TIDMCMRS
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
Jon Belliss +44 (0) 20 7399 9425
---------------------
Hudson Sandler (Financial PR)
Charlie Jack +44 (0) 207 796 4133
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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
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