Critical Mineral Resources, an exploration and development company, has recently achieved a significant milestone by conditionally raising approximately £250,000. This financial boost comes from the issuance of 12.2 million new ordinary shares and the placement of 8.02 million ordinary shares currently held in the company’s portfolio. Novum Securities has played a pivotal role in this process, serving as the exclusive broker for the transaction.
The influx of capital from this placement is earmarked for the advancement of the Ifri project, situated in the Anti-Atlas region of Morocco. This initiative has already shown promising initial results, hinting at the untapped potential within the region. The company’s geological team has undertaken detailed prospecting efforts, uncovering the presence of copper and silver across various quartz vein and shear zone structures. Remarkably, certain zones have also shown traces of gold, further amplifying the project’s appeal.
In a strategic move to broaden its market reach and diversify its operations, Critical Mineral Resources is currently engaging in discussions with a leading global commodity trading group. This collaboration aims to establish the company as a key Moroccan partner, facilitating the sourcing and supply of specific minerals for the trading group’s global supply chain. This partnership, whether pursued jointly or independently, presents a lucrative opportunity for Critical Mineral Resources to generate near-term cash flows through the trading of metals and possibly industrial minerals.
The Ifri project is strategically located in an alteration hotspot, part of an active mining belt that is home to four operational mines and seven others that have previously been in operation, with a focus on copper, silver, and gold. This geographical advantage is bolstered by the acquisition of 26 exploration permits in central Morocco, targeting a variety of minerals including copper, antimony, tungsten, lead-zinc, and gold. This acquisition was facilitated through the purchase of Moroccan company Hesperis Resources in January.
Critical Mineral Resources is steadfast in its commitment to developing clean energy and critical mineral projects within Morocco that offer substantial scale potential. Following a thorough analysis, the company has identified the Ifri project as a key venture that aligns with its strategic objectives. Initial explorations at Ifri have uncovered extensive copper mineralized shear structures featuring copper oxide, copper sulphide, silver, and gold mineralization.
The capital raised from the share placement will fund a comprehensive mapping and geochemical survey of the Ifri project area. This investment is crucial for accelerating the exploration and development of the site. The project also benefits from established local infrastructure, including road networks and power supplies, which are vital for the swift progression of mining activities.
Charlie Long, the CEO of Critical Mineral Resources, expressed his gratitude towards the company’s shareholders for their continued support and welcomed new investors to the fold. He highlighted the significance of the recent fundraising efforts in propelling the company’s strategic projects in Morocco. Long emphasized the company’s dedication to identifying and developing projects that not only promise significant production of critical commodities but also facilitate near-term cash generation.
Under Long’s leadership, Critical Mineral Resources is poised to capitalize on the rich mineral resources within Morocco. The company’s focused approach towards exploration and development, coupled with strategic partnerships and financial backing, sets the stage for realizing the immense potential of the Moroccan mining sector. The recent advancements and strategic decisions underscore the company’s commitment to contributing to the global supply chain of critical minerals, thereby fostering sustainable development and economic growth.
Source: Mining Weekly
