Critical Mineral Resources PLC 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 while 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.
“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.”