REG - Aterian PLC - Operational Update: Tata and Azrar Projects

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08/01/2025 07:00

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RNS Number : 4560S  Aterian PLC  08 January 2025

8 January 2025

 

Operational Update:

Airborne Geophysical Interpretation, Tata and Azrar Projects, Morocco

 

Aterian Plc

("Aterian" or the "Company")

 

Aterian Plc (LSE: ATN), the critical metal-focused exploration and development
company, is pleased to provide an operational update on recent work conducted
on the Company's Tata and Azrar Projects ("Tata", "Azrar" or the "Projects")
in the Kingdom of Morocco ("Morocco").

 

The Company acquired line data, in 2024, covering over 250 km(2) from
historical airborne geophysical surveys flown over the Tata and Azrar Projects
from the Ministry of Energy, Transition and Sustainable Development in Rabat,
Morocco. The surveys were flown in 1998-1999 by Geoterrex Dighem Pty.,
collecting magnetometry, gamma-spectrometry, and multi-frequency
electromagnetic data. This data has been reprocessed and reinterpreted as part
of an ongoing target generation exercise over the projects.

Highlights:

·   Historical magnetometry, gamma-spectrometry, and multi-frequency
electromagnetic data acquired and reinterpreted as part of an ongoing target
generation exercise over the projects.

·     Tata and Azrar projects are located in the Western Anti-Atlas of
Morocco, a known sediment-hosted copper-silver province.

·      Multiple airborne geophysical targets are defined at Tata and
Azrar for ground follow-up.

o  Tata Project - Four priority targets covering a cumulative 14.3 km strike
length.

o  Azrar Project - Five priority targets covering a cumulative 11.4 km(2)
area.

o  Targets include two previously unexplored zones.

·      Tata project highlights

o  Copper mineralisation extended within two mineralised stratigraphic
horizons and is visible on the surface.

32 km of combined prospective strike length has been identified to date.

13 km combined strike length of target horizons remains untested.

o  Mineralised apparent thicknesses of up to 8.5 m within the basal Adoudou
Formation returned:

Up to 1.50 % Cu, 0.97 Cu %, and 0.32 % Cu from an 8 m thick carbonate
sequence.

Up to 1.02 % Cu, 0.51 % Cu, and 0.48 % Cu from an 8.5 m thick carbonate
sequence.

·      Azrar project highlights

o  Tifrit copper-gold target: 0.82 g/t Au and 0.63 % Cu over 9.0 m from
surface chip channel targeting northerly strike quartz veins, including :

0.70 g/t Au and 0.55 % Cu over 7.6 m from 0 to 7.6 m along the channel, and

2.97 g/t Au and 2.00 % Cu over a 0.7 m interval from 8.3 m to 9.0 m.

o  These results and previously announced samples (per the announcement of 31
January 2024) indicate this gold-copper target zone's potential strike length
to be 3.8 km.

o  Ougri sedimentary-hosted copper target: Up to 2.92 % Cu and 16 g/t
Ag from rock chip samples over an 800 m strike length of a 1.4 km basal
Adoudou Formation target.

o  Izarzar fault zone hosted copper target: Up to 1.37 % Cu and 6 g/t
Ag from a variably mineralised fault zone with an apparent width of up to
13.25 m within folded Adoudou Formation sediments.

·      The interpretation work involved analysing geophysical data
within a geological context, considering several factors such as the regional,
tectonic, lithological, and alteration controls on copper mineralisation.

 

Simon Rollason, CEO of Aterian, commented:

"The acquisition, re-processing and interpretation of historical airborne
geophysical data is an important element in our ongoing portfolio-wide
targeting, rationalisation and prioritisation process. The survey covers over
250 km(2), with five prospective copper target areas at Azrar and four at Tata
identified for follow-up groundwork. Targets were generated using a
multi-layered approach, combining multiple historic and recently acquired
geological and geochemical datasets."

 

''Several targets are coincident with known mineralised occurrences at Azrar,
which include 0.82 g/t Au and 0.63 % Cu over 9.0 m from surface chip channel
targeting northerly strike quartz veins, in addition to previously identified
targets such as the Ougri sedimentary-hosted copper target, where rock chip
samples reported up to 2.92 % Cu and 16 g/t Ag over an 800 m strike length of
a 1.4 km basal Adoudou Formation target. One target, where no prior
exploration has been undertaken, is focussed over an apparent 4.4 km strike
length of basal Adoudou sediments.

 

''At Tata, where 32 km of prospective mineralised strike length has been
mapped, four target areas have been delineated, coinciding with early positive
copper indications within the lower Adoudou Formation. One target (Tata Cu-02)
has not been explored, with surface copper reported from the other three
geophysical targets. In addition, results will aid our understanding of the
sedimentary basin architecture, allowing us to target potential areas of
interest further and contextualise field-derived datasets better. We look
forward to updating shareholders with results from the upcoming field
programmes when they are received.''

 

Project Summary:

The Tata and Azrar projects cover 138.6 km(2) and 76.9 km(2), respectively.
Both projects can be accessed via asphalt roads and a network of smaller
tracks. The Company holds a 100 % interest in both Projects, located in the
western Anti-Atlas Mountains, a region considered highly prospective for
sedimentary-hosted copper mineralisation.

 

Tata Project

The Tata Project occurs approximately  165 km southeast of the port city
of Agadir and 50 km southeast of the Tizert copper-silver project (estimated
resources of 57 Mt grading 1.03 % Cu and 23 g/t Ag), currently under
development by Managem Group. The Project lies 30 km south of the Company's
Azrar copper-silver project. Late Ediacaran to early Cambrian-aged Adoudounian
sediments occur within the Project along the margins of the Paleoproterozoic
Tagragra de Tata Inlier. These sedimentary units are known to host copper
mineralisation within the Anti-Atlas and represent the primary copper target
on the Project.

 

Azrar Project

Azrar occurs approximately 155 km southeast of the port city of Agadir and 45
km east of the Tizert copper-silver project. Late Ediacaran to early
Cambrian-aged Adoudounian sediments occur within the Project along the
southeastern margins of the Paleoproterozoic Agadir-Melloul Inlier.

 

 Aterian Project

 

 

Aterian Exploration Results

The objective of the work stream was to provide an overview of the processing
methodology previously employed and the results obtained through the joint
interpretation of these datasets supplemented by the results of recent
reconnaissance geochemical sampling. The interpretation resulted in a
pseudo-geological map highlighting key features such as lithological domains,
magmatic intrusions, and extensive fault tectonics, reflecting three
deformation events. Prospective target areas for further ground exploration
have been identified within the project areas based on the analysis of
multiparameter geophysical data and the regional geological context.

 

Historical Airborne Geophysical Survey Parameters

The flight lines have an NNE-SSW trend with a line spacing of 500 m. This
direction was considered optimal for mapping lithological units and fault
tectonics, which generally trend almost orthogonally to the direction of
flight lines. The measurement point spacing along the flight lines varies from
2.5 to 4 m for magnetic and electromagnetic surveys and 10 to 20 m for the
gamma-ray spectrometric survey. Such a step between the measurement points is
considered to provide sufficient spatial resolution of the geophysical data
for mapping lithological units within the project areas.

 

 

Data Re-Interpretation

The geophysical data was re-interpreted based on a joint analysis of an
extensive set of maps dynamically linked in an Oasis Montaj GIS project. The
interpretation was conducted by manually identifying characteristic patterns
of structural units in geophysical fields based on prior geological data
[Isles and Rankin, 2013].

 

Gamma-spectrometric and electromagnetic data played the most significant role
in the interpretation for identifying potassium, thorium and resistivity
anomalies that outline lithological domains. The magnetic data is important in
identifying faults and tectonic structures in the basement, outcropping and
buried magmatic bodies, and highly magnetised inhomogeneities in the
lithological domains. The available regional geological maps and point
descriptions made at geological observation points were used to aid the
geological interpretation of geophysical anomalies. Several factors were
considered during the interpretation process:

 

1.    Regional factors

The known mineralisation tends to be localised at the edge of
Paleoproterozoic-Neoproterozoic basement inliers [Maddi et al., 2011], with
most of the historical and active copper mines confined to such structural
boundaries in the Anti-Atlas. In addition, the historical geological mapping
shows the occurrence of Cu (and gold in the case of Tata) mineralisation in a
similar structural position within the project areas.

 

2.    Tectonic factors

Many copper deposits hosted within Lower Paleozoic formations of the
Anti-Atlas are closely associated with fold structures generated directly on
basement extensional faults [Ouchchen et al., 2023]. In contrast to the
Eastern Anti-Atlas, these faults do not come to the surface in the Western
Anti-Atlas, so geophysical interpretation is necessary to map them.

 

3.    Lithological factors

Stratiform sediment-hosted copper mainly occurs in two horizons [Maddi et al.,
2011; Oummouch et al., 2017]: (1) basal dolomites of the Adoudou Formation in
close proximity to basement schists or volcanic sediments within the inliers,
and (2) Mid-Cambrian dolomite beds. These formations must be located near the
basement inlier's regional boundary, i.e., the regional factor controlling
copper mineralisation is being fulfilled.

 

4.    Alteration factors

Observations show that the mineralisation is leached around some sub-vertical
faults that cut across the stratiform mineralisation and along the contact
between the basal series and the overlying dolomites. These leached zones are
typically characterised by hematite alteration [Oummouch et al., 2017]. It
should be noted that iron oxide and hydroxide minerals in the leached zones
have low magnetic susceptibility (the exception is magnetite) [Fairhead,
2015]. However, their clusters can produce distinct magnetic field anomalies
against the background of host sedimentary rocks or granite gneiss.

 

The prospective target areas were identified by considering the contribution
of each factor controlling copper mineralisation. First, the boundary area
between the dolomites of the Adoudou Formation and the volcanic rocks of the
Ait Boulemane Formation was considered. Then, within this area, zones with the
most extensive development of D1/D2 deformation elements, regarded as
migration pathways for hydrothermal fluids, and D2/D3 elements, considered as
accumulation zones for copper mineralisation [Ouchchen et al., 2023], were
selected. The number and relative location of faults are criteria for
prioritising the prospective target areas. More weight was given to the faults
of the existing D2/D3 elements within the recommended target areas.

 

Targets identified for ground follow-up

Tata

Based on this study's outcome, four copper target areas are recommended for
further ground follow-up work. The table below ranks these recommended copper
targets by priority.

 

 Target      Size (km(2))  Target Strike Length (km)  Comment
 Tata Cu-01  2.8           5.4                        - 5.4 km of basal Adoudou sediments. Up to 7.02 % Cu.
 Tata Cu-02  1.5           0.9                        - Previously unexplored

                                                      - 1.1 km of basal Adoudou sediments targeted
 Tata Cu-03  0.5           5.2                        - 5.2 km of basal Adoudou sediments. Up to 8.5 m wide mineralised apparent
                                                      widths
 Tata Cu-04  2.6           2.8                        - 2.8 km of basal Adoudou sediments. Up to 6 m wide mineralised apparent
                                                      widths

 

The identified targets correspond to the genetic model of copper
mineralisation formation in the Anti-Atlas. This model [Ouchchen et al., 2023]
suggests that mineralisation occurred as a result of copper-bearing fluids
penetrating the base of the Cambrian and terminal Neoproterozoic sedimentary
cover along regional extensional faults that bound the Palaeoproterozoic
basement high. Subsequently, the sedimentary cover on the flanks of the
basement highs was eroded, exposing the mineralised base of the Cambrian and
terminal Neoproterozoic sedimentary cover.

 

Azrar

Five copper target areas have been recommended for further ground follow-up
work. The table below ranks these recommended copper targets by priority.

 

 Target       Size (km(2))  Target Characteristics
 Azrar Cu-01  2.3           - 1.7 km of basal Adoudou sediments

                            - 2.15 km of cumulative interpreted fault strike length with up to 3.79 % Cu
                            from recon sampling within a fault zone.
 Azrar Cu-02  2.8           - 2 km of the mapped Izarzar fault, locally returning up to 3.45 % Cu 40 g/t
                            Ag

                            - 6.4 km of cumulative interpreted fault strike length

                            - 1.85 km cumulative strike length of fold hinge targets.
 Azrar Cu-03  1.6           - 1.4 km of the mapped Izarzar fault zone, locally returning up to 4.01 % Cu
                            with 27 g/t Ag

                            - 1.7 km of basal Adoudou sediments

                            - 2.6 km of cumulative interpreted fault strike length.
 Azrar Cu-04  2.1           - 1.1 km of the Tifrit fault zone, locally returning 0.82 g/t Au and 0.63 % Cu
                            over 9.0 m from a surface chip channel

                            - 2.4 km of basal Adoudou sediments

                            - 1.4 km of interpreted fault strike length with visible copper showings (yet
                            to be sampled) within the volcanic units
 Azrar Cu-05  2.6           - Previously unexplored

                            - 4.4 km of basal Adoudou sediments

                            - 3 km of cumulative interpreted strike length

 

 

Work Plan for the Tata and Azrar Projects

Tata Project

Future work programmes at the Tata Project will include further geological
mapping to explore the copper potential in the untested areas of the
sedimentary package, supported by detailed mapping and channel samples at
selected locations perpendicular to the bedding/stratigraphy. Ground-based
geophysical surveys will aid in drill hole planning based on the surface
mapping and sampling outcomes and will be supported by the airborne
geophysical data re-interpretation.

 

Azrar Project

Future work programmes at the Azrar Project will include follow-up geological
mapping and sampling of prospective targets described above, supported by a
ground-based magnetic geophysical survey and trenching over the Tifrit
copper-gold target to define future drill targets. In addition, traverse
mapping and sampling will be undertaken over structural targets defined from
remote sensing data analysis to refine the geological model and prioritise
targets.

 

Qualified Person

The technical disclosure in this regulatory announcement has been approved by
Simon Rollason, Chief Executive Officer of Aterian Plc. He is a graduate of
the University of the Witwatersrand in Geology (Hons) and 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

Colin Rowbury

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 while supporting ethical and
sustainable supply chains as the world transitions to a sustainable, renewable
future. The supply of these metals is vital for developing the renewable
energy, automotive, and electronic manufacturing sectors, which 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 to explore and develop a lithium-tantalum-niobium-tin mining
operation. The Company also holds an exploration licence in Rwanda. Aterian
has a portfolio of multiple copper-silver (+ gold) and base metal projects in
Morocco. 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 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.

 

References used in preparation of this news release

Fairhead J.D. (2015). Advances in Gravity and Magnetic Processing and
Interpretation. The Netherlands: EAGE Publications. 352 p.

Isles D.J. and Rankin L.R. (2013). Geological interpretation of aeromagnetic
data. Australian Society of Exploration Geophysicists. 365 p.

Maddi O., Baoutoul H., Maacha L., Ennaciri O., Soulaimani A. (2011). The
Agjgal mine of southern Kerdous: an overview of the stratabound copper and
silver deposits in the western and central Anti-Atlas. In: Mouttaqi A.,
Rjimati E.C., Maacha L. Les Mines De L'anti-Atlas Occidental.

Ouchchen M., Abia E.H., Soulaimani A., Abioui M. et al. (2023). The Missing
Link in the Genesis of the Lower Paleozoic Copper Deposits of the Anti-Atlas
(Morocco): The Late Triassic Central Atlantic Magmatic Province Event.
Minerals. V. 13. Article 488. 26 p. DOI: 10.3390/min13040488

Oummouch A., Essaifi A., Zayane R. et al. (2017). Geology and Metallogenesis
of the Sediment-Hosted Cu-Ag Deposit of Tizert (Igherm Inlier, Anti-Atlas
Copperbelt, Morocco) / Geofluids. V. 2017, Article ID 7508484. 19 p. DOI:
10.1155/2017/7508484.

Glossary of Terms

The following is a glossary of technical terms:

 

 

 "Ag"                              means  silver
 "Anti-Atlas Mountains"            means  a mountain range in Morocco, forming part of the Atlas Mountains in
                                          northwest Africa. The Anti-Atlas extends from the Atlantic Ocean in the
                                          southwest towards the northeast to the heights of Ouarzazate and further
                                          east to the city of Tafilalt, a distance of approximately 500 km. The range
                                          borders on the Sahara to the south
 "Au"                              means  Gold
 "Breccia"                         means  a rock consisting of angular fragments of stones cemented by finer materials
 "Cambrian"                        means  is the first geological period (538 to 485 ma) of the Paleozoic Era
 "Cu"                              means  copper
 "Ediacaran"                       means  the uppermost division of the Proterozoic Eon of Precambrian time and the
                                          youngest period (635 to 538 ma) of three that make up the Neoproterozoic Era
 "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
 "Inlier"                          means  an area of older rocks surrounded by younger rocks. The erosion of overlying
                                          younger rocks typically forms inliers.
 "km"                              means  kilometres
 "m"                               means  metres
 "Ma"                              means  million years
 "mm"                              means  millimetres
 "Mt"                              means  millions of tonnes
 "Outcrop"                         means  a rock formation that is in situ and visible on the surface
 "Qualified Person"                means  a person who has the education, skills, and professional credentials to act as
                                          a qualified person under NI 43-101
 "Paleoproterozoic"                means  the first of three subdivisions of the Proterozoic Eon (occurring from 2,500
                                          billion to 1,600 Ma. This period is marked by the first stabilisation of the
                                          continents and when cyanobacteria evolved.
 "Sedimentary-hosted copper"       means  stratabound copper deposits that are typically restricted to a narrow range of
                                          layers within a sedimentary sequence but do not necessarily follow sedimentary
                                          bedding.
 "Stratabound"                     means  a mineral deposit confined to a single stratigraphic unit
 "Stratiform"                      means  parallel to the bedding planes of the surrounding rock
 "Vein"                            means  a distinct sheetlike body of crystallised minerals within a rock

 

 

 

 

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