👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Critical Mineral Resources ‘making clear progress’ in Morocco venture

Published 12/09/2023, 08:19
Updated 12/09/2023, 09:11
Critical Mineral Resources ‘making clear progress’ in Morocco venture
HG
-
SI
-

Proactive Investors - Critical Mineral Resources PLC (LON:CMRS) told investors it has “made clear progress” in Morroco, following its acquisition of subsidiary Atlantic Research Minerals in June.

The company, in a stock market statement, highlighted that it 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.

Focus areas have included the Ighrem permit – comprising four permits staked in July and August - which spans some 16,000 square kilometres and is seen to host high-grade manganese and barite mineralization whilst also being prospective for copper and silver.

A comprehensive geological mapping and sampling programme will get underway at Ighrem in the coming weeks.

Across the company’s incubator portfolio, it is in the process of selecting ground in prospective areas, supported by fieldwork and historical data.

It aims to ensure the incubator portfolio contains at least three distinct projects covering a range of critical minerals. Each will likely consist of multiple permits to ensure a sufficient footprint in selected areas., it noted.

Presently it is working to secure acreage in two separate regions.

Along with the Ighrem and the incubator portfolio, the Moroccan unit also has the more advanced Anzar Project, which is described as an exciting high-grade copper-silver project in central Morocco.

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 company can acquire up to 51% of Anzar via an option deal, by spending US$295,275 in stages over 24 months – thereafter it can take full ownership by spending a further US$885,827 over the subsequent

"CMR has made clear progress since the acquisition of ARM,” said chief executive Charlie Long.

“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."

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.