FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Steadright Critical Minerals (CSE: SCM) continues to collect assets in the country of Morocco. The company this morning announced that it has entered into a letter of intent with a first right of refusal to acquire an interest in SilverLine Mining Sarl, which is said to be prospective for silver, lead, and other minerals.
Under the terms of the letter of intent, Steadright is set to acquire a 60% interest in SilverLine upon the signing of a definitive agreement in exchange for 5.5 million common shares. SilverLine currently holds a 75% interest in mineral claim #3843117 in the district of Errachidia within the Kingdom of