Critical Mineral Resources (CMR), a company that explores valuable minerals in Morocco, conditionally secured £250,000 by placing 12.2 million new ordinary shares and 8.01 million existing shares held in treasuring, at 1.25 pence each, according to a press release.
The Company explained that the funds generated from this placement will be employed to develop further the Ifri Project situated in the Anti-Atlas region, which has delivered very positive initial results thus far.
The geological investigations carried out by the team at CMR have demonstrated the existence of copper and silver in various quartz vein and shear zone structures. Additionally, several locations have shown evidence of gold upon assay.
Benefiting from its location in an alteration hotspot, the Ifri Project has seen notable findings from preliminary channel sampling, including tests containing 3.1% copper and 17 grams per tonne of silver. It is part of an active mining belt and is home to four mines that are still in operation today and seven that were closed in the past.
The Company further highlighted in the press release that discussions are underway with a leading global commodity trading group interested in having CMR serve as its Moroccan partner for mineral sourcing and supply.
“The net proceeds from the Fundraising will accelerate the significant Moroccan opportunities CMR has successfully created and advanced in recent months,” commented Charlie Long, CMR PLC’s Chief Executive Officer.
Long mentioned the company’s focus on developing projects and opportunities for critical commodity production and near-term cash generation. He said that his company is pleased with its recent progress and anticipated further momentum through fundraising efforts.
The latest funding comes after CMR was able to secure 26 exploration permits in central Morocco last January. The acquisition encompassed permits prospective for copper, antimony, tungsten, lead-zinc, and gold.
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