REG - Aterian PLC - Operational Update

AterianAnnouncement

02/12/2024 07:00

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RNS Number : 2463O  Aterian PLC  02 December 2024

2 December 2024

 

Operational Update:

Tata Sedimentary-Hosted Copper 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 operational update on the recent fieldwork
conducted over the Company's Tata Copper Project ("Tata" or the "Project").
The Project, covering 138.6 km(2), is located within the western Anti-Atlas
Mountains of the Kingdom of Morocco ("Morocco") and lies 30 km south of the
Company's Azrar ("Azrar") copper-silver-gold project.

Highlights:

·      Additional copper ("Cu") discoveries on the Tata
sedimentary-hosted copper project.

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

o  32 km of combined prospective strike length identified to date, extended
from 18 km.

o  13 km combined strike length of target horizons remains untested.

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

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

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

·      Up to 0.94 % Cu returned from younger Lower Cambrian sediments.

·      Mapping and sampling over 21 traverses were completed, targeting
the basement inlier/Adoudou Formation contact and the overlaying Tata Group
sediments.

·      Previous sampling returned a point sample of 7.02 % Cu within a 2
m mineralised interval and 0.87 % Cu over 8 m apparent thicknesses.

·      15 targets identified from remote sensing data analysis for
follow-up mapping and sampling.

Summary of the Tata Project's Key Points:

·    The Tata Project is one of Aterian's four high-priority copper
projects in Morocco, potentially offering Aterian a large-scale copper
development opportunity.

·    The copper (Cu) grades, as reported, are considered economic and in
line with expectations for advancing a large-scale project that demands target
generation and drilling.

·    This project's 32 km strike length is extensive and similar to other
sedimentary copper-silver deposits, including the sand-covered, world-renowned
Kalahari Copper Belt in sub-Saharan Africa and the Kupferschiefer deposit in
Eastern Europe.

·    Drill target generation will be based on surface geological mapping
and sampling outcomes with ground-based geophysics and supported by airborne
geophysical data interpretation.

Charles Bray, Chairman of Aterian, commented:

"We are delighted to report more positive results from the Tata Project. The
field team has completed approximately 20-line km of traverse mapping and rock
sampling, extending the cumulative strike length of mineralised target
horizons to an impressive 32 km. Additional discoveries include copper
mineralisation over apparent thicknesses of up to 8.5 m and 6 m in the south
and north of the project, respectively. In addition to previously reported
apparent mineralised thicknesses of up to 8 m with 0.87 % Cu, the recent field
results reinforce our conviction that Tata offers scale potential and the
potential to deliver value to all stakeholders.

 

''The next exploration phase at Tata will focus on additional traverse
mapping, rock chip sampling along strike of mineralised horizons, and rock
chip sampling over yet-to-be-explored targets. Ground-based geophysical
surveys will be implemented to aid in drill hole planning based on the surface
mapping and sampling outcomes and supported by the airborne geophysical data
re-interpretation. We will proceed in a disciplined fashion, but given the
sheer scale, we anticipate this project will require more time. We expect to
commence the next fieldwork phase shortly and look forward to updating
shareholders on the Tata Project in due course."

 

Project Summary:

The Tata Project covers 138.6 km(2), comprising nine licence blocks, with
access via asphalt roads and a network of smaller tracks. The Company holds a
100 % interest in the Project, located in the western Anti-Atlas Mountains, a
region considered highly prospective for sedimentary-hosted copper
mineralisation. 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-gold project.

 

Late Ediacaran to early Cambrian-aged Adoudou Formation 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.

 

 

Aterian Exploration Results

Recent fieldwork focused on completing c.20-line km of traverse mapping over
21 traverses varying between 0.12 km to 1.85 km in length (average 0.95 km)
covering the Paleoproterozoic Tagrara de Tata Inlier (basement) / Adoudou
Formation contact to the overlaying Tata Group sediments. The basement contact
with the overlying Adoudounian sediments represents the project's primary
target for copper mineralisation. The objective was to extend the strike
potential of mineralised horizons and build a working knowledge of local
stratigraphy on the northern and southern flanks of the inlier.

