Critical Mineral Resources (CMR), the exploration and development company focused on clean energy metals in Morocco, has provided the following update on newly acquired permits.
Since acquiring 80% of Atlantic Research Minerals SARL (‘ARM’) in June 2023, CMR has been adding Moroccan metals and minerals projects to its portfolio. In early September, the company announced the granting of the Ighrem Project, prospective for copper, oligiste iron ore, and manganese. The company has announced that it has been granted four new exploration permits in the Rabat and Beni-Mellal regions, covering an area of approximately 80 km2. Three new permits comprise the Meseta Project, primarily prospective for copper.Meseta project summary:The Meseta Project consists of three exploration permits in a region of copper, tungsten, tin, and lead-zinc mineralisation.Meseta is located in north Morocco, 80 km south of Rabat, and is easily accessible by sealed roads. The main Meseta permit is located on the same structural trend as the Rhouirat N’Has tungsten-copper project managed by Morocco’s state natural resources developer ONHYM and Aterian PLC’s Zaer Project.The main Meseta permit was visited recently and showed clear evidence of historical mining activity at several locations across the property.CMR’s focus is on developing Moroccan commodity projects with the clear potential to support the transition to clean energy and quickly advance to production and cash generation. As part of this focus, the company continues to evaluate advances in battery chemistries and broader electrification technologies required for global decarbonisation. While debate continues regarding the future form and ratio of clean energy commodities in batteries, the importance of copper and its position as an enabler of electrification, despite long-term supply constraints, remains accepted thinking. Meseta will provide CMR with continued and additional exposure to copper and its long-term value opportunity.Charlie Long, Chief Executive Officer of CMR PLC, commented:“We are delighted to add the Meseta project to our portfolio of exploration permits. It fits CMR’s stated strategy of targeting Moroccan assets with the potential to produce clean energy commodities. While we continue to develop our opportunities for cash generation from earn-in with near-term production assets such as Anzar, Meseta is an important addition to our incubator portfolio of licences.Early indications give us confidence it has copper development potential. We are pleased to provide our investors with additional exposure to copper projects and the significant value we believe they and copper hold for the long term.”
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