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Zagora Cobalt Project Agreement
Zagora Cobalt Project Agreement.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n\n2 October 2023\nCritical Mineral Resources PLC\n('CMR' or the 'Company')\nZagora Cobalt Project Agreement\nCritical Mineral Resources plc ('CMR' or the 'Company), the exploration and development company focused on clean energy metals, is pleased to announce the signing of a binding heads of terms to earn-in to the Zagora Cobalt Project ('Zagora' or the 'Project') in Morocco.\nHighlights\n· Binding heads of terms signed to earn-in to the Zagora Cobalt Project.\n· Cobalt mineralisation at surface with samples taken during technical due diligence including G03 which assayed 1.15% Cobalt at SGS-certified AFRILAB. This cobalt grade is equivalent to approximately 6.5g/t gold or 4.7% copper at current metal prices. The near-surface cobalt structure provides the potential for a shallow discovery.\n· Strategic location in Morocco, approximately 90km south of the Bou Azzer district where cobalt is mined by mid-sized miner Managem Group that has agreements to supply cobalt to BMW Group and Renault Group.\n· Bou Azzer's operations have operated since the late 1920's, and there's pressure for new discoveries to help meet rising cobalt demand. This dynamic, coupled with the demand for transparent and sustainable battery raw materials supply chains and Morocco's increasing position as a global battery materials supply chain hub, will likely drive interest in all new Moroccan cobalt projects and discoveries.\n \nProject details\nThe Zagora Project is located approximately 25km southwest of Zagora City and 90km south of the Bou Azzer mining district (Figure 1). A sealed road is being constructed through the property, and this has reached a point approximately 10km to the northeast of the Project's border. There is water on site due to the existence of sedimentary rocks, mainly Cambrian aged sandstones (Figure 3). Whilst it is too early to make confident statements about this deposit's depth, geometry or size, the near-surface cobalt mineralised structure that has been identified provides the potential for a shallow discovery.\nTransaction summary\nCMR and its subsidiary Atlantic Research Minerals SARL ('ARM') have signed a binding term sheet with the shareholders of S.A Strategy SARL ('SAS'), the owner of the Zagora Cobalt Project, to earn-in on delivery of certain m...