 

Tata Project - Assay Results to Date & Recent Work Programme Highlights (%
Cu)

 

152 outcrop composite point rock chip samples* were collected. Of these
samples, 56 (37 % of samples) were > 0.2 % Cu, and 21 (14 %) were > 0.5
% Cu. Maximum values returned include 1.50 % Cu, 9.73 g/t Ag, 0.12 g/t Au and
0.19 % Co.

 

Sedimentary beds sampled within the basal Adoudounian sediments consist of
shallow to moderately dipping interbedded siltstone, sandstone, and dolomite
with disseminated copper oxides visible along laminations and bedding planes
and on the surfaces of cross-cutting fractures. Fresh sulphide in the form of
chalcopyrite and chalcocite is observed in hand samples. Several fault zones
were mapped cross-cutting the bedding with typical NNW-SSE to N-S trends;
these structural zones frequently host quartz-rich breccia with minor hematite
and are weakly mineralised.

 

The apparent thickness of mineralised horizons observed within the lower
Adoudou Formation varies along strike from 0.3 m up to 8.5 m. The results from
composite point rock chip sampling of individual beds (not continuous chip
channels) within the overall mineralised interval or horizon returned:

·    Composite point samples of 0.48 % Cu, 0.04 % Cu, 1.02 % Cu, 0.04 %
Cu, 0.51 % Cu, and 0.4 % Cu from an 8.5 m thick carbonate sequence.

·    Composite point samples of 1.50 % Cu, 0.32 % Cu, 0.04% Cu, and 0.97 %
Cu from an 8 m thick carbonate sequence.

The sedimentary beds sampled within the overlying Tata Group (Lower Cambrian
in age) consist of interbedded basal dolomite and upper marl with disseminated
malachite in dolomite beds. The apparent thickness of mineralised horizons
varies along strike from 0.3 m to 1.5 m. Results from recent outcrop sampling
of the Tata Group sediments in the southern part of the Project have outlined
a target area of approximately 4.5 km by 0.8 km, with assay returning 0.1 % Cu
to 0.94 % Cu from up to 1.7 m thick dolomite and marl beds.

 

Following recent field programmes, a remote sensing data-based structural
interpretation was completed over Tata's priority areas. The results defined
15 additional target areas, notably around interpreted fold hinge zones where
structural thickening of mineralised horizons may have occurred.

 

The available historical airborne geophysical data for the Tata and Azrar
Projects has been acquired from the Ministry of Energy, Transition and
Sustainable Development in Rabat and is being re-processed. The outcome of
this work is expected to be completed shortly.

 

Tata Project - Assay Results to Date & Targets (% Cu)

 

*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.

 

Tata Project - Schematic section over traverses A & B

 

Previous Aterian Fieldwork

Copper mineralisation on the Project has been mapped within two separate
stratigraphic horizons: the basal series of the Adoudou Formation and the
overlying Lower Cambrian Tata Group sediments. These mineralised sequences
have a combined mapped strike length (with copper mineralisation visible on
the surface) and extend over 32 km. A data review indicates a strike length of
c.13 km within the prospective Adoudou Formation, and the Cambrian Tata Group
remains untested.

 

The maximum grade previously reported was 7.02 % Cu from a siltstone bed
hosting bedding parallel, disseminated mineralisation within the lower Adoudou
Formation. Mineralised sediments were previously sampled with composite point
rock chip samples returning 0.87 % Cu over 8 m and 0.95 % Cu over 4 m from
carbonate-rich sediments within the Adoudou Formation.

 

Sampling Methodology and Analysis

ALS Limited, an accredited laboratory in Sevilla, Spain, undertook sample
preparation and analysis for 20 of the reported samples. 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.

 

Afrilab, an accredited independent laboratory in Marrakech, Morocco, undertook
sample preparation and analysis for 132 of the reported 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, selective samples
were analysed for their gold content using the 50 g Fire Assay method with a
gravimetric finish. Given the early-stage nature of these programmes, no QA/QC
samples were included.

 

Work Plan for the 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 be designed to aid in drill hole planning based on
the surface mapping and sampling outcomes and supported by the airborne
geophysical data re-interpretation.

 

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. 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 the development of 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.

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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