Genius Metals announces that it has entered into an option agreement with Société Bleida Mineral Ressources SARL to acquire a 100% interest in the BMR Cu-Au project, southeast of Ouarzazate. The option agreement was negotiated on an arm’s length basis. The company’s objective is to explore and develop the BMR project.
Canada-based Genius Metals Inc. has announced that it has signed an option agreement with Bleida Mineral Ressources SARL to acquire a 100% interest in the BMR Cu-Au project, located southeast of Ouarzazate. “This option agreement has been concluded on an arm’s length basis. Genius Metals Inc. is focusing on the exploration and development of the BMR project while advancing its North American assets,” the company said in a press release.
The BMR Copper Project covers an area of approximately 9 km², located southeast of Ouarzazate. Access to the site is via the N9 national road, which links the towns of Ouarzazate and Zagora, followed by a 2 km track from kilometer 24 of the N9. The concession area is characterized by ancient copper and manganese mining operations, mainly in Ediacaran volcanic and volcaniclastic terrains.
The property comprises two main zones of mineralization with different styles of copper mineralization. To the south of the property, a subvertical mineralized structure stretches over 1.2 km in length and up to 5 m in width, showing tectonic brecciation in a shear zone visible at surface. The structure consists of a brecciated quartz-carbonate vein containing variable amounts of chalcocite and malachite.
The main zone of mineralization varies in width from 0.5 m to 3 m (locally reaching over 5 m) and contains massive sulfide veins that plunge steeply to the east. Initial surface sampling by Genius Metals returned grades of up to 11.73% copper and 5.53 g/t gold. To the north of the property, a historic quarry has already extracted some 4,000 tonnes of material, much of which remains in situ.
Copper mineralization in the northern part of the property occurs as veins or is disseminated in volcanic rocks (rhyolite and porphyritic rhyodacite). This late to post-volcanic mineralization appears to be influenced by magmatic and tectonic structures, surrounded by a zone of propylitic alteration.
An independent group of Canadian exploration consultants is currently conducting surface sampling and trenching to test copper mineralization and evaluate the property’s gold potential, which has never before been tested for gold.
Under the option agreement, Genius Metals agrees to earn a 100% interest in the BMR Cu-Au project by making cash payments totalling C$250,000, broken down as follows: an initial payment of C$25,000 by August 31, 2024; C$30,000 on the first anniversary of August 31, 2025; C$45,000 on the second anniversary of August 31, 2026; and C$150,000 on the third anniversary of August 31, 2027. In addition, the Company plans to incur eligible exploration expenditures totalling $50,000 by August 31, 2025, C$75,000 by August 31, 2026, and C$100,000 by August 31, 2027.
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