UK Mining Firm CMR Acquires High-Grade Silver, Copper Project in Morocco
Rabat - Critical Mineral Resources (CMR), a UK-based mining company, signed on Wednesday an exclusive option to acquire the Igli project, a high-grade silver and copper venture located in the Anti-Atlas region of Morocco.
In a statement, the company explains that the Igli project has yielded promising results with grades of up to 912 grams per ton (g/t) of silver and 2.97% copper.
To support its operations and capital expenditure requirements, including exploration at Igli, CMR has raised £750,000 ($976,020) through the issuance of a convertible loan note (CLN).
A significant portion of this investment comes from the Prism Group, a private investment office based in Switzerland and the United Arab Emirates.
In addition to the financial boost, CMR has announced that Dominic Traynor, the current nonexecutive chairperson, will step into the role of executive chairperson.
The Igli project is “strategically” positioned along the same structural corridor as the Tiouit and Imiter mines, with Imiter being one of the highest-grade and largest silver mines in the world, the statement adds.
CMR has secured a 16-month exclusive option to conduct geochemical, geophysical, and drilling activities before making the main acquisition payment.
Initial sampling at Igli has been encouraging, with channel sampling and stockpile sampling revealing significant grades: 912 g/t silver and 2.97% copper, 496 g/t silver and 3.34% copper, and 741 g/t silver and 3.21% copper.
Commenting on the news, CMR CEO Charlie Long expressed optimism about the project. “We are very pleased to have secured exclusivity and an option over the Igli project, one of the highest-grade prospects we have seen over the last 12 months.”
“Its location, directly along strike from Tiouit and Imiter, adds to its perspectivity,” he said.
For his part, Guy Rothschild, COO of Prism Group, added that “CMR has a fantastic opportunity in Morocco, and potentially further afield, thanks to management's blend of skills, sector experience, and deal flow.”
CMR aims to acquire 90% of the Igli project based on several terms, starting with a $12,000 exclusivity payment in cash, granting the company around two months of exclusivity for legal due diligence.
Following this, an $80,000 exclusive option payment will provide CMR with 14 months from September 13 to secure a 90% interest in the property for $560,000.
An additional $60,000 option maintenance fee may be required if the option is not exercised within seven months, deductible from the main cash payment.
A final payment of $150,000 is due six months following the cash payment for a 90% stake, payable in either cash or equity. CMR also retains the right to acquire the remaining 10% for $500,000 in cash.
Excluding the initial $12,000 exclusivity payment, the total acquisition cost is $790,000 for 90% of the property and $1.29 million for complete ownership.
The $976,020 raised through the CLN issuance will fund CMR’s working capital and capital expenditure, particularly for the Igli exploration programs.
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