20
February 2024
Operational
Update:
Initial Reconnaissance, Akka
and West Tazalaght, Morocco
Aterian Plc
("Aterian" or the
"Company")
Aterian Plc
(LSE: ATN), the critical metal-focused
exploration and development company, is pleased to announce the
observations from the initial reconnaissance of the Akka and West
Tazalaght Projects (collectively the "Projects")
located in the Kingdom of Morocco
("Morocco"). The Projects are part of the 897 km2 portfolio
owned by Aterian, targeting copper, silver and base metals within
established current and historic mining
districts.
The Akka and West Tazalaght Projects
were awarded to the Company in August 2023, covering 47.1
km2 and 27.4 km2, respectively. Both Projects
are located within the western Anti-Atlas Mountains of
Morocco, a region well known for hosting copper mineralisation
within the Late Ediacaran to early Cambrian-aged
Adoudou Formation sediments.
Highlights:
· 3.93 % copper
reporting from the sedimentary-hosted copper
target.
· Evidence of
copper mineralisation has been identified within the Adoudou
Formation sediments on both Projects.
· The Projects are
located in central Morocco within the western Anti-Atlas,
a region considered highly prospective for sedimentary-hosted
copper mineralisation.
· Projects are
located close to good infrastructure, with operating mines
nearby.
Charles Bray, Chairman of
Aterian, commented:
"The preliminary findings from these
initial reconnaissance visits to Akka and West Tazalaght are
encouraging and consistent with our recent exploration in the
Anti-Atlas region, with evidence of copper mineralisation occurring
throughout. We will now develop plans to explore and evaluate the
potential of these specific projects. We hope that through a more
systematic prospecting programme targeting the sedimentary-hosted
copper opportunity across the region, we will be able to add to our
extensive Moroccan exploration database.
"We have created a strong and
extensive asset portfolio in Morocco and will continue to seek to
expand our projects and explore this highly prospective area. The
country is emerging as a preferred destination for global mining
and manufacturing companies seeking to enter the EU and USA with
preferential trade status. We are now gaining very good geological
knowledge of the area and continue to obtain positive results from
our exploration fieldwork on several key projects in
Morocco. The region has the potential to deliver tremendous
value to the Company, its shareholders and other
stakeholders."
Project
Summary: Akka
|
Aterian PLC project
locations in Morocco with competitor companies and
projects.
|
The Akka project consists of 3
licences covering 47.1 km2 located 15 km west of
the town of Akka in the Tata Province within
the Souss-Massa Region. The Project occurs in the
western Anti-Atlas Mountains, with copper as the primary
target metal. Copper occurrences within the district are typically
hosted within Adoudounian and Cambrian age sediments, which lie
immediately east of the Paleoproterozoic Tagragra d'Akka inlier.
These sedimentary sequences are known to host copper deposits
throughout the Western and Central Anti-Atlas and have been mapped
in the project area with a copper occurrence identified c.1.5 km
north of the Akka Project, which Managem is currently
evaluating. The Akka Copper-Gold Mine (Iourirn), operated
by Managem Group, lies 20 km west, with the Tazalaght
Copper Mine 35 km northeast of the Akka
Project (mineralisation hosted at Akka
Mine (Iourirn) is not necessarily indicative of mineralisation
at our Akka project).
Akka Exploration Results
A total of 12 outcrop samples were collected
during the site visit, of which three samples were > 0.3 % Cu.
The maximum reported copper value was 3.93 % Cu from a zone of
quartz-carbonate veining cross-cutting a dolomitic fold hinge. The
sample was collected 2.2 km south of a small operation operated by
Managem, which targets the same structure. Two samples reported
0.30 % Cu and 0.34 % Cu from quartz veins within granodiorite
occurring at the contact between the basement inlier and overlying
Adoudou Formation sediments. Fine disseminated, bedding parallel
copper oxide is observed with a 1.8m thick dolomitic sequence at
the base of the shallow Adoudou Formation, adjacent to the contact
of the inlier, and reported anomalous copper of 0.16 %
Cu.
Work Plan for the Akka
Project
Future work programmes at the Akka Project will
explore and map the Adoudou Formation, where evidence for
sedimentary-hosted copper was observed. Mapping along strike from
the Managem workings north of the project to identify structural
control (folding) and continuity.
Project
Summary: West Tazalaght
This consists of 2 licences covering 27.4
km2 located 13 km northeast
of Tafraoute in the Taroudant Province of the Souss-Massa
Region and lies 100 km southeast of the port city
of Agadir. The Tazalaght Copper Mine, operated
by Managem Group, lies 7 km east of the Project. The Project
occurs in the western Anti-Atlas Mountains and is
underlain by folded sedimentary units of the Adoudou and Taliwine
Formations, lying to the northeastern of the Kerdous
Palaeoproterozoic inlier and west of the d'Ait Abdallha inlier.
Sedimentary-hosted copper is the primary exploration target metal
(note that mineralisation hosted at the Tazalaght mine is not
necessarily indicative of mineralisation at our West
Tazalaght Project).
West Tazalaght Exploration
Results
A total of 1 outcrop and four float samples were
collected during the site visit. The maximum reported copper value
was 0.25 % Cu from an epidote-rich mafic boulder observed within a
river in the north part of the licence. Isolated samples of smelter
slag, with malachite lining some of the vesicles, were observed
within a river channel in the southern part of the Project. This
suggests ancient (of unknown age) copper mining in the region,
although the source of the material was not identified during the
site visit. Limited disseminated copper oxide mineralisation was
observed in the sedimentary units.
Work Plan for the West
Tazalaght Project
Future work programmes at the West Tazalaght
Project will focus on exploring and mapping the Adoudou Formation
to determine the sedimentary-hosted copper opportunity. A stream
sediment sampling programme is also planned to cover the
licence.
*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. A
spoil/dump sample is collected adjacent to a historical
working.
Sampling Methodology and
Analysis
ALS Limited, an accredited laboratory in
Sevilla, Spain, undertook all sample preparation and analysis for
these reported samples. Given the early-stage nature of these
programmes, no QA/QC samples were included. Rock samples were
crushed to 70 % passing -2 mm. The less than 2 mm fraction was
pulverised, with 85 % of the sample passing <75 microns. All
samples were analysed using four-acid digestion for a multi-element
suite of 34 metals by Inductively Coupled Plasma Atomic Emission
Spectroscopy (ICP-AES). In addition, all samples were
analysed for their gold content by a 50g Fire Assay method with an
atomic absorption finish.
Illustrations
The
following illustrations have been prepared by Aterian and relate to
the disclosures in this announcement.
Akka
West Tazalaght
Qualified
Person
The technical disclosure in this regulatory
announcement has been approved by Simon Rollason, Chief Executive
Officer of Aterian Plc. A graduate of the University of the
Witwatersrand in Geology (Hons). He is 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
Tel: +44 (0)207 399 9400
Joint Broker:
SP Angel Corporate Finance
LLP
Ewan Leggat / Kasia
Brzozowska
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 and holds two further partnerships
in Rwanda exploring and developing
lithium-tantalum-niobium-tin mining operations. Aterian currently
holds a portfolio of multiple copper-silver and base metal projects
in the Kingdom of Morocco, with a total area of 897
km2. 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 total
licence area in Botswana is 3,516 km2.
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
|
"Au"
|
means
|
Gold
|
"Breccia"
|
means
|
a rock consisting of
angular fragments of stones cemented by finer materials
|
"Cu"
|
means
|
Copper
|
"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
|
"km"
|
means
|
Kilometres
|
"m"
|
means
|
Metres
|
"mm"
|
means
|
Millimetres
|
"Mt"
|
means
|
millions of
tonnes
|
"NI 43-01"
|
means
|
National Instrument
43-101 Standards of Disclosure of Mineral Projects of the Canadian
Securities Administrators
|
"Outcrop"
|
means
|
a rock formation that
is in situ and visible on
the surface
|
"Qualified Person"
|
means
|
a person that has the
education, skills and professional credentials to act as a
qualified person under NI 43-101
|
"Sb"
|
means
|
Antimony is used in
alloys and in lead-acid storage batteries. The U.S. government has
considered antimony a critical mineral mainly because of its use in
military applications.
|
"Stratiform"
|
means
|
parallel to the
bedding planes of the surrounding rock
|
"Vein"
|
means
|
a distinct sheetlike
body of crystallised minerals within a rock
|
"Zn"
|
means
|
Zinc
|