REG - Aterian PLC - Operational Update: Akka and West Tazalaght

AterianAnnouncement

20/02/2024 07:00

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RNS Number : 6742D  Aterian PLC  20 February 2024

20 February 2024

 

Operational Update:

Initial Reconnaissance, Akka and West Tazalaght, Morocco

 

Aterian Plc

("Aterian" or the "Company")

 

Aterian Plc (LSE: ATN), the critical metal-focused exploration and development
company, is pleased to announce the observations from the initial
reconnaissance of the Akka and West Tazalaght Projects (collectively the
"Projects") located in the Kingdom of Morocco ("Morocco"). The Projects are
part of the 897 km(2) portfolio owned by Aterian, targeting copper, silver and
base metals within established current and historic mining districts.

 

The Akka and West Tazalaght Projects were awarded to the Company in August
2023, covering 47.1 km(2) and 27.4 km(2), respectively. Both Projects are
located within the western Anti-Atlas Mountains of Morocco, a region well
known for hosting copper mineralisation within the Late Ediacaran to early
Cambrian-aged Adoudou Formation sediments.

Highlights:

·      3.93 % copper reporting from the sedimentary-hosted copper
target.

·      Evidence of copper mineralisation has been identified within the
Adoudou Formation sediments on both Projects.

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

·      Projects are located close to good infrastructure, with operating
mines nearby.

 

Charles Bray, Chairman of Aterian, commented:

 

"The preliminary findings from these initial reconnaissance visits to Akka and
West Tazalaght are encouraging and consistent with our recent exploration in
the Anti-Atlas region, with evidence of copper mineralisation occurring
throughout. We will now develop plans to explore and evaluate the potential of
these specific projects. We hope that through a more systematic prospecting
programme targeting the sedimentary-hosted copper opportunity across the
region, we will be able to add to our extensive Moroccan exploration database.

 

"We have created a strong and extensive asset portfolio in Morocco and will
continue to seek to expand our projects and explore this highly prospective
area. The country is emerging as a preferred destination for global mining and
manufacturing companies seeking to enter the EU and USA with preferential
trade status. We are now gaining very good geological knowledge of the area
and continue to obtain positive results from our exploration fieldwork on
several key projects in Morocco.  The region has the potential to deliver
tremendous value to the Company, its shareholders and other stakeholders."

 

Project Summary: Akka

 Aterian PLC project locations in Morocco with competitor companies and
 projects.

 

The Akka 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 copper
occurrence identified c.1.5 km north of the Akka Project, which Managem is
currently evaluating. The Akka Copper-Gold Mine (Iourirn), operated
by Managem Group, lies 20 km west, with the Tazalaght Copper Mine 35 km
northeast of the Akka Project (mineralisation hosted at Akka
Mine (Iourirn) is not necessarily indicative of mineralisation at our Akka
project).

 

 

Akka Exploration Results

A total of 12 outcrop samples were collected during the site visit, of which
three samples were > 0.3 % Cu. The maximum reported copper value was 3.93 %
Cu from a zone of quartz-carbonate veining cross-cutting a dolomitic fold
hinge. The sample was collected 2.2 km south of a small operation operated by
Managem, which targets the same structure. Two samples reported 0.30 % Cu and
0.34 % Cu from quartz veins within granodiorite occurring at the contact
between the basement inlier and overlying Adoudou Formation sediments. Fine
disseminated, bedding parallel copper oxide is observed with a 1.8m thick
dolomitic sequence at the base of the shallow Adoudou Formation, adjacent to
the contact of the inlier, and reported anomalous copper of 0.16 % Cu.

 

Work Plan for the Akka Project

Future work programmes at the Akka Project will explore and map the Adoudou
Formation, where evidence for sedimentary-hosted copper was observed. Mapping
along strike from the Managem workings north of the project to identify
structural control (folding) and continuity.

 

Project Summary: West Tazalaght

This consists of 2 licences covering 27.4 km(2) located 13 km northeast of
Tafraoute in the Taroudant Province of the Souss-Massa Region and lies 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 (note that
mineralisation hosted at the Tazalaght mine is not necessarily indicative of
mineralisation at our  West Tazalaght Project).

 

 

West Tazalaght Exploration Results

A total of 1 outcrop and four float samples were collected during the site
visit. The maximum reported copper value was 0.25 % Cu from an epidote-rich
mafic boulder observed within a river in the north part of the licence.
Isolated samples of smelter slag, with malachite lining some of the vesicles,
were observed within a river channel in the southern part of the Project. This
suggests ancient (of unknown age) copper mining in the region, although the
source of the material was not identified during the site visit. Limited
disseminated copper oxide mineralisation was observed in the sedimentary
units.

 

Work Plan for the West Tazalaght Project

Future work programmes at the West Tazalaght Project will focus on exploring
and mapping the Adoudou Formation to determine the sedimentary-hosted copper
opportunity. A stream sediment sampling programme is also planned to cover the
licence.

 

*A rock chip or grab sample cannot be taken as a representation of the overage
grade average and potential deposit size. A float sample is collected from
loose pieces of rock not connected to an outcrop. A spoil/dump sample is
collected adjacent to a historical working.

 

Sampling Methodology and Analysis

ALS Limited, an accredited laboratory in Sevilla, Spain, undertook all sample
preparation and analysis for these reported samples. Given the early-stage
nature of these programmes, no QA/QC samples were included. Rock samples were
crushed to 70 % passing -2 mm. The less than 2 mm fraction was pulverised,
with 85 % of the sample passing <75 microns. All samples were analysed
using four-acid digestion for a multi-element suite of 34 metals by
Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES). In
addition, all samples were analysed for their gold content by a 50g Fire Assay
method with an atomic absorption finish.

 

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

 

Akka

 

West Tazalaght

 

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 / Kasia Brzozowska

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 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. Aterian currently
holds a portfolio of multiple copper-silver and base metal projects in the
Kingdom of Morocco, with a total area of 897 km(2). In January 2024, the
Company announced the acquisition of a 90% interest in Atlantis Metals. This
private Botswana registered company holds one mineral prospecting licence 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 3,516 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

 

 

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