Critical Mineral Resources (LON: CMR) has entered into a definitive agreement to partner on the Zagora cobalt initiative in Morocco.
Located about 90km south of the historic Bou Azzer district, where Managem extracts cobalt and has supply deals with automakers like BMW and Renault, Zagora presents promising potential.
Cobalt samples from Zagora have shown values akin to 6.5g/t gold or 4.7% copper based on present market rates, highlighted CMR. The surface proximity of the cobalt deposits hints at the possibility of an accessible find.
Highlights
· Binding heads of terms signed to earn-in to the Zagora Cobalt Project.
· Cobalt mineralisation at surface with samples taken during technical due diligence including G03 which assayed 1.15% Cobalt at SGS-certified AFRILAB. This cobalt grade is equivalent to approximately 6.5g/t gold or 4.7% copper at current metal prices. The near-surface cobalt structure provides the potential for a shallow discovery.
· Strategic location in Morocco, approximately 90km south of the Bou Azzer district where cobalt is mined by mid-sized miner Managem Group that has agreements to supply cobalt to BMW Group and Renault Group.
· Bou Azzer’s operations have operated since the late 1920’s, and there’s pressure for new discoveries to help meet rising cobalt demand. This dynamic, coupled with the demand for transparent and sustainable battery raw materials supply chains and Morocco’s increasing position as a global battery materials supply chain hub, will likely drive interest in all new Moroccan cobalt projects and discoveries.
Under this collaboration, CMR and its affiliate, Atlantic Research Minerals (ARM), will commit resources to Zagora to develop a JORC-compliant preliminary study. If outcomes are favorable, they’ll advance to more detailed feasibility assessments. ARM will initially own a 20-25% stake, which could escalate to 70% after completing a comprehensive feasibility evaluation.
CMR’s CEO, Charlie Long, remarked, “This collaboration bolsters our foothold in the essential minerals domain. With Morocco emerging as a pivotal player in the battery materials arena and the increasing demand in its cobalt sector, the need for fresh cobalt ventures is evident. The accessible mineral deposits at Zagora are indeed promising.
