TIDMATN
RNS Number : 1473Q
Aterian PLC
16 October 2023
16 October 2023
Operational Update:
Significant Sedimentary-Hosted Copper Extensions,
Tata Project, Morocco
Aterian Plc
(" Aterian " or the " Company")
Aterian Plc (LSE: ATN) , the critical and strategic
metal-focused exploration and development company, is pleased to
announce the results, including 7.02 % copper ("Cu"), from
additional fieldwork conducted on the Company's Tata Project (the
"Project"). The Project, covering 154.4 km(2) , is located within
the western Anti-Atlas Mountains of the Kingdom of Morocco
("Morocco") and lies 30 km south of the Company's Azrar
copper-silver project. The Tata Project is one of 17 copper, silver
and base metal projects owned by Aterian, covering 897 km(2) in
Morocco within established current and historic mining
districts.
Highlights:
-- Project located in central Morocco within the western
Anti-Atlas, a region considered highly prospective for
sedimentary-hosted copper mineralisation
-- Latest sampling reports up to 7.02 % Cu.
-- Copper mineralisation is identified within two stratigraphic
horizons and is visible on surface.
-- Combined strike length with visible copper mineralisation extends over 18 km.
-- A data review indicates that a strike length c.26 km within
the prospective Adoudou Formation remains untested, with at least a
further 9 km within the lower Cambrian Tata Group sediments.
-- The project lies 50 km southeast of the Tizert Copper-Silver
development project, with a similar geological setting
-- 30 km south of the Company's Azrar copper project.
-- Project located close to good infrastructure.
Charles Bray, Chairman of Aterian, commented:
"These new results from the Tata Project are extremely
encouraging, with a substantial target area remaining unexplored.
The sedimentary-hosted copper potential on this project is highly
significant and demonstrates the scale opportunity in Morocco. We
have created a strong asset portfolio in Morocco and are seeing
positive results from our fieldwork on several projects. At
Aterian, we firmly believe that projects like Tata have the
potential to deliver tremendous value to the Company, its
shareholders and other stakeholders. They also allow us to
potentially supply the metals and minerals critical for a switch to
the electrification of society. We will continue exploring and
evaluating the Tata Project and other key assets within our
portfolio. I look forward to updating shareholders on the Tata
Project and the other exploration programmes in due course. We have
created a strong asset portfolio in Morocco and are seeing positive
results from our fieldwork on several projects."
Project Summary:
The Tata Project covers 154.4 km(2) and comprises ten license
blocks, with access to the Project via asphalt roads and a network
of smaller tracks. The Company holds a 100 % interest in the
Project, located in the western Anti-Atlas Mountains, a region
considered highly prospective for sedimentary-hosted copper
mineralisation. Tata lies 30 km south of the Company's Azrar
copper-silver project, 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-silver project (estimated resources
of 57 Mt grading 1.03 % Cu and 23 g/t Ag), currently under
development by Managem Group. Late Ediacaran to early Cambrian-aged
Adoudounian sediments occur within the Project along the margins of
the Paleoproterozoic Tagragra de Tata Inlier. These sedimentary
units are known to host copper mineralisation and represent the
primary copper target on the Project.
Earlier prospecting by the Company along the northern part of
the Tata Project identified visible copper mineralisation hosted
within late Ediacaran to early Cambrian age Adoudounian sediments
and also higher in the stratigraphy within the lower limestone and
dolomitic units of the younger Tata Group. The sediments occur
along the flanks of the Paleoproterozoic Tagragra de Tata Inlier,
with the previous work traversing along a strike length of c. 8 km,
where copper mineralisation was observed in outcrop. Previously
reported highlights from the earlier phase of work are:
-- 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.
Aterian Exploration Results
The more recent fieldwork, with results reported today,
concentrated on evaluating the sedimentary-hosted copper potential
along a further 8.5 km of strike within the sedimentary package
occurring on the northern margin of the Tagragra de Tata Inlier and
an additional 2.0 km along the southern margin of the same inlier
(Blocks A, B, C and D on the map below).
A total of 34 outcrop rock chip samples* were collected during
this reported sampling campaign. Of these samples, 14 (41 % of this
batch) were > 0.3 % Cu, with three samples returning values
greater than 1 % Cu.
The maximum sample grade reported was 7.02 % Cu from bedding
parallel, disseminated mineralisation occurring in siltstones
within the lower Adoudou Formation (Block A). 250 m along strike to
the east of this sample, an outcrop of fractured dolomite with
mm-scale quartz-carbonate veinlets hosting disseminated copper
oxides reported 1.62 % Cu.
The area prospected in Block A covers a strike length of 1.5 km;
in Block B, the distance covered is c. 7.0 km, with Block B
targeting copper mineralisation hosted with the lower Cambrian Tata
Group sediments. Copper values returned from Block B range from
0.08 % Cu to 1.09 % Cu, with an average grade from 17 outcrop
samples of 0.37 % Cu. The sediments north of the inlier dip 25(o) -
45(o) NNE to NE.
Blocks C and D cover a combined distance of 2.0 km and targeted
Tata Group sediments, with the highest grade of 0.45 % Cu reported
from 7 samples collected. Locally, these units appear more folded
than to the north of the inlier, with the overall dip direction to
the south.
Based on the field observations, with copper mineralisation
occurring in two separate horizons within the overall sedimentary
package, there remain c.26 km of strike length within the Adoudou
Formation to be prospected, with at least 9.5 km of lower Cambrian
Tata Group to be explored further (green dashed line on the map
above). The work completed to date has identified copper occurring
along 16 km of strike, hosted in both the Adoudou Formation and
Tata Group to the north of the inlier and 2.5 km of strike within
the Tata Group to the south of the inlier (red dashed line on the
map above).
*A rock chip or grab sample cannot be taken as a representation
of the overage grade average and potential deposit size. A float
sample is collected from loose pieces of rock not connected to an
outcrop.
Sampling Methodology and Analysis
ALS Limited, an accredited laboratory in Sevilla, Spain,
undertook all sample preparation and analysis for these reported
samples. Given the early-stage nature of these programmes, no QA/QC
samples were included. Rock samples were crushed to 70 % passing -2
mm. The less than 2 mm fraction was pulverised, with 85 % of the
sample passing <75 microns. All samples were analysed using
four-acid digestion for a multi-element suite of 34 metals by
Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES).
In addition, all samples were analysed for their gold content by a
50g Fire Assay method with an atomic absorption finish.
Work Plan for the Tata Project
Future work programmes at the Tata Project will include further
geological mapping to explore the copper potential in the untested
areas of the sedimentary package, supported by detailed mapping and
channel samples at selected locations perpendicular to the
bedding.
Illustrations
The following figures have been prepared by Aterian and relate
to the disclosures in this announcement.
Qualified Person
The technical disclosure in this regulatory announcement has
been approved by Simon Rollason, Chief Executive Officer 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.
-S -
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. Aterian currently
holds a portfolio of 17 copper-silver and base metal projects with
a project area of 897 km2 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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