Operational update

Critical Mineral Resources PLC

01 August 2024

 

1 August 2024

Critical Mineral Resources PLC

('CMR' or the 'Company')

Operational update

Critical Mineral Resources plc ('CMR' or the 'Company'), the exploration and development company focused on critical metals and minerals in Morocco is pleased to provide an operational update on the Igli Project.

Highlights

·    Following the Company's initial reconnaissance visits in January and July, systematic exploration work has this week begun at Igli.

·    The CMR team is on site and will set-up camp in the local Igli village, approximately 3km from the project and easily accessible by road.

·    The Phase 1 work programme includes the following:

o  Detailed geological mapping, both rock and structural, to 50m spacing

o  Locate silver, copper and other economic mineral showings across the property

o  Rock chip, channel and stream sediment sampling

o  High resolution satellite imagery

·   The Phase 1 work programme is an important stage to ensure subsequent work is well informed and focused. The team's presence should also lead to the discovery of other nearby base and precious metals opportunities and allow the Company to start building relations with the local community.

Charlie Long, Chief Executive Officer of CMR PLC, commented:

"It's pleasing to report that work has started at Igli. Samples collected during our visits in January and July returned very high grade silver and good copper assays, which along with Igli's location near two important mines, gives us reason to be excited. The recent funding will allow us to systematically explore the property, building-up a high quality, valuable, database which will more importantly generate drilling targets.

We continue to see new and negotiate on other significant opportunities, including those which can be brought into production relatively quickly. The recent fundraise will enable these activities while we progress Igli. We look forward to updating shareholders as Phase 1 progresses over the coming weeks and months."

Igli Project potential

In addition to the exciting high silver grades discovered from recent sampling, the Company's geological team is encouraged by previously recorded copper showings in different parts of the Igli property and the existence of widespread NE-SW faulting, which act as one of the controls for mineralisation in the region.

As previously reported, Igli is located along strike from the Tiouit (Tiwit) and Imiter mines, both characterised by high grades. Imiter was once one of the highest grade silver mines in the world and is located only 25km to the north east. Tiwit is 5km away and mainly a gold mine with silver and copper credits.

Fig 1: Igli Project access

Source: Company

Fig 2: Local map

Source: Company

Critical Mineral Resources plc Charles Long, Chief Executive Officer	[e-mail]
Novum Securities Jon Belliss	[phone]
Hudson Sandler (Financial PR) Charlie Jack	[phone]

Notes To Editors

Critical Mineral Resources (CMR) PLC is an exploration and development company focused on developing assets that produce key commodities for the global economy including those essential for electrification and the clean energy revolution. Many of these commodities are widely recognised as being at the start of a supply and demand supercycle.

CMR is building a diversified portfolio of high-quality metals exploration and development projects in Morocco, focusing on copper, manganese and potentially other critical minerals and metals. CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, good infrastructure and attractive permitting, tax and royalty conditions. In 2023, the Company acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL.

Since taking over the CMR in 2022, the current management has completed a comprehensive strategic review and restructuring of the business and implemented its clear strategy to maximise exploration and resource development opportunities for the benefit of all stakeholders. The Company is listed on the London Stock Exchange (CMRS.L). More information regarding the Company can be found at www.cmrplc.com

 

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