TIDMATN
RNS Number : 7105M
Aterian PLC
16 January 2023
16 January 2023
Morocco Agdz Project Update: Copper & Silver
Aterian Plc
(" Aterian " or the " Company")
Aterian Plc (LSE: ATN), the critical and strategic metal-focused
exploration and development company, announces an update on its
100% owned Agdz copper ("Cu") and silver ("Ag") project ("Agdz" or
the "Project") in the Kingdom of Morocco ("Morocco"). The Company
has undertaken a review of an induced polarisation ("IP") gradient
array and high-resolution IP ("HIRIP") geophysical survey. The
survey was completed on the northern part of the Project in
preparation for scout drilling to be executed on the Project. The
review has indicated several high-priority anomalies and increased
the target area due for further exploration.
The Company recently acquired Agdz as part of a portfolio of 15
prospective copper-silver and base metal projects covering an area
of 762 km(2) in Morocco.
Agdz Highlights:
-- Agdz hosts four significant Cu-Ag prospects covering an area of approximately 8 km(2)
o The 2.80 km long Makarn prospect, with results up to 8.00 % Cu
and 448 g/t Ag
o The 2.00 km long Amzwaro prospect, with results up to 4.82 %
Cu and 189 g/t Ag
o The 0.15 km long Minière prospect, with results up to 13.05 %
Cu and 12 g/t Ag
o The 0.70 km long Daoud prospect, with results up to 2.71 % Cu,
152 g/t Ag
-- 137 line-km IP gradient array survey completed over an area of 14 km(2) .
-- 12 High-Resolution IP ("HIRIP") profiles completed to acquire
2-D resistivity and chargeability depth sections to depths of c.250
m.
-- Several new geophysical anomalies identified.
-- Surveying key geological structures and outlining potential
mineralised targets for follow-up.
-- Previously reported assay results from a limited
reconnaissance trenching exercise included 0.65 % Cu and 36.54 g/t
Ag over 14.12 m and 0.36 % Cu and 13.26 g/t Ag over 13.70 m.
-- Agdz is located 14 km southwest of the Bouskour Cu-Ag mine.
Charles Bray, Chairman of Aterian, commented:
"Agdz is an important asset in our portfolio of 15 copper-silver
and base metal projects we recently acquired in Morocco which in
turn is attracting good attention as a mining destination. Agdz is
the most advanced of the 15 projects and we are doing the necessary
work to progress our understanding of the site for drilling. The
geophysical survey data has generated several high-priority
anomalies requiring additional fieldwork to further resolve these
targets. In addition to the known prospects on the Project, there
are now several new targets identified from the survey for our
field teams to further evaluate. We are currently working towards
building a conceptual geological model for the Project, which has
already demonstrated some excellent high-grade copper and silver
values, up to 26.5 % Cu and 448 g/t Ag. The presence of multiple
historical copper workings at Agdz provides further encouragement,
with the Project located in an established copper and silver mining
district in the eastern Anti-Atlas of Morocco and is an additional
exciting exploration opportunity in our Moroccan portfolio.
Fieldwork has recently re-commenced on the Project, where we
plan to undertake mechanical pitting and trenching over the
anomalies. The commencement of scout drilling based on these
outcomes will provide further important geological and grade
information shortly thereafter. I look forward to updating our
shareholders with the results from these programmes in due
course."
Project Summary:
The Company's wholly owned subsidiary, Aterian Resources
Limited, has a 100% interest in the 34.5 km(2) Agdz Project, which
comprises a single mining licence. The Project is located in the
Souss-Massa-Drâa region of the Anti-Atlas Mountains of central
Morocco, approximately 350 km south of the capital, Rabat, and
approximately 35 km east of the city of Ouarzazate, where
high-standard infrastructure and services exist, including a
regional airport. The 'Noor 1' solar power station, which is the
world's largest concentrated solar power plant with a planned
output of 580 MW is located approximately 40 km northwest of Agdz.
The Project is accessed via a paved road and a network of unpaved
roads and vehicle tracks close to and within the licence.
Agdz lies approximately 14 km southwest of the Bouskour
copper-silver mine with the world-class Imiter silver mine located
80 km to the northeast. Both deposits are operated by the Moroccan
mining company, Managem Group (it should be noted that
mineralisation hosted at the adjacent mines is not necessarily
indicative of mineralisation at Agdz).
Agdz Geology and Identified Mineralised Prospects
The Project is located on the southern margin of the Proterozoic
Jbel Saghro inlier, proximal to the Oued Dar'a caldera within the
East Anti-Atlas domain. The Jbel Saghro inlier is the largest and
most prospective Precambrian massif in the Anti-Atlas, hosting
multiple base and precious metal ore deposits including the
world-class Imiter Ag mine [1] and the Bouskour Cu-Ag mine [2] ,
both Managem owned.
The lithological package at Agdz broadly consists of mostly
felsic-intermediate volcano-sedimentary rocks of the Ouarzazate
Supergroup with large granodiorite plutons in the north and locally
conglomeratic metasedimentary sequences in the south. The units are
bisected by a series of sub-parallel NE and NW striking brittle
faults and alteration zones, several of which have been
historically mined for copper.
Geological mapping and sampling, reconnaissance surface
trenching, and ground magnetic surveys undertaken on the Project
have defined four priority prospects at Agdz, namely:
-- The Makarn Prospect: A swarm of mineralised dykes, shears,
and veins that predominantly strike NNE over a lateral distance of
2.8 km. Historical results include rock chip grades [3] of 8.00 %
Cu and 448 g/t Ag. More recent exploration has discovered two new
trends at Makarn North of 200 m and 400 m in length respectively,
as defined by alteration (silica, chlorite, K-feldspar, and
epidote) in discontinuous outcrops with grades up to 2.86 % Cu and
136 g/t Ag.
-- The Amzwaro Prospect: Multiple NNE and NNW trending
structures within a zone up to 2 km in length and 200 m wide, bound
by extensional structures. Individual alteration zones are up to 33
m wide. Alteration comprises predominantly chlorite and silica in
breccia and veins. Historical results include rock chip grades of
4.82 % Cu, 189 g/t Ag and 1.91 g/t Au.
-- The Minière Prospect: A 150 m long and 90 m wide area of
historical underground artisanal mining, exploiting multiple
sub-parallel copper-bearing zones with chlorite and potassic
alteration. Historical results include rock chip and spoil sample
grades of 13.05 % Cu, 12.90 g/t Ag, and 0.49 g/t Au.
-- The Daoud Prospect: A series of NNW striking quartz veins and
pervasive silicification, mapped discontinuously over a 700 m
strike length transected by ENE striking chlorite-rich alteration
zones. Historical results include rock chip grades of 2.71 % Cu,
152 g/t Ag, and 2.96 g/t Au.
IP Gradient Array and HIRIP Geophysical Survey
The Company has completed a review of the geophysical survey
conducted over the northern part of the Agdz project, incorporating
the conclusions of the geophysical consultants. The surveyed area
covers c. 14 km(2) , focusing on the Makarn, Amzwaro, Minière, and
Daoud prospects. The objective was to investigate mineralised
structures and to augment the earlier geological interpretation
with a multi-method geophysical survey.
The IP-gradient array survey was completed over a total of 137.3
line km to map key geological structures and outline potential
mineralised zones, supported with 12 targeted HIRIP
(High-Resolution IP) profiles, each 950 m long, to acquire 2-D
resistivity and chargeability depth sections or profiles to depths
of c.250 m. These profiles were strategically located over the key
prospects and targets identified during the gradient array survey.
Resistivity is mainly used to distinguish between different
lithologies and chargeability to detect minerals showing
polarisation effects. The strongest chargeability effects can be
observed on sulphides, magnetite, and graphite. To a lesser extent,
clay minerals also show a polarisation effect.
The geophysical survey has identified a series of linear N-S and
NE-SW trending narrow, low resistive structures which are
interpreted as faults or shear zones, with later
northwest-southeast fault offsets in the western area, and
northeast-southwest trending faults in the eastern survey area.
This correlates well with structures interpreted in an earlier
ground magnetic survey. The presence of linear high-resistive
structures is interpreted to reflect shallow dykes or intrusive
bodies. Both are of interest as the work to date indicates
mineralisation is associated with faults, fault-parallel silicified
zones (and veins), and later intrusive dykes.
A strong chargeability anomaly is observed running south-north
to southwest-northeast linking the Makarn and Makarn North
prospects, extending over a lateral distance of 2,400 m and up to
120 m wide in places (Anomaly A). A second strong chargeability
feature over the eastern part of the Makarn prospect, trends
south-north for over 750 m, and remains open to the south (Anomaly
B). Both features correlate well with high chargeability zones
identified during the HIRIP survey. Anomalies C and D correspond
with mineralisation identified at Makarn North.
A further chargeability anomaly (Anomaly E), trends south-north
occurring in the eastern part of the surveyed area, with a series
of horizontal offsets identified in the central portion of this
anomaly suggesting a northeast-southwest trending fault zone. These
chargeability anomalies are associated with low to intermediate
resistivity zones indicating faults or fault zones underlying the
Amzwaro prospect.
The southern part of the Daoud prospect is described by Anomaly
G with the Minière prospect lying on the margin of a larger NE
trending chargeability high which is coincident with a linear
resistivity low trending parallel to a historically mapped NE
striking fault zone.
Several new geophysical anomalies (namely anomalies H, I, J and
K on the chargeability plan) are identified from the survey and
require additional groundwork in 2023.
Work Plan for the Agdz Project
Our field teams are currently planning an exploration programme
to ground truth and field verify several of the IP targets,
initially starting on the Makarn, Makarn North and Amzwaro
prospects. This will involve mechanical pitting and trenching to
provide additional geological and geochemical data, which will
further enhance the interpretation of the geophysical data.
Illustrations
The following images 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.
- 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
Colin Rowbury
Tel: +44 (0)207 399 9400
Financial PR:
Yellow Jersey PR - aterian@yellowjerseypr.com
Tom Randell / Henry Wilkinson / Bessie Elliot
Tel: +44 (0)20 3004 9512
Notes to Editors:
About Aterian plc
www.aterianplc.com
Aterian plc is an exploration and development company with a
diversified portfolio in Africa of critical and strategic metals
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. 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 currently has three partnerships in Rwanda where it
is exploring and developing small-scale tantalum-niobium-tin mining
opportunities, in addition to building a metal trading division.
Recently the Company acquired Aterian Resources Ltd, a wholly owned
and battery metals-focused subsidiary of Elemental Altus Royalties
Corp (formerly Altus Strategies plc). Aterian owns a portfolio of
15 copper and silver projects with a project area of 762 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.
Geological Setting of the Agdz Project
Agdz is proximal to the Oued Dar'a Caldera, which formed within
a brittle pull-apart structure along a northeast trending regional
fault zone in the eastern Anti-Atlas. The caldera is located within
the highly prospective Neoproterozoic Sidi Flah - Bou Skour inlier
of the Saghro Massif, which developed during Pan-African tectonic
events. This massif is comprised of a lower, tightly folded
volcano-sedimentary sequence formed from arc-related metagreywacke
and metavolcanic lithologies deposited approximately 650 Ma. The
lower complex was intruded by diorite, granodiorite, lesser gabbro,
and monzogranite between 615 Ma and 575 Ma. The upper complex is
comprised predominantly of felsic metavolcaniclastic lithologies
related to the development of several calderas emplaced typically
between 575 Ma and 540 Ma and is intruded by granitic plutons. The
upper complex is gently folded, sitting unconformably on the lower
complex. Regionally, ore deposits are commonly associated with the
upper complex and are typically spatially related to magmatic
emplacement.
Locally, the geology at Agdz comprises meta-sedimentary and
meta-volcanic sequences. These belong to the upper complex and are
cut by a series of sub-parallel NE to NW striking brittle faults
and alteration zones, several of which have been historically mined
for copper. The alteration (comprising variably of chlorite, iron,
silica, k-feldspar, actinolite, carbonate, and barite) is generally
located within brittle pull-apart fault breccias and fracture
zones, between (and oblique to) the mapped lineaments.
At surface, blebby and disseminated Cu sulphides (chalcopyrite,
chalcocite and covellite with subordinate chalcopyrite and bornite)
are found in fresh outcrops of a range of rock types. Secondary Cu
oxides (malachite, azurite, and chrysocolla) are more abundant and
occur as surface stains, veinlets and infilled voids, even on
highly weathered surfaces. Mineralisation displays a relatively
strong structural control on all scales, occurring in veins, as
fracture coatings or disseminated within the host rock.
Work undertaken to date has defined four priority prospects at
Agdz, namely Makarn, Amzwaro, Minière, and Daoud. The previous
owner completed a series of 13 reconnaissance trenches at Agdz,
totalling 576 m in length, and excavated to a depth of up to 1 m.
The trenches revealed several NNE trending alteration zones in
packages, which are up to 33 m wide, beneath a thin cover of soil
and float material. Previously reported assay results included 0.65
% Cu and 36.54 g/t Ag over 14.12 m and 0.36 % Cu and 13.26 g/t Ag
over 13.70 m.
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
"g/t" means grams per tonne
"Grades" means the quantity of ore or metal in a specified
quantity of rock
"Gradient array" means Geophysical mapping tool providing information
about the subsurface, in the interval from
a particular depth to the surface. The results
are typically maps of the apparent resistivity
and chargeability.
"ICP-AES" means Inductively coupled plasma atomic emission
spectroscopy analytical technique
"IP" means Induced Polarisation
"IP Survey" means A geophysical survey technique where electrodes
induce and measure a potential field in the
ground. From this data, the soil chargeability
and apparent resistivity can be measured
"HIRIP" means High-Resolution Induced Polarisation, measures
depth-related resistivity and chargeability
data along a profile
"km" means kilometres
"Ma" means Mega-annum which is equal to one million
years
"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 visible on the surface
"QA/QC" means Quality Assurance/Quality Control
"Qualified Person" means a person that has the education, skills and
professional credentials to act as a qualified
person under NI 43-101
"Stratiform" means parallel to the bedding planes of the surrounding
rock
[1] Reported to contain 189 million ounces of silver (resource +
reserve) - Managem 2019 Annual Report.
[2] Resource of 53 Mt at 0.8 % Cu and 9 g/t Ag, of which 21 Mt
contain a high grade of 1.3% Cu. Maacha, L., Ouadjou, A., El Azmi,
M., Zouhair, M., Saquaque, A., Alansari, A., and Soulaimani, A.
(2011). Bouskour copper and silver mine (J Saghro inlier, eastern
Anti-Atlas). Notes et Mem. Serv. Geol. Maroc, 564, 59-64.
[3] A rock chip or grab sample cannot be taken as a
representation of the overage grade average and potential deposit
size.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDLXLFFXFLFBBZ
(END) Dow Jones Newswires
January 16, 2023 02:00 ET (07:00 GMT)
Aterian (LSE:ATN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Aterian (LSE:ATN)
Historical Stock Chart
From Jul 2023 to Jul 2024