Critical Mineral Resources has acquired 26 exploration permits in central Morocco prospective for copper, antimony, tungsten, lead-zinc and gold.
CMR acquired the permits through the acquisition of local Moroccan group Hesperis Resources, with the licences situated in the Rabat, Beni-Mellal, Agadir and Errachidia administrative regions.
Covering approximately 400 sq km, these regions boast several historical and current mining sites with established road and power infrastructure.
As consideration for the acquisition, CMR will issue three million shares worth £150,000 at 5p per share to the owners of Hesperis at completion, followed by 1.5 million shares (£75,000) deliverable at the start of drilling.
A 10-month lock-in period has been agreed by the vendors.
Noureddine Sabraoui, CMR’s chief operating officer, is a 25% beneficial owner of Hesperis.
Charlie Long, CMR’s chief executive, added: “The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resource’s journey.
“The company now possesses a significant opportunity through its ongoing roll-up of permits across a sizeable footprint within well-established Moroccan mining territories.
“Critically, we now have excellent momentum as we continue to deliver against our stated strategy of developing an exciting portfolio of assets with the potential to bring minerals vital for the clean energy revolution into production and cash generation.“
Source: proactive
