Critical Mineral Resources PLC (LON: CMRS) has provided an update on its Agadir Melloul sedimentary copper project in Morocco, where it has expanded its footprint with the acquisition of three additional permits and secured exclusivity over a further six, thereby strengthening its dominant district position alongside its joint venture partner.
The company is earning into a 60% interest in the project and reaffirmed its initial exploration target of 150,000–200,000 tonnes of contained copper at around 1.2% copper equivalent. Trenching has returned encouraging results, including 27m at 2.9% copper and 25 g/t silver.
Phase-one metallurgical testing demonstrated recoveries of 80% copper and 61% silver, producing a concentrate grading 26% copper and 72 g/t silver. An initial US$100,000 payment has also been made for a 10% interest in a special purpose vehicle linked to the project.
Chief executive Charlie Long hailed the move as a “game-changing transaction,” marking CMR’s shift “from rock-kicking explorer to project developer with an awesome asset.” He added:
“It has taken two years and a huge amount of work since we first visited Agadir Melloul to get to this point… Agadir Melloul has always been our priority target.”
CMRS is earning into a 60% interest in the project, where more than 50 drill pads are ready for the upcoming campaign. The company has set an initial exploration target of 150,000–200,000 tonnes of contained copper at around 1.2% copper equivalent, with metallurgical testwork indicating recoveries of 80% copper and 61% silver producing a 26% copper concentrate.
Long noted that existing trenching and sampling data underpin plans for an initial 750–1,000 tonnes per day flotation plant, significantly de-risking the project. He also highlighted the “strategic resource strategy,” which targets the potential for a much larger discovery and “a very exciting and potentially high-return investment case.”
CMRS said assay results will follow quickly once drilling begins, with sustained newsflow expected “in the months and years to come.”
