ATN Aterian Plc

06 August 2024

Drilling to Commence at Agdz Copper-Silver Project, Morocco

Aterian Plc
("Aterian" or the "Company")

Aterian Plc (LSE: ATN), the critical metal-focused exploration and development company, announces that its maiden Moroccan scout drilling programme is to commence imminently at the Company's 100% owned Agdz Copper-Silver ("Cu-Ag") Project ("Agdz" or the "Project"). The Project, covering 34.5 km², is located within the eastern Anti-Atlas Mountains of the Kingdom of Morocco ("Morocco").

Highlights:

·     The 1,000-1,200 m Reverse Circulation ("RC") drilling programme will commence imminently at the Agdz project site with an initial ten drill holes anticipated.

·      The RC drill rig has mobilised to the site, with access upgrades and drill pad preparation underway.

·      Drill holes will target mapped structural and geophysical targets over four priority prospects:

o  The 2.80 km long Makarn - Makarn North prospect targeting up to 8.00 % Cu and 448 g/t Ag;

o  The 2.00 km long Amwaro prospect targeting up to 4.82 % Cu, 189 g/t Ag and 1.90 g/t Au;

o  The 0.15 km long Miniére prospect targeting historic workings, spoil up to 13.05 % Cu and 12 g/t Ag and 0.8 g.t Au;

o  The 0.70 km long Daoud prospect targeting 2.71 % Cu, 152 g/t Ag and 2.96 g/t Au.

·   Geophysical targets were defined from a previously completed 137-line-km IP gradient array and a 12-line high-resolution IP survey.

·   Agdz has demonstrated excellent copper-silver prospects from ground sampling and is 14 km southwest of the Managem Bouskour copper-silver mine (53 Mt at 0.8 % Cu and 9 g/t Ag).

Charles Bray, Chairman of Aterian, commented:

"We are pleased to report that our maiden Moroccan drill programme will commence imminently at the Agdz Copper-Silver Project in central Morocco.  We anticipate approximately ten scout holes, with depths of 100 - 120m, utilising RC drilling.  We are especially excited to advance the status of our projects in Morocco and to  begin drilling at Agdz.  We are presently in the process of rationalising and prioritising our projects in the country with the aim to advance additional projects to the drilling stage. At Agdz, the ground preparatory works are progressing rapidly, and the main access infrastructure upgrades are nearing completion. The drill programme has been designed to test several geophysical and structural targets within four priority target areas defined to date across the project. The geophysical anomalies scheduled for testing represent near surface targets, varying from 300 m to greater than 2.5 km in strike length.

''Agdz is well situated within an active mining district and is served by regional infrastructure, lying 2 km from a recently upgraded all-weather road, 35 km from the city of Ouarzazate and 40 km from the Noor-1 solar power plant. We expect to receive initial assay results by the end of Q3 and look forward to updating shareholders in due course."

Agdz Drill Programme:

The planned drill programme comprises 10 RC drill holes, totalling 1,100 - 1,200 m. Drill samples will be assayed for a multi-element suite of elements, with selected intervals assayed for gold by fire assay, where earlier surface rock chip sampling returned anomalous gold values.

The drill programme will focus on achieving several objectives:

·      To intersect mineralisation of a suitable grade and width to be deemed as showing economic potential.

·      To understand the down-dip continuity of the copper-silver mineralisation mapped and sampled at the surface within outcropping alteration zones.

·      To provide geological and geochemical datasets to aid in defining a deposit-scale model.

·      To provide geological and geochemical datasets with which to aid in the interpretation of geophysical anomalies.

Project Summary:

The Company's wholly-owned subsidiary, Aterian Resources Limited, holds a 100 % interest in the 34.5 km² Agdz Copper-Silver Project. The Project lies in the Souss-Massa-Drâa region of the Anti-Atlas Mountains of central Morocco, approximately 350 km south of the capital, Rabat, and approximately 35 km east of the city of Ouarzazate where high-standard infrastructure and services exist, including a regional airport. The 'Noor 1' solar power station, the world's largest concentrated solar power plant with a planned output of 580 MW, is located approximately 40 km northwest of Agdz. The Project is accessed via a paved road, a network of unpaved roads, and vehicle tracks close to and within the licence.

Agdz lies approximately 14 km southwest of the Bouskour copper-silver mine (53 Mt at 0.8 % Cu and 9 g/t Ag), with the world-class Imiter silver mine (131 Moz of silver at 500 g/t Ag) located 80 km northeast of the Project. Both deposits are operated by the Moroccan mining company, Managem Group (it should be noted that mineralisation hosted at the adjacent mines is not necessarily indicative of mineralisation at Agdz).

Aterian Exploration Results:

Geological mapping and outcrop sampling, reconnaissance surface trenching, and ground-based geophysical surveys (magnetics, spectrometry, IP gradient array and high-resolution IP) undertaken on the Project have defined four priority prospects at Agdz, namely:

·    The Makarn - Markarn North Prospect: A swarm of mineralised dykes, shears, and veins that predominantly strike NNE over a lateral distance of 2.8 km. Earlier results include 8.00 % Cu and 448 g/t Ag from rock chip samples*. Four linear, north-to-northeast trending geophysical anomalies of 2.5 km, 600 m, 400 m and 375 m have been interpreted from IP data.

·    The Amzwaro Prospect: Multiple NNE and NNW trending structures within a zone up to 2 km long and 200 m wide, bound by extensional structures. Individual alteration zones are up to 33 m wide. Alteration comprises predominantly chlorite and silica in breccia and veins. Historical results include rock chip grades of 4.82 % Cu, 189 g/t Ag and 1.91 g/t Au. Two discrete geophysical anomalies of 575 m and 375 m strike length have been interpreted from IP data.

·    The Minière Prospect: This 150 m by 90 m zone of historical underground artisanal mining exploits multiple sub-parallel copper-bearing zones associated with chloritic-potassic alteration. Historical results include rock chip and spoil sample grades of 13.05 % Cu, 12.90 g/t Ag, and 0.49 g/t Au.

·    The Daoud Prospect: A series of NNW striking quartz veins and pervasive silicification, mapped discontinuously over a 700 m strike length and crosscut by ENE striking chlorite-rich alteration zones. Historical results include rock chip grades of 2.71 % Cu, 152 g/t Ag, and 2.96 g/t Au. Mineralisation at the surface coincides with a 900 m-long linear geophysical anomaly interpreted from IP data.

*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.

Illustrations
The following illustrations 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. 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 or contact:

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com

Simon Rollason, Director - 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

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 has 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 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 km². In January 2024, the Company announced the acquisition of a 90% interest in Atlantis Metals. This private Botswana company holds seven mineral prospecting licences 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 4,486 km².

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: