Business
New permit acquisitions
New permit acquisitions.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n\n6 December 2023\nCritical Mineral Resources PLC\n('CMR' or the 'Company')\nNew permit acquisitions\nCritical Mineral Resources plc ('CMR' or the 'Company), the exploration and development company focused on clean energy metals in Morocco, is pleased to provide the following update on newly acquired permits.\nSince 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. Today, the Company announces 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.\nMeseta project summary\n· The Meseta Project consists of three exploration permits in a region of copper, tungsten, tin and lead-zinc mineralisation.\n· Meseta is located in north Morocco, 80km 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.\n· The main Meseta permit was visited recently and showed clear evidence of historical mining activity at several locations across the property.\nMeseta project strategic rationale\nCMR'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.\nFigure 1: Map showing Meseta Project permits\n\n[Source: Company]\n\nZagora option agreement\nIn September, CMR and its subsidiary ARM ...