20
November 2024
Operational
Update:
Azrar Copper-Gold Project and
Portfolio Review, Morocco
Aterian Plc
("Aterian" or
the "Company")
Aterian Plc
(LSE: ATN), the critical metal-focused
exploration and development company, is pleased to provide an
operational update on the fieldwork conducted on the Company's
Azrar Copper-Gold ("Cu -
Au") Project ("Azrar" or the "Project"), and the outcomes from an
ongoing internal portfolio review. The Azrar Project, covering 76.9
km2, is located within the western Anti-Atlas
Mountains of the Kingdom of Morocco ("Morocco") and lies 30 km north of the
Company's Tata copper project ("Tata").
Highlights:
·
Additional copper, silver, and gold mineralisation discovered
at priority targets on the Project.
·
Tifrit copper-gold target:
o 0.82 g/t Au and 0.63 % Cu over 9.0
m from surface chip channel targeting northerly
strike quartz veins, including
o 0.70 g/t Au and 0.55 g/t Cu over 7.6
m from 0 to 7.6 m along the channel,
and
o 2.97 g/t Au and 2.00 % Cu over a 0.7
m interval from 8.3 m to 9.0 m.
o These results
and previously announced samples (per the announcement of 31
January 2024) indicate this gold-copper target zone's potential
strike length to be 3.8 km.
·
Ougri sedimentary-hosted copper target:
o Up to 2.92 % Cu and 16 g/t
Ag from rock chip samples over an 800 m strike
length of a 1.4 km basal Adoudou Formation target.
· Izarzar fault
zone hosted copper target:
o Up to 1.37 % Cu and 6 g/t
Ag from a variably mineralised fault zone with
an apparent width of up to 13.25 m within Adoudou Formation
sediments.
·
Multiple mineralisation styles defined to date on the Azrar
Project include:
o
Sedimentary-hosted copper-silver in basal Adoudou Formation
sediments.
o Fold hinge and
fault-controlled copper-silver in Adoudou Formation
sediments.
o Fault
controlled copper-silver +/- chrome-nickel within Adoudou Formation
sediments
o Copper-gold
mineralisation within quartz veins and veinlets.
·
Numerous fold hinge and fault intersection target zones were
identified from remote sensing data analysis for follow-up mapping
and sampling.
The Azrar Project forms part of
Aterian's newly delineated 663.6 km2 portfolio, which
targets copper, silver, gold and base metals within established
current and historic mining districts in Morocco. A
portfolio review is ongoing to remove non-core permits and projects, allowing the Company to maintain
its focus on the key priority projects, namely Agdz, Azrar, Tata,
and Jebilet Est.
Charles Bray, Chairman of
Aterian, provided the following:
Shareholder Summary
·
The Azrar Project is one of Aterian's four
high-priority copper projects in Morocco and potentially offers
Aterian a large-scale copper development opportunity.
·
The reported copper (Cu) grades are considered
economic, given the current metal prices, and align with our
expectations for advancing a significant-scale project that demands
target generation and drilling.
·
The silver (Ag) and gold (Au) mineralisation has
positively surprised us with the extent and grade for both elements
and appears to be part of a larger geological fault system
demanding further investigation.
·
The addition of silver and gold as potential
by-products is encouraging and improves Aterian's likelihood of
achieving its objective of finding a joint-venture partner to
advance the project at minimal cost to Aterian
shareholders.
·
The proximity and geological similarities of the
nearby Tizert Copper Mine, developed and operated by Managem, are
highly encouraging.
The discovery of a significant
copper-gold zone at the Tifrit target in northeastern Azrar
validates our decision to maintain Azrar as a high-priority project
for continued exploration. We will work to define drill targets on
these structures following detailed surface mapping, ground-based
geophysics and trenching. Recent results indicate the
strong potential to deliver several robust targets with multiple
mineralisation styles defined to date and a pipeline of targets
generated by the field team. There are similarities between
Azrar and other local mining projects, which are
encouraging.
''We previously announced an ongoing, detailed
in-house rationalisation of the
Moroccan project portfolio to provide a clear focus and make
our exploration efforts more productive. As part of the
process, we have reduced the Azrar landholding by two permits,
which we considered low potential after initial reconnaissance.
This will allow our field teams to further evaluate the identified
sedimentary copper potential at the Ougri and Amane targets and
focus on the new gold-bearing zones recently discovered at the
Tifrit target. I look forward to updating shareholders on Morocco
generally and the Azrar Project more specifically in due
course."
Project
Summary:
The Azrar Project now covers 76.9
km2 and comprises six license blocks, with
access to the Project via asphalt roads and a network of smaller
tracks. The Company holds a 100 % interest in the Project, located
in the western Anti-Atlas Mountains, a region considered
highly prospective for sedimentary-hosted copper mineralisation.
Azrar occurs approximately 155 km southeast of the port city
of Agadir and 45 km east of the Tizert copper-silver project
(estimated resources of 57 Mt grading 1.03 % Cu and 23 g/t Ag),
currently under development by Managem Group. The Project lies
30 km north of the Company's Tata sedimentary-hosted copper
project. Late Ediacaran to early Cambrian-aged Adoudounian
sediments occur within the Project along the southeastern margins
of the Paleoproterozoic Agadir-Melloul Inlier. These sedimentary
units are known to host copper mineralisation within the Anti-Atlas
and represent the primary copper target on the Project.
Aterian Exploration
Results
Recent fieldwork focused on completing c.8-line
km of geological traverse mapping covering several interpreted
structural targets within the Adoudou Formation sediments, with
additional sampling along the strike of previously identified
copper-gold targets in northeastern Azrar.
During the recent work, 108 samples were
collected: 91 composite point rock chip samples, one float sample,
and 16 chip channel samples. Of the composite point rock chip
samples, 24 (26 %) were > 0.2 % Cu, and 7 (8 %) were > 0.5 %
Cu.
Three sub-horizontal surface reconnaissance chip
channels (see Figure 1 for locations) were completed, with channel
lengths ranging from 9.00 m to 10.55 m. The results from the
channel sampling are briefly described below:
·
24AZCH-001 - Izarzar Target - targeting a northeast-southwest
striking mineralised fault zone located in the central part of the
Project. The fault zone, mapped over 2 km of a potential 4 km
strike length, reported 0.80 % Cu
over a 4.20 m interval from 2.00 m to 6.20 m.
·
24AZCH-002 - Tifrit Target - targeting a north-south striking
quartz vein zone and wall rock silicification within the northeast
of the Project. Sample results reported 0.7 g/t Au and 0.55 % Cu over a continuous
interval of 7.60 m from 0.00 m to 7.60m and 2.97 g/t Au and 2.00 % Cu over 0.70 m
from 8.30 m to 9.00 m (no sample collected between 7.60 m and 8.30
m, with only soil observed on surface). The total chip channel
reported an interval of 9 m with
0.82 g/t Au and 0.63 % Cu.
·
24AZCH-003 - Tifrit Target - targeting a north-south striking
quartz vein zone and wall rock silicification located within the
northeast of the Project, with results reporting 0.25 g/t Au over a 2.00 m interval from 4.60 m to 6.60
m.
Tifrit
Target: Copper-gold in quartz veins:
The 3.8 km long Tifrit target is characterised
by north-south striking quartz veins, quartz-vein breccia, and
quartz-carbonate veinlets traced discontinuously within Adoudounian
sediments and underlaying basement volcano-sediments. Visible
copper mineralisation is observed within the veins and disseminated
within the host rock (see the illustrations below).
The area sampled during this phase of work
potentially represents the southern extension to the previously
reported (see the 31 January 2024 announcement) rock chip sampling
of quartz veins, which reported 1.19 % Cu with 0.50 g/t Au and 1.22
% Cu with 0.33 g/t Au, with several small-scale artisanal workings
mapped. The potential strike extent of this northerly trending zone
is c.3.8 km.
Ougri Target:
Sedimentary-hosted copper:
The 1.4 km long Ougri target comprises basal
Adoudounian sediments consisting of basal sandstone and overlaying
dolomite with fracture-controlled and disseminated copper oxides
and occasional sulphides (see Figure 1 below). The apparent
thickness of mineralised horizons varies along strike from 0.30 m
up to 1.50 m. Reconnaissance composite point rock chip sampling
over an 800 m long section of the 1.4 km target zone has been
completed, returning up to 2.92 %
Cu and 16 g/t Ag.
Izarzar
Target: Fault-controlled copper-silver within Adoudou
Formation:
The four km-long Izarzar target is comprised of
folded and faulted Adoudounian sediments. Fault zones and fold
hinges identified through remote sensing interpretation and field
mapping were sampled. They vary in apparent width from sub-1 m to
13.25 m and have apparent sub-vertical dips, typically striking
east to northeast. Recent results from composite point rock chip
sampling, proximal to sampling previously undertaken over 2.2 km of
the target zone, returned up to
2.45 % Cu with 2.5 g/t Ag and 1.37 % Cu with 6.27 g/t
Ag.
Target
Generation:
Following the recent field programmes, an
in-house remote sensing data-based structural interpretation has
been completed over Azrar with results defining:
·
Four interpreted east-west striking structural corridors of
apparent brittle deformation traversing the project over strike
lengths of > 12 km.
·
Interpreted extension of the northeast-southwest striking
Izarzar of the fault zones, known to host copper-silver
mineralisation, of potentially > 4 km in strike length within
both Proterozoic and Adoudounian-aged Formations.
Fold hinge target zones, generally northerly
striking, including potential regional fold hinges, are interpreted
to extend over 4.75 km along strike within the Project area. Fold
hinges have been observed to host copper mineralisation associated
with carbonate and quartz veinlets. The extent and continuity of
known mineralisation in fold hinge targets are yet to be
mapped.
Figure 1.
Azrar Project - Assay Results from Recent Work
|
Chip Channel
ID
|
From (m)
|
To (m)
|
Interval
(m)
|
Au ppm
|
Cu %
|
Lithology
|
|
24AZCH-001
|
0
|
2
|
2
|
0.00
|
0.07
|
Dolomite
|
|
24AZCH-001
|
2
|
3
|
1
|
0.00
|
1.14
|
Felsic
dyke
|
|
24AZCH-001
|
3
|
4.7
|
1.7
|
0.00
|
1.03
|
Dolomite
|
|
24AZCH-001
|
4.7
|
7.2
|
1.5
|
0.00
|
0.30
|
Felsic
dyke
|
|
24AZCH-001
|
7.2
|
9.2
|
2
|
0.00
|
0.03
|
Dolomite
|
|
24AZCH-002
|
0
|
2
|
2
|
0.13
|
0.78
|
Conglomerate
|
|
24AZCH-002
|
2
|
4
|
2
|
0.45
|
1.24
|
Conglomerate
|
|
24AZCH-002
|
4
|
6.2
|
2.2
|
1.52
|
0.04
|
Quartz
vein
|
|
24AZCH-002
|
6.2
|
7.6
|
1.4
|
0.58
|
0.05
|
Quartz
vein
|
|
24AZCH-002
|
7.6
|
8.3
|
0.7
|
No
sample
|
Soil
|
|
24AZCH-002
|
8.3
|
9
|
0.7
|
2.97
|
2.05
|
Quartz
vein
|
|
24AZCH-003
|
0
|
2.3
|
2.3
|
0.00
|
0.03
|
Dolomite
|
|
24AZCH-003
|
2.3
|
4.1
|
1.8
|
No
sample
|
Soil
|
|
24AZCH-003
|
4.1
|
4.6
|
0.5
|
0.00
|
0.11
|
Dolomite
|
|
24AZCH-003
|
4.6
|
6.6
|
2
|
0.25
|
0.04
|
Quartz
vein
|
|
24AZCH-003
|
6.6
|
8.1
|
1.5
|
0.05
|
0.26
|
Quartz
vein
|
|
24AZCH-003
|
8.1
|
8.6
|
0.5
|
No
sample
|
Soil
|
|
24AZCH-003
|
8.6
|
10.55
|
1.95
|
0.00
|
0.03
|
Dolomite
|
Table 1. Azrar
Project - chip channel assay results
*A rock chip
or grab sample cannot be taken as a representation of the overage
grade average and potential deposit size. A float sample is collected
from loose pieces of rock not connected to an
outcrop.
Previous
Aterian Fieldwork on the Project
Copper mineralisation has previously been
identified within the carbonaceous sediments of the Adoudou
Formation, proximal to the Agadir-Melloul Proterozoic age basement
inlier. It is also found to be associated with several differing
mineralisation styles that include:
·
Disseminated and fracture-controlled malachite and copper sulphides
from a 1.4 km long target zone within basal Adoudou Formation
dolomites proximal to the inlier.
· Fault and
fold hinge-controlled copper-silver mineralisation within the
Adoudou Formation dolomites, with numerous fault and fold
hinge target zones identified for follow-up field
assessment.
·
Fault and fracture-controlled copper +/- gold associated with
a northerly trending silicified fault zone and fracture zone,
traced discontinuously over a 3.8 km long strike length within
volcanic, red-beds and basal Adoudou Formation dolomite
beds.
The maximum grade previously reported was 4.01 %
Cu, 26.9 g/t Ag from an apparent 8 m thick carbonate bed.
Disseminated malachite was observed along bedding plane surfaces
and cross-cutting fractures and joints.
Several old artisanal workings are present
within Azrar, up to 7 m deep and 2 m wide, targeting
quartz-specular haematite veins up to 1.2 m wide. Spoil material
adjacent to old artisanal workings returned up to 1.19 % Cu with
0.50 g/t Au and 1.22 % Cu with 0.33 g/t Au.
Figure 2.
Azrar Project - Assay Results to Date, including Previous Work
Programme Highlights (% Cu, g/t Ag, g/t Au)
Sampling Methodology and
Analysis
Afrilab, an accredited independent laboratory in
Marrakech, Morocco, prepared and analysed 108 samples. Rock samples
were crushed with 70 % passing -2 mm. The less than 2 mm fraction
was pulverised, with 85 % of the sample passing <75 microns. All
samples were analysed for a multi-element suite of 40 elements by
Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES).
In addition, selective samples were analysed for their gold content
using a 50 g Fire Assay method with a gravimetric finish. Given the
early-stage nature of these programmes, no QA/QC samples were
included.
Work Plan for the Azrar
Project
Future work programmes at the Azrar Project will
include follow-up geological mapping and sampling of prospective
targets described above, supported by a ground-based magnetic
geophysical survey and trenching over the Tifrit copper-gold target
to define future drill targets. In addition, traverse mapping and
sampling will be undertaken over structural targets defined from
remote sensing data analysis to refine the geological model and
prioritise targets.
Illustrations
The
following figures have been prepared by Aterian and relate to the
disclosures in this announcement.
Morocco Portfolio
Review
Following an extensive review and prioritisation
of the asset portfolio held in Morocco, Aterian has elected to
relinquish a number of non-core research permits due for renewal.
The ongoing asset review considers several factors, including, but
not limited to, geological prospectivity based on initial
reconnaissance mapping and sampling, project size, access, and
infrastructure. This has reduced the land holding from 897.7
km2 to 663.6 km2. Our reduced portfolio will
allow us to focus and better deploy capital and time into the more
prospective areas within our priority assets, such as Agdz, Azrar,
Tata and Jebilet Est while providing bandwidth to pursue additional
opportunities within Morocco.
Qualified
Person
The technical disclosure in this regulatory
announcement has been approved by Simon Rollason, Chief Executive
Officer of Aterian Plc. He is a graduate of the University of the
Witwatersrand in Geology (Hons) and a Member of the Institute of
Materials, Minerals and Mining, with over 30 years of experience in
mineral exploration and mining.
- ENDS -
This announcement contains information which,
prior to its disclosure, was inside information as stipulated under
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310 (as amended).
For further information, please visit the
Company's website: www.aterianplc.com or
contact:
Aterian Plc:
Charles Bray, Executive Chairman - charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Joint
Broker:
Novum Securities Limited
David Coffman / George Duxberry
Colin Rowbury
Tel: +44 (0)207 399 9400
Joint Broker:
SP Angel Corporate Finance
LLP
Ewan Leggat / Adam
Cowl
Tel: +44 20 3470 0470
Financial PR:
Bald Voodoo
- ben@baldvoodoo.com
Ben Kilbey
Tel: +44 (0)7811 209 344
Notes to Editors:
About
Aterian plc
www.aterianplc.com
Aterian plc is an LSE-listed exploration
and development company with a diversified African portfolio of
critical metals projects.
Aterian plc is actively seeking to acquire and develop new
critical metal resources to strengthen its existing asset base
whilst supporting ethical and sustainable supply chains as the
world transitions to a sustainable, renewable future. The
supply of these metals is vital for the development of the
renewable energy, automotive and electronic manufacturing sectors
that are playing an increasing role in reducing carbon emissions
and meeting climate ambitions globally.
The Company recently entered into a joint
venture agreement with Rio Tinto Mining and Exploration
Limited for Rio Tinto to earn into the HCK project in
southern Rwanda to explore and develop a
lithium-tantalum-niobium-tin mining operation. The Company also
holds an exploration licence in Rwanda. Aterian has a
portfolio of multiple copper-silver (+ gold) and base metal
projects in Morocco. In January 2024, the Company announced
the acquisition of a 90% interest in Atlantis Metals. This private
Botswana registered company holds one mineral prospecting licence
for copper-silver in the Kalahari Copperbelt and three for lithium
brine exploration in the Makgadikgadi Pans region.
The Company's strategy is to seek new
exploration and production opportunities across the African
continent and to develop new sources of critical mineral assets for
exploration, development, and trading.
Glossary of Terms
The following is a glossary of technical
terms:
|
"Ag"
|
means
|
silver
|
|
"Anti-Atlas Mountains"
|
means
|
a mountain
range in Morocco, forming part of the Atlas
Mountains in northwest Africa. The Anti-Atlas extends
from the Atlantic Ocean in the southwest towards the
northeast to the heights of Ouarzazate and further east
to the city of Tafilalt, a distance of approximately
500 km. The range borders on the Sahara to the
south
|
|
"Au"
|
means
|
Gold
|
|
"Breccia"
|
means
|
a rock
consisting of angular fragments of stones cemented by finer
materials
|
|
"Cambrian"
|
means
|
is the
first geological period (538 to 485 ma) of
the Paleozoic Era
|
|
"Cu"
|
means
|
copper
|
|
"Ediacaran"
|
means
|
the
uppermost division of the Proterozoic
Eon of Precambrian time and the youngest period (635 to
538 ma) of three that make up the Neoproterozoic Era
|
|
"Ferruginous"
|
means
|
containing
iron oxides
|
|
"Float sample"
|
means
|
loose
pieces of rock that are not connected to an outcrop
|
|
"g/t"
|
means
|
grams per
tonne
|
|
"Hercynian or Variscan
Orogeny"
|
means
|
an orogenic
belt that evolved during the Devonian and Carboniferous
periods, from about 419 to 299 million years ago
|
|
"Inlier"
|
means
|
an area of
older rocks surrounded by younger rocks. The erosion of
overlying younger rocks typically forms inliers.
|
|
"km"
|
means
|
kilometres
|
|
"m"
|
means
|
metres
|
|
"Ma"
|
means
|
million
years
|
|
"mm"
|
means
|
millimetres
|
|
"Mt"
|
means
|
millions of
tonnes
|
|
"Outcrop"
|
means
|
a rock
formation that is in situ
and visible on the surface
|
|
"Qualified Person"
|
means
|
a person
who has the education, skills and professional credentials to act
as a qualified person under NI 43-101
|
|
"Paleoproterozoic"
|
means
|
the first
of three subdivisions of the Proterozoic Eon (occurring from 2,500
billion to 1,600 Ma. This period is marked by the first
stabilisation of the continents and when cyanobacteria
evolved.
|
|
"Sedimentary-hosted
copper"
|
means
|
stratabound
copper deposits that are typically restricted to a narrow range of
layers within a sedimentary sequence but do not necessarily follow
sedimentary bedding.
|
|
"Stratabound"
|
means
|
a mineral
deposit confined to a single stratigraphic unit
|
|
"Stratiform"
|
means
|
parallel to
the bedding planes of the surrounding rock
|
|
"Vein"
|
means
|
a distinct
sheetlike body of crystallised minerals within a rock
|