18.9 C
Belgrade
Supported byspot_img
spot_img

Copper and gold in Morocco: Royal Road Minerals intends to acquire Izughar Resources

Member of Europium Groupspot_img
Supported byspot_img

Royal Road Arabia (RRA), part of Royal Road Minerals, has reached an option deal to acquire a 100% stake in Izughar Resources, which owns the Alouana copper-gold project in Morocco.

Izughar owns exploration licences in the provinces of Taourirt and Guercif in the eastern region of Morocco.

These locations have a historical context, as small-scale mining started in the last century and nearly 35 copper, gold and silver workings were identified within Izughar licence areas.

Supported by

The Alouana project is located within an erosional window of Palaeozoic age metamorphic and intrusive igneous rocks. These rocks host copper, gold and polymetallic mineralisation including silver, tungsten and zinc.

The rock samples collected from mineralised occurrences have come up with encouraging results as copper returned at up to 21.02% and gold returned up to 5.89g/t.

Other elements such as silver had returned up to 493.84ppm and tungsten up to 0.36%. However, the Alouana project still needs to be drill-tested.

RRA also claims to have conducted soil geochemical sampling and geological mapping across the project’s licence areas. Results from the sampling had mapped copper mineralisation with about 2km of long ridge-top zone.

Along with further rock-chip and channel rock-chip sampling, the company looks to conduct magnetics and radiometrics across the Alouana project with plans to start scout drilling early next year.

Initially, it plans to focus on drill-testing the grade and volume potential of the layer.

Royal Road president and CEO Tim Coughlin said: “Alouana is a very typical thermal aureole copper and gold system formed above and adjacent to a granitic intrusion. This style of deposit hosts some of the world’s largest copper and gold resources and is a target style of key interest for Royal Road Arabia.

“A particularly important component of the Alouana occurrence is the shallow-dipping layer-parallel style of copper and gold mineralization which, when coupled with high-grade steep-dipping mineralised fractures, infers significant mineable volume potential at and close to the surface.”

RRA paid Izughar shareholders a sum of $50,000 after executing the option agreement. Within 270 days of its execution, RRA will earn a right to advance one or more licences to the point of drilling decision.

If RRA selects to drill test, it will have committed to a programme to drill for at least 2,000m in total and will apply for relevant drilling permissions.

After receiving approvals, it will make a one-time payment of $200,000 to Izughar shareholders.

On or before 60 days after completing the drilling programme or 14 days after securing the relevant and final geochemical analyses, it will also earn the right to acquire 90% stake in Izughar for a consideration of $750,000.

The balance 10% stake will be free carried to bankable feasibility when it will convert to a 2% net smelter returns (NSR) royalty.

An additional payment of $375,000 will also be paid to the shareholders after completing and publishing the resource report and a further $2m after the first bankable feasibility study is completed.

 

Source: Mining Technology

Supported byElevatePR Digital

Related News

EU corporate sustainability directive: Implications for global supply chains and Africa’s mining communities

On 24 May, the European Union enacted the Corporate Sustainability Due Diligence Directive (CSDDD), a landmark legislation requiring large businesses to identify and mitigate...

Rio Tinto defends environmental safety of Serbia’s Jadar lithium project

Rio Tinto announced on Thursday that it had published new environmental studies indicating the safety of its Jadar lithium project in Serbia, which was...

Vianode CEO criticizes EU’s Raw Materials Act for inadequate industry support

The EU’s landmark Critical Raw Materials Act (CRMA), which officially came into effect on May 23, is being criticized for its lack of substantial...

Innovative Scandium supply chain: Scandium Canada Ltd. advances in renewable energy and 3D printing

Scandium Canada Ltd. has announced significant strides in creating a comprehensive scandium supply chain, from extraction to diverse industrial applications. The company's flagship Crater...
Supported by
Supported by
Supported by
error: Content is protected !!