TIDMATN
RNS Number : 8641I
Aterian PLC
10 August 2023
10 August 2023
New Copper Projects and Licences Granted in Morocco
Aterian Plc
(" Aterian " or the " Company")
Aterian Plc (LSE: ATN), the exploration and development company
advancing its portfolio of African-focused critical and strategic
metal assets, is pleased to announce the granting of two
substantial exploration projects, in addition to several new
exploration licences adjacent to existing projects (the "Projects")
in the Kingdom of Morocco ("Morocco").
In total, 10 new licences have been granted for an area of 139.6
km(2) . The licences were awarded to the Company's 100% owned
subsidiaries as part of a competitive tender process. The Company
now holds 17 Projects covering a total of 897 km(2) in Morocco
within established mining districts. The main target metals of the
portfolio include copper, silver and other base metals.
Highlights:
-- Two new projects, Akka and West Tazalaght, granted totalling 74.5 km(2) .
-- Projects located in central Morocco within the western
Anti-Atlas, a region considered highly prospective for
sedimentary-hosted copper mineralisation.
-- Additional licences granted on the Tata, Azrar and Jebilet
Est Projects where high copper values have been reported from
previous fieldwork.
-- Morocco portfolio enlarged to 17 projects covering 897 km(2)
representing a 17% increase in landholding.
-- New Projects located close to historical working and active operations.
-- Exploration programmes on new projects to commence shortly.
-- Investigating the opportunities to unlock value from the
existing core and certain non-core assets following the recent Rio
Tinto joint venture.
Charles Bray, Chairman of Aterian, commented:
"I am very pleased to report on these new projects and the
additional licences secured as part of Morocco's recent licence
tender process. The increase in total land area and the expansion
of the copper project portfolio clearly demonstrates our strong
belief that Morocco represents an exciting mining destination,
particularly for critical minerals vital for a successful energy
transition. We remain confident that our existing asset portfolio
has the potential to deliver tremendous value to the Company, its
shareholders and other stakeholders, as demonstrated in large part
by our recent announcement of our joint venture with Rio Tinto
Mining and Exploration Ltd for lithium exploration in Rwanda. The
fundraise announced earlier today provides sufficient funding to
meet all existing and envisaged cash commitments. Aterian has a
clear plan to unlock value from our extensive portfolio of critical
mineral assets. I look forward to updating shareholders as we
deliver on our value creation plans with the results from our
on-going exploration programmes."
Project Summary:
New Projects:
Akka Project
The project consists of 3 licences covering 47.1 km(2) located
15 km west of the town of Akka in the Tata Province within the
Souss-Massa Region. The Project occurs in the western Anti-Atlas
Mountains, with copper as the primary target metal. Copper
occurrences within the district are typically hosted within
Adoudounian and Cambrian age sediments, which lie immediately east
of the Paleoproterozoic Tagragra d'Akka inlier. These sedimentary
sequences are known to host copper deposits throughout the Western
and Central Anti-Atlas and have been mapped in the Project area
with a historical occurrence of sedimentary hosted copper
identified c.1.5 km north of the Akka Project. The Akka Copper-Gold
Mine (Iourirn), operated by Managem Group, lies 20 km west, with
the Tazalaght Copper Mine occurring 35 km northeast of the Akka
Project (mineralisation hosted at Akka Mine (Iourirn) is not
necessarily indicative of mineralisation at our Akka project).
West Tazalaght Project
This consists of 2 licences covering 27.4 km(2) located 13 km
northeast of the town of Tafraoute in the Taroudant Province within
the Souss-Massa Region and 100 km southeast of the port city of
Agadir. The Tazalaght Copper Mine, operated by Managem Group, lies
7 km east of the Project. The Project occurs in the western
Anti-Atlas Mountains and is underlain by folded sedimentary units
of the Adoudou and Taliwine Formations, lying to the northeastern
of the Kerdous Palaeoproterozoic inlier and west of the d'Ait
Abdallha inlier. Sedimentary-hosted copper is the primary
exploration target metal (mineralisation hosted at Tazalaght mine
is not necessarily indicative of mineralisation at our West
Tazalaght Project).
Licence Extensions to Existing Aterian Projects
Jebilet Est Project
2 licences covering 28.3 km(2) have been granted as extensions
to this project. The project now comprises 5 licences for a total
area of 73.6 km(2) .
This Project lies approximately 200 km south of the capital city
of Rabat, 35 km northeast of Marrakech, and 15 km from a rail line
to the port of Casablanca. The Project lies approximately 15 km
east of the historic Bir N'Hass copper mine, with several known
base metal and copper deposits and occurrences identified within
the district (mineralisation hosted at Bir n Hass is not
necessarily indicative of mineralisation at Jebilet Est).
The Jebilet Est Project is underlain by Palaeozoic metamudstones
and quartzites proximal to Variscan (Hercynian)-age granite and
mafic intrusive bodies. Initial reconnaissance has identified the
presence of multiple parallel quartz-carbonate veins with a general
ENE orientation across the licences with the largest vein zone, up
to 10 m wide, striking discontinuously for over 3 km. The new
licences host historically mapped vein zones and a historical
copper occurrence.
Previously reported highlights for the Jebilet Est Project
are:
-- High copper grades were reported from outcrop sampling.
-- Results include 4.43 % Cu and 3.11 % Cu from brecciated vein samples.
-- Extensive vein system identified on Eastern Licence.
-- 3 km long vein zone mapped on the Western Licence.
-- Project located close to good infrastructure.
For further information on this project, please refer to the
most recent announcement dated the 14(th) of March 2023 on the
Company's website (www.aterianplc.com) or the London Stock Exchange
companies page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page).
Azrar Project
2 licences covering 20.9 km(2) have been granted as extensions
to this Project. The project now comprises 8 licences for a total
area of 99.3 km(2) .
The Azrar Project is situated in the western Anti-Atlas
Mountains, 155 km southeast of the port city of Agadir and 45 km
southeast of the Tizert copper mine, which is operated by Managem
Group (mineralisation hosted at Tizert is not necessarily
indicative of mineralisation at Azrar).
The western Anti-Atlas is dominated by Palaeoproterozoic to
Neoproterozoic age inliers overlain unconformably by Cambrian to
recent sedimentary and volcanic sequences. The Lower Cambrian
Adoudounian Formation comprises sediments known to host significant
sedimentary copper deposits in the Western and Central Anti-Atlas,
including the Tizert mine. The Tizert copper deposit is considered
the largest copper deposit in the western Anti-Atlas, with
resources estimated to be 57 Mt grading 1.03 % Cu and 23 g/t
Ag.
Previously reported highlights for this Project are:
-- High copper and silver grades were reported from outcrop sampling.
-- Results include 3.79 % Cu and 23 g/t Ag in a fault breccia sample.
-- Copper and silver mineralisation identified across 5 target areas.
-- Work to date covers less than 50% of the Project area.
-- Multiple occurrences of historic hard rock artisanal mining have been mapped.
-- Potential for stratiform sediment-hosted and contact breccia copper-silver mineralisation.
For further information on this project, please refer to the
most recent announcement dated the 3(rd) of November 2022 on the
Company's website (www.aterianplc.com) or the London Stock Exchange
companies page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page).
Tata Project
1 additional licence covering 16 km(2) has been granted and lies
to the immediate east of the Tata Project. Combined with this new
extension, the Project now comprises 10 licences for a total area
of 154.4 km(2) .
The Tata Project is located in the western Anti-Atlas Mountains,
30 km south of the Company's Azrar copper-silver project. The
Project is located approximately 465 km south of the capital Rabat,
165 km southeast of the port city of Agadir, and 50 km southeast of
the Tizert copper mine operated by Managem Group. Late Ediacaran to
early Cambrian-aged Adoudounian sediments occur within the Project
along the southern flanks of the Proterozoic Tagragra de Tata
Inlier.
Initial prospecting along the north part of the Tata Project
identified copper mineralisation hosted within sediments along a
strike distance of c.8 km. More recent fieldwork has observed
copper mineralisation along a further 7 km of strike (laboratory
results from this work are pending).
Previously reported highlights from this Project are:
-- Stratiform sediment-hosted copper mineralisation identified
within Adoudounian sediments occurring on the flanks of a
Proterozoic inlier.
-- 2.05 % Cu was reported from a dolomite float sample adjacent
to the contact between Adoudounian sediments and the Proterozoic
inlier.
-- Results include 0.95 % Cu from a 4 m thick dolomitic sequence
and 0.87% Cu from an 8 m thick sequence of dolomite and marl.
-- 17 km of Adoudou Formation strike extension remains untested within the Project.
-- Copper mineralisation is also identified within younger
Cambrian-aged units overlying the Adoudou Formation.
-- The Project is located 50 km southeast of the Tizert copper mine.
For further information on this project, please refer to the
most recent announcement dated the 28(th) of November 2022 on the
Company's website (www.aterianplc.com) or the London Stock Exchange
companies page
(https://www.londonstockexchange.com/stock/ATN/aterian-plc/company-page).
These new licences are granted for an initial 3-year period, and
thereafter renewable for a further 4 years. The Company needs to
mobilize and establish exploration on the licences within six
months of their granting.
Qualified Person
The technical disclosure in this regulatory announcement has
been approved by Simon Rollason, Director of Aterian Plc. A
graduate of the University of the Witwatersrand in Geology (Hons).
He is a Member of the Institute of Materials, Minerals and Mining,
with over 30 years of experience in mineral exploration and
mining.
- ENDS -
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For further information, please visit the Company's website:
www.aterianplc.com or contact:
Aterian Plc:
Charles Bray, Executive Chairman -
charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Broker:
Novum Securities Limited
David Coffman / George Duxberry
Tel: +44 (0)207 399 9400
Financial PR:
Bald Voodoo - ben@baldvoodoo.com
Ben Kilbey
Tel: +44 (0)7811 209 344
Notes to Editors:
About Aterian plc
www.aterianplc.com
Aterian plc is an LSE-listed exploration and development company
with a diversified African portfolio of critical and strategic
metals/minerals projects.
Aterian plc is actively seeking to acquire and develop new
critical and strategic metal resources to strengthen its existing
asset base whilst supporting ethical and sustainable supply chains
as the world transitions to a sustainable, renewable future. The
supply of these metals is vital for the development of the
renewable energy, automotive and electronic manufacturing sectors
that are playing an increasing role in reducing carbon emissions
and meeting climate ambitions globally.
The Company recently entered into a joint venture agreement with
Rio Tinto Mining and Exploration Limited for Rio Tinto to earn into
the HCK project in southern Rwanda and holds two further
partnerships in Rwanda exploring and developing
lithium-tantalum-niobium-tin mining operations. In October 2022,
the Company acquired Aterian Resources Limited, a wholly owned
battery metals-focused subsidiary of Elemental Altus Royalties
Corporation. Aterian currently holds a portfolio of 17
copper-silver and base metal projects with a project area of 897
km(2) in the Kingdom of Morocco.
The Company's strategy is to seek new exploration and production
opportunities across the African continent and to develop new
sources of strategic and critical mineral assets for exploration,
development, and trading.
Glossary of Terms
The following is a glossary of technical terms:
"Ag" means Silver
"Au" means Gold
"Breccia" means a rock consisting of angular fragments of
stones cemented by finer materials
"Cu" means Copper
"Ferruginous" means containing iron oxides
"Float sample" means loose pieces of rock that are not connected
to an outcrop
"g/t" means grams per tonne
"Hercynian or means an orogenic belt that evolved during the
Variscan Orogeny" Devonian and Carboniferous periods, from
about 419 to 299 million years ago
"km" means Kilometres
"m" means Metres
"mm" means Millimetres
"Mt" means millions of tonnes
"NI 43-01" means National Instrument 43-101 Standards of Disclosure
of Mineral Projects of the Canadian Securities
Administrators
"Outcrop" means a rock formation that is in situ and visible
on the surface
"Qualified Person" means a person that has the education, skills and
professional credentials to act as a qualified
person under NI 43-101
"Sb" means Antimony is used in alloys and in lead-acid
storage batteries. The U.S. Government has
considered antimony a critical mineral mainly
because of its use in military applications.
"Stratiform" means parallel to the bedding planes of the surrounding
rock
"Vein" means a distinct sheetlike body of crystallised
minerals within a rock
"Zn" means Zinc
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