TIDMATN
RNS Number : 2107M
Aterian PLC
13 September 2023
13 September 2023
Operational Update:
Zaer 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 2.34 % copper ("Cu") and 33.3 g/t silver ("Ag"),
from geological reconnaissance work completed on the Company's Zaer
Project (the " Project "). The Project covers 96 km(2) and is
located 70 km south of Rabat and 80km east of Casablanca within the
Rabat-Sale-Kenitra and the Casablanca-Settat regions of the Kingdom
of Morocco (" Morocco "). The 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:
-- Sampling reports up to 2.34 % Cu and 33.3 g/t Ag.
-- Project hosts several historically mapped copper occurrences.
-- Situated on the margins of the Hercynian-age granitic Zaer intrusive complex.
-- Reconnaissance rock chip and stream sediment sampling completed.
-- Several stream sediment geochemical anomalies for follow-up work.
-- Project located close to good infrastructure.
Charles Bray, Chairman of Aterian, commented:
"These reconnaissance results from the initial survey on the
Zaer Project have provided strong indications for copper
mineralisation occurring on the licences. The stream sediment
survey has outlined several encouraging anomalies, which provide
focused target areas for our field teams to explore. As we continue
to work on our portfolio of projects in Morocco, we are
demonstrating the high quality and great potential of these assets.
We believe our assets in Morocco have the potential to deliver
tremendous value to the Company, its shareholders and other
stakeholders, especially as exploration of Morcocco increases as it
becomes an established critical metal mining destination. We remain
committed to exploring this Project along with the other assets
within our portfolio, which, thus far, are showing significant
upside potential. I look forward to updating shareholders with the
results from this and the other exploration programmes in due
course."
Project Summary:
The Zaer Project comprises six 16 km(2) permits totalling 96
km(2) located approximately 70km south of the capital city of Rabat
and 80 km east of the commercial and port city of Casablanca. The
project is accessible via two asphalt roads and contains a network
of tracks.
Zaer is located in the Central Moroccan Hercynian Massif of the
Central Meseta, which contains several large granitic plutons that
intruded into a sequence of Ordovician to Devonian-aged sediments.
The region hosts numerous active and historic mines and development
projects for copper, tin, tungsten, lead, zinc and fluorite. Nearby
operations include ONHYM's Rhouirat N'Has tungsten-copper project
and the Sokhret Allal tin-tungsten deposit, with active projects
elsewhere in the region, including Managem's El Hamman fluorite
mine and Atlantic Tin's tin development projects at Achmmach (22.2
Mt grading 0.70 % SnO(2) ) and Bou El Jaj, where the mineralisation
is reportedly hosted in veins, stockworks, skarns and greisens
within granites and the surrounding metamorphic aureoles.
The project targets 20 km of the Zaer granite's metamorphic
aureole on the western and northern margins. The host geology
comprises highly foliated and contact-metamorphosed metasedimentary
rocks, including quartzites, phyllites and schists that host
several copper, lead, zinc, tungsten and tin occurrences.
The Company holds a 100 % interest in the project.
Aterian Reconnaissance Exploration Results
Reconnaissance has focussed on two areas within the project,
with limited outcrop sampling over the northern licences and stream
sediment sampling over the western block of three licences.
Eleven rock chip samples (10 outcrop* and one surface float
sample) have been collected from the northern licences. Three
samples reported greater than 0.25 % Cu, with a maximum of 2.34 %
Cu and 7.91 g/t Ag, reporting from a brecciated metasediment
outcropping near a historic copper anomaly. Two samples reported
0.4 % Cu and 0.29 % Cu from similar brecciated outcrops close to
the mapped anomaly. A sample from a northeast trending quartz vein,
up to 2m wide, reported 33.3 g/t Ag and 0.62% Pb.
A total of 25 stream sediments were collected from the western
Zaer licences. The objective of the survey was to undertake an
initial reconnaissance sampling programme to identify areas for
later groundwork and follow-up. Based on the results, it is
possible to outline four target areas based on anomalous metal
associations reporting from the stream sediment geochemical
analysis. Anomalies A (W-Ag) and B (Ag-As-Pb-Zn) are considered
more prospective, with anomalies C and D lower priority.
The single eastern licence was not investigated at this stage
due to agricultural cover, although earlier work reported 0.53 % Cu
from a quartz vein outcrop.
*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.
Work Plan for the Zaer Project
Future work programmes at the Zaer Project will include further
geological mapping on the northern licences, prospecting over the
geochemical anomalies identified on the western licences and
reconnaissance over the eastern licence.
Sampling Methodology and Analysis
ALS Limited, an accredited laboratory in Sevilla, Spain,
undertook all sample preparation and analysis from these reported
samples. Given the early-stage nature of these programmes, no QA/QC
samples were included due to the earlier nature of the
reconnaissance work. Rock chip samples from the northern licences
were fine crushed with 70 % passing -2 mm. The less than 2 mm
fraction was pulverised, with 85 % of the sample passing <75
microns. The stream sediment samples were screened to -180 microns
(80 mesh). All samples were analysed using four-acid digestion for
a multi-element suite of 48 elements by Inductively Coupled Plasma
Mass Spectrometry (ICP-MS). In addition, all rock chip samples were
analysed for their gold content by a 50g Fire Assay method with an
atomic absorption finish.
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. 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 who 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 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
"W" means Tungsten
"Zn" means Zinc
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