Clean energy commodities exploration and development company Critical Mineral Resources (CMR) on September 12 provided its first operational update since acquiring its Moroccan subsidiary Atlantic Research Minerals (ARM) in June.
Since then, CMR 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.
“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,” enthuses CMR CEO Charlie Long.
IGHREM PERMIT
During July and August, the company staked four research permits.
Following a fieldwork assessment, three of the permits were dropped, but the Ighrem permit was kept.
The Ighrem permit covers 16 km2 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.
In addition, the company reports that its incubator portfolio process of selecting ground in prospective areas, supported by fieldwork and historical data, continues.
The aim of this 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 CMR will provide updates in due course.”
ANZAR COPPER/SILVER PROJECT
Alongside the incubator portfolio, CMR 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 m to 3 m. 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% copper, plus 30 g/t 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 km2 mining licence surrounded by a 15 km2 research permit.
The property is accessible by sealed roads within 2.5 km of the historical mining excavations, and a power line runs within 1 km of the licence 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 $295 275 in staged payments, with an option to acquire 100% after 42 months for $885 827.
As previously announced, CMR will also support and contribute to the relief efforts following the earthquake that occurred in Morocco in August.
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 earthquake.