Critical Mineral Resources PLC (CMR), a UK-based company that explores valuable minerals in Morocco, received an exclusive option to acquire the Igli project, a high-grade silver and copper project in the Anti-Atlas region of Morocco.
The CMR has identified promising indications of mineralization at its Igli project as assay results revealed grades of up to 912 grams per tonne (g/t) of silver and 2.97% copper.
An analysis of the regional geology has also identified three areas with potential for mineral deposits, including higher-grade subvertical shear zones, a lower-grade basalt formation, and deeper basement-hosted shear zones.
“We are very pleased to have secured exclusivity and an option over the Igli project, one of the highest-grade prospects we have seen over the last 12 months,” CMR CEO Charlie Long.
The Igli project, according to a statement, is strategically located on the same structural corridor as the Tiouit and Imiter mines, one of the highest-grade and largest silver mines globally.
The UK-based company has obtained a 16-month exclusive option to conduct geochemical, geophysical, and drilling activities before completing the principal acquisition payment.
The same source mentioned that the project consists of a 10.04 sq km mining license and an adjacent 5.96 sq km exploration permit for 16 sqkm in total.
To support its ongoing operations and exploration programs at the Igli, CMR secured funding of £750,000 through a convertible loan note (CLN).
The statement mentioned that a major investor in the convertible loan note is Prism Group, a private investment office headquartered in Switzerland and the United Arab Emirates.
In this regard, Prism Group COO Guy Rothschild commented, “CMR has a fantastic opportunity in Morocco, and potentially further afield, thanks to management’s blend of skills, sector experience and deal flow.”
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