REG - Critical Mineral - Moroccan Copper-Silver Project Agreement

Critical Mineral ResourcesAnnouncement

12/09/2023 07:00

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RNS Number : 0822M  Critical Mineral Resources PLC  12 September 2023

12 September 2023

Critical Mineral Resources PLC

 

Moroccan High Grade Copper-Silver Project Agreement

Critical Mineral Resources plc ('CMR' or the 'Company), the exploration and
development company focused on clean energy commodities, is pleased to provide
its first operational update since acquiring its Moroccan subsidiary, Atlantic
Research Minerals ('ARM'), in June 2023. Since then, the Company has been
actively building its portfolio of critical minerals projects and has
identified a number of open areas prospective for copper, silver, manganese
and barite.

The Ighrem Permit

During July and August, the Company staked four Research Permits(1). Following
a fieldwork assessment, three permits were dropped, with the Inghrem Permit
being kept. The Ighrem Permit is 16km(2) and contains high grade manganese and
barite mineralisation. It is also prospective for copper and silver and a
comprehensive geological mapping and sampling programme will be initiated in
the coming weeks.

 

Incubator Portfolio

This process of selecting ground in prospective areas, supported by fieldwork
and historical data, continues. The aim is to ensure ARM's incubator portfolio
contains at least three distinct projects covering a range of critical
minerals. Each project will likely consist of multiple permits to ensure a
sufficient footprint in selected areas. The team is working now to secure
ground in two separate regions, and the Company will provide updates in due
course.

 

Anzar Copper-Silver Project

Alongside the incubator portfolio, the Company is targeting more advanced
projects for earn-in, joint venture or acquisition. CMR has entered into
binding heads of terms on the Anzar Project, an exciting high grade
copper-silver project in central Morocco.

The deposit is sedimentary hosted in grey sandstones, and where it outcrops,
the thickness ranges from 1.0 to 3.0m. Oxide and sulphide mineralisation is
concentrated in the bedding planes and areas of fossilised vegetation, with
lower grade disseminated mineralisation in the competent grey sandstone.
Management is targeting an average resource grade of 1.75 to 2.0% copper plus
30 to 40 g/t of silver and regards Anzar as having the potential for rapid
development to a construction decision and operating mine.The Anzar Project
consists of a 1.0km(2) mining license surrounded by a 15km(2) Research Permit.

The property is accessible by sealed roads within 2.5km of the historical
mining excavations, and a power line runs within 1.0km of the license
boundary. Water is also expected to be available, either from nearby
watercourses or water well drilling.

The agreement allows CMR to earn-in up to 51% over 24 months for MAD 3.0
million (USD 295,275)* in staged payments with an option to acquire 100% after
42 months for MAD 9.0 million (USD 885,827).

(1) a Moroccan Research Permit is comparable to an exploration license or
prospecting right

* based on the current exchange rate USD/MAD 10.16

Earthquake response

As previously announced, CMR will support and contribute to the relief efforts
following the recent Moroccan earthquake. The ARM offices are located some
distance from the earthquake zone and are not directly impacted. All ARM
employees are safe, and the regions where ARM operates are unaffected by the
tragic earthquake.

Charlie Long, Chief Executive Officer of CMR PLC, commented:

 

"CMR has made clear progress since the acquisition of ARM. These developments
demonstrate the geological potential of the regions where we are prospecting,
the strong know-how of our Moroccan subsidiary ARM and progress against our
clear focus on developing assets that produce key commodities essential for
the clean energy revolution."

 

For further information, please contact:

 

 Critical Mineral Resources plc           info@cmrplc.com

 Charles Long, Chief Executive Officer
 Novum Securities                         +44 (0) 20 7399 9425

 Jon Belliss
 Hudson Sandler (Financial PR)            +44 (0) 207 796 4133

 Charlie Jack

 

Notes To Editors

Critical Mineral Resources (CMR) plc is an exploration and development company
focused on developing assets that produce key commodities essential for
renewable energy, battery storage and electrification to support the clean
energy revolution. These commodities are widely recognised as being at the
start of a supply and demand supercycle.

 

CMR is building a diversified portfolio of high-quality metals exploration and
development projects in Morocco, focusing on copper, nickel, manganese,
cobalt, and potentially rare earths. CMR identified Morocco as an ideal
mining-friendly jurisdiction that meets its acquisition and operational
criteria. The country is perfectly located to supply raw materials to Europe
and possesses excellent prospective geology, infrastructure and attractive
permitting, tax and royalty conditions. In 2023, the Company acquired an 80%
stake in leading Moroccan exploration and geological services company Atlantic
Research Minerals SARL.

 

Since taking over the CMR in 2022, the current management has completed a
comprehensive strategic review and restructuring of the business and
implemented its clear strategy to maximise exploration and resource
development opportunities for the benefit of all stakeholders. The Company is
listed on the London Stock Exchange (CMRS.L). More information regarding the
Company can be found at www.cmrplc.com (http://www.cmrplc.com)

 

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