to mineralisation.

The collar and survey information for the completed drill holes are listed
below:

 

 Hole Number   Easting  Northing  Elevation  Azimuth  Dip  Final Depth (m)
 24AGRC-001RD  743738   3416612   1598       300      -60  125
 24AGRC-002    742851   3416672   1553       90       -60  100
 24AGRC-003    742794   3416715   1570       90       -60  120
 24AGRC-004    742748   3416422   1582       270      -60  85
 24AGRC-005    741562   3418170   1569       315      -60  80
 24AGRC-006    741540   3418184   1511       135      -60  35
 24AGRC-007    741174   3417996   1523       270      -80  110
 24AGRC-008    740749   3416216   1544       0        -90  80
 24AGRC-009    741219   3416129   1532       300      -60  100
 24AGRC-010    741199   3415890   1494       315      -60  90
 24AGRC-011    739522   3417704   1507       315      -60  65
 24AGRC-012    739499   3417728   1506       315      -60  70
 24AGRC-013    742711   3416421   1562       90       -60  20

Coordinates in WGS84/UTM zone 29N, Collar coordinates were acquired using a
handheld GPS

 

At two locations (24AGRC-005 and 24AGRC-004), a scissor hole (24AGRC-006 and
24AGRC-013) was drilled in the opposite direction to the initially planned
drill hole.

 

Water strikes were intersected in several holes, which is significant in
itself, given that the Project lies in a dry region of Morocco. Groundwater
was intersected at depths (vertical) between 24 and 30 m below the surface in
the Amzwaro Prospect and 30 m at Makarn South.

 

Previous Aterian Fieldwork

Geological mapping and outcrop sampling, reconnaissance surface trenching, and
ground-based geophysical surveys (magnetics, spectrometry, IP gradient array
and high-resolution IP) undertaken on the Project have defined four priority
prospects at Agdz, namely:

·    The Makarn & Markarn North Prospect: A swarm of mineralised
dykes, shears, and veins that predominantly strike NNE over a lateral distance
of 2.8 km. Earlier results include 8.00 % Cu and 448 g/t Ag from rock chip
samples*. Four linear, north-to-northeast trending geophysical anomalies of
2.5 km, 600 m, 400 m and 375 m have been interpreted from IP data.

·    The Amzwaro Prospect: Multiple NNE and NNW trending structures within
a zone up to 2 km long and 200 m wide, bound by extensional structures.
Individual alteration zones are up to 33 m wide. Alteration is predominantly
comprised of chlorite and silica in breccia and veins. Historical results
include rock chip grades of 4.82 % Cu, 189 g/t Ag and 1.91 g/t Au. Two
discrete geophysical anomalies of 575 m and 375 m strike length have been
interpreted from IP data.

·    The Minière Prospect: This 150 m by 90 m zone of historical
underground artisanal mining exploits multiple sub-parallel copper-bearing
zones associated with chloritic-potassic alteration. Historical results
include rock chip and spoil sample grades of 13.05 % Cu, 12.90 g/t Ag, and
0.49 g/t Au.

·    The Daoud Prospect: A series of NNW striking quartz veins and
pervasive silicification, mapped discontinuously over a 700 m strike length
and crosscut by ENE striking chlorite-rich alteration zones. Historical
results include rock chip grades of 2.71 % Cu, 152 g/t Ag, and 2.96 g/t Au.
Mineralisation at the surface coincides with a 900 m-long linear geophysical
anomaly interpreted from IP data.

 

*A rock chip or grab sample cannot be taken as a representation of the overage
grade average and potential deposit size.

 

Agdz Project - Previous Work Programme Assay Highlights

 

Sampling Methodology and Analysis

Samples were collected every 1 meter, drilled down the hole, and riffle split
onsite into sub-samples of approximately 2.5 kg for 1m samples and 5.4 kg for
2m composites for submission to the laboratory. All the reject samples are
stored in the company's warehouse in Ouarzazate.

 

Afrilab, an accredited independent laboratory in Marrakech, Morocco, undertook
sample preparation and analysis for 227 samples, including 27 QA/QC samples.
Rock samples were crushed with 70 % passing -2 mm. The less than 2 mm fraction
was pulverised, with 85 % of the sample passing <75 microns. All samples
were analysed for a multi-element suite of 40 elements by Inductively Coupled
Plasma Atomic Emission Spectroscopy (ICP-AES). In addition, 108, including
QA/QC samples, were analysed for their gold content using the 50 g Fire Assay
method with a gravimetric finish.

 

The 27 QA/QC samples were included in the submitted sample batches to the
laboratory, consisting of nine field duplicates, nine blank samples, and nine
samples of certified reference material sourced from Geostats (pty) Ltd in
Australia. The QA/QC samples represent 12 % of the total sample batch sent to
the laboratory.

 

Work Plan for the Agdz Project

Future work programmes will incorporate the drill data into a geological model
for additional step-out drill planning. The objective would be to follow the
mineralisation along strike and to test for deeper targets below the
mineralised intersections reported in this new release. Additional drill holes
will be planned over other targets not covered in this programme.

 

The southern part of the Agdz licence, covering an area of 15 km(2), remains
unexplored. Initial reconnaissance of this area will consist of stream
sediment sampling, geological traversing and sampling.

 

Illustrations
The following figures have been prepared by Aterian and relate to the
disclosures in this announcement.

Qualified Person

The technical disclosure in this regulatory announcement has been approved by
Simon Rollason, Chief Executive Officer 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 Joint Broker:

Novum Securities Limited

David Coffman / George Duxberry

Tel: +44 (0)207 399 9400

 

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Adam Cowl

Tel: +44 20 3470 0470

 

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 metals projects.

Aterian plc is actively seeking to acquire and develop new critical 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 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 to explore and develop lithium-tantalum-niobium-tin mining
operations. Aterian currently holds a portfolio of multiple copper-silver and
base metal projects in the Kingdom of Morocco. In January 2024, the Company
announced the acquisition of a 90 % controlling interest in Atlantis Metals.
This private Botswana registered company holds seven mineral prospecting
licences for copper-silver in the Kalahari Copperbelt and three for lithium
brine exploration in the Makgadikgadi Pans region. The total licence area
in Botswana is 4,486 km(2).

 

The Company's strategy is to seek new exploration and production opportunities
across the African continent and to develop new sources of 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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDQKCBPCBKDCCB