REG - Critical Mineral - Operational update

Critical Mineral ResourcesAnnouncement

27/03/2024 07:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240327:nRSa4852Ia&default-theme=true

RNS Number : 4852I  Critical Mineral Resources PLC  27 March 2024

27 March 2024

Critical Mineral Resources PLC

('CMR' or the 'Company')

Operational update

Critical Mineral Resources PLC ('CMR' or the 'Company'), the exploration and
development company focused on critical metals and minerals in Morocco is
pleased to provide an operational update on its Ifri Project ('Ifri') in the
Anti-Atlas.

 

Highlights

 

·   Positive initial work at the Ifri Project in the Anti-Atlas.
Prospecting by CMR's geological team has demonstrated copper and silver in
multiple shear zone and quartz vein structures with some structures containing
gold mineralisation.

·    Channel samples include assay results of (1) 3.1% copper and 17 g/t
silver (2) 1.95% copper and 15 g/t silver, and (3) 0.86 g/t gold and 21 g/t
silver. These initial samples are demonstrative of Ifri's potential.

·    The Company is pleased to see copper and silver grades returned at
Ifri given the incidence of visible copper sulphide and copper oxide
mineralisation on the property and Ifri's proximity to the Tagmout
copper-silver mine.

·   The presence of gold in the system is also extremely encouraging given
nearby industrial scale and artisanal underground gold mining. Existing mines
are targeting the quartz structures with gold grades in the region known to
improve at depth.

·    The Ifri Project is located in a well-known mining belt which hosts
active and previously operating mines. These include the Imiter silver mine,
the Tiouit gold mine, the Bou Skour copper project and the Tagmout
silver-copper project less than 5.0km away from Ifri.

 

Ifri Project summary

Initial prospecting at the Ifri site has identified multiple large mineralised
shear structures with copper oxide, copper sulphide, silver and gold
mineralisation. Historical small scale mining for copper and gold is also
evident at numerous locations across the property and, significantly, there is
a significant scale drilling programme 2.5km west of the permit and an
underground gold mine being developed less than 10km north of the permit. We
have located these operations but the project names are unknown and it is
unclear who the operators are.

Fig 1 Ifri Project mineralisation

Source: Critical Mineral Resources PLC

 

Saghro Massif Potential

Ifri is located within the Saghro Massif, an area of old (Precambrian) igneous
rocks in the Anti-Atlas. In a relatively small area, this series of inliers
hosts multiple past producing mines, operational mines and development
projects. Probably the most well-know mines are the Imiter silver mine and the
Tiouit gold mine. The Bou Skour copper project and Tagmout copper-silver
project are also significant deposits and located very close to Ifri. Figure 3
illustrates Ifri's location within an alteration hot spot, where NE-SW faults
are thought to represent paths for hydrothermal fluids and mineralisation.

 

Fig 2 Saghro Massif mining belt

Source: Critical Mineral Resources PLC

 

Fig 3 Ifri's location and mineral prospectivity map

 

Source: Mamouch, Y.; Attou, A.; Miftah, A.; Ouchchen, M.; Dadi, B.; Achkouch,
L.; Et-tayea, Y.; Allaoui, A.; Boualoul, M.; Randazzo, G.; et al. Mapping of
Hydrothermal Alteration Zones in the Kelâat M'Gouna Region Using Airborne
Gamma-Ray Spectrometry and Remote Sensing Data: Mining Implications (Eastern
Anti-Atlas, Morocco). Appl. Sci. 2022, 12, 957.
https://doi.org/10.3390/app12030957 (https://doi.org/10.3390/app12030957)

 

Ifri Outlook

The next stage at Ifri is a systematic exploration programme including
detailed mapping, geochemical surveying, followed by geophysics and
drill-target generation.

 

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

"We are very excited about the Ifri Project and its potential to host both
copper-silver and gold deposits. Ifri is located in a mineralised system and
we will now focus on systematic exploration and drill target generation. We
are encouraged by the numerous mines in this belt, several of which are
intrusion-related deposits, and therefore the region's strong potential for
large scale discoveries. At Ifri, we will be targeting both mineralised
structures near the surface and richer sources of copper, silver and gold at
depth".

 

 Critical Mineral Resources PLC           info@cmrplc.com (mailto: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)

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  UPDFIFFDVDIDFIS