Operational update

Critical Mineral Resources PLC

27 March 2024

 

27 March 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 its Ifri Project ('Ifri') in the Anti-Atlas.

Highlights

·   Positive initial work at the Ifri Project in the Anti-Atlas. Prospecting by CMR's geological team has demonstrated copper and silver in multiple shear zone and quartz vein structures with some structures containing gold mineralisation.

·    Channel samples include assay results of (1) 3.1% copper and 17 g/t silver (2) 1.95% copper and 15 g/t silver, and (3) 0.86 g/t gold and 21 g/t silver. These initial samples are demonstrative of Ifri's potential.

·    The Company is pleased to see copper and silver grades returned at Ifri given the incidence of visible copper sulphide and copper oxide mineralisation on the property and Ifri's proximity to the Tagmout copper-silver mine.

·   The presence of gold in the system is also extremely encouraging given nearby industrial scale and artisanal underground gold mining. Existing mines are targeting the quartz structures with gold grades in the region known to improve at depth.

·    The Ifri Project is located in a well-known mining belt which hosts active and previously operating mines. These include the Imiter silver mine, the Tiouit gold mine, the Bou Skour copper project and the Tagmout silver-copper project less than 5.0km away from Ifri.

Ifri Project summary

Initial prospecting at the Ifri site has identified multiple large mineralised shear structures with copper oxide, copper sulphide, silver and gold mineralisation. Historical small scale mining for copper and gold is also evident at numerous locations across the property and, significantly, there is a significant scale drilling programme 2.5km west of the permit and an underground gold mine being developed less than 10km north of the permit. We have located these operations but the project names are unknown and it is unclear who the operators are.

Fig 1 Ifri Project mineralisation

Source: Critical Mineral Resources PLC

Saghro Massif Potential

Ifri is located within the Saghro Massif, an area of old (Precambrian) igneous rocks in the Anti-Atlas. In a relatively small area, this series of inliers hosts multiple past producing mines, operational mines and development projects. Probably the most well-know mines are the Imiter silver mine and the Tiouit gold mine. The Bou Skour copper project and Tagmout copper-silver project are also significant deposits and located very close to Ifri. Figure 3 illustrates Ifri's location within an alteration hot spot, where NE-SW faults are thought to represent paths for hydrothermal fluids and mineralisation.

Fig 2 Saghro Massif mining belt

Source: Critical Mineral Resources PLC

Fig 3 Ifri's location and mineral prospectivity map

Source: Mamouch, Y.; Attou, A.; Miftah, A.; Ouchchen, M.; Dadi, B.; Achkouch, L.; Et-tayea, Y.; Allaoui, A.; Boualoul, M.; Randazzo, G.; et al. Mapping of Hydrothermal Alteration Zones in the Kelâat M'Gouna Region Using Airborne Gamma-Ray Spectrometry and Remote Sensing Data: Mining Implications (Eastern Anti-Atlas, Morocco). Appl. Sci. 2022, 12, 957. https://doi.org/10.3390/app12030957

Ifri Outlook

The next stage at Ifri is a systematic exploration programme including detailed mapping, geochemical surveying, followed by geophysics and drill-target generation.

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

"We are very excited about the Ifri Project and its potential to host both copper-silver and gold deposits. Ifri is located in a mineralised system and we will now focus on systematic exploration and drill target generation. We are encouraged by the numerous mines in this belt, several of which are intrusion-related deposits, and therefore the region's strong potential for large scale discoveries. At Ifri, we will be targeting both mineralised structures near the surface and richer sources of copper, silver and gold at depth".

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 essential for renewable energy, battery storage and electrification to support the clean energy revolution. 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, nickel, manganese, cobalt, and potentially rare earths. 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, 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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