Mining Licence Award

RNS Number : 1228I

Eastinco Mining and Exploration PLC

12 April 2022

 

12 April 2022

Eastinco Mining and Exploration plc

("Eastinco" or the "Company")

Mining Licence Award, Agdz Copper-Silver Project, Morocco

Eastinco Mining and Exploration plc (AQUIS: EM.P), the exploration and development company developing its portfolio of African focused critical and strategic metal assets, announces the award of a Mining Licence for the Agdz copper ("Cu") and silver ("Ag") project in Morocco. Agdz is part of the portfolio of 15 Moroccan projects owned by Aterian Resources Ltd ("Aterian"), the 100% subsidiary of Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) ("Altus"), which Eastinco announced its intention to acquire on  22 November 2021 .

Altus has announced that the Ministry of Energy Transition and Sustainable Development of the Kingdom of Morocco has issued a 10-year mining licence in respect of Agdz which is located in the eastern Anti-Atlas of the Kingdom of Morocco.

Highlights:

· Ten-year mining licence granted on the Agdz Cu-Ag project in Morocco

· Agdz is located 14km southwest of the Bou Skour Cu-Ag mine

· Agdz hosts four significant Cu-Ag prospects covering an area of approximately 8 km2

Charles Bray, Chairman of Eastinco, stated:

" This is excellent news for Aterian, and ultimately exciting news for Eastinco, as we progress the acquisition of Aterian and listing on the London Stock Exchange. This highly prospective Moroccan copper and silver exploration project is relatively advanced in the portfolio, and we are keen to implement an exploration program upon the transaction completion. The 10-year licence provides long-term security of tenure for the project, where several significant copper and silver prospects have been discovered by Altus. I look forward to updating our shareholders as we work to completing this acquisition. Upon completion this mining license award brings significant added value to the Company and our shareholders."

Agdz Mining Licence

A ten year 34.36 km2 mining licence has been granted to the Altus Strategies' 100% owned Moroccan incorporated subsidiary, Azru Resources SARL AU. The licence will commence on 21 May 2021 and was granted in accordance with Morocco's new mining law proclaimed in May 2016. Altus has made several discoveries at Agdz, including:

· The 2.80km long Makarn prospect, with results up to 8.00 % Cu and 448 g/t Ag

· The 2.00km long Amzwaro prospect, with results up to 4.82 % Cu and 189 g/t Ag

· The 0.15km long Minière prospect, with results up to 13.05 % Cu and 12 g/t Ag

· The 0.70km long Daoud prospect, with results up to 2.71 % Cu and 152 g/t Ag

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).

The Directors take responsibility for this announcement.

Enquiries:

For further information, please visit the Company's website www.eastinco.com or contact:

Eastinco Mining & Exploration Plc:

Charles Bray, Executive Chairman - [e-mail]

Simon Rollason, Director - [e-mail]

AQSE Growth Market Corporate Adviser:

Novum Securities Limited

David Coffman / Lucy Bowden

Tel: [phone]

Financial PR:
Yellow Jersey PR - [e-mail]
Tom Randell / Henry Wilkinson / Laurie Gellhorn
Tel: [phone]

Notes to Editors:

About Eastinco Mining and Exploration plc

www.eastinco.com  

Eastinco Mining and Exploration plc is an exploration and development company developing its portfolio of African focused critical and strategic metal assets, admitted to trading on the AQSE Growth Market in London.

We are actively seeking to acquire and develop new critical and strategic metal resources to strengthen our 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.

In 2019, we acquired Eastinco Limited, our Rwandan based subsidiary exploration, development, and trading company. We currently have three joint ventures in Rwanda where we are exploring for and developing small-scale tantalum-niobium-tin mining operations.

 

END

 

 

NEXGCGDSGSBDGDD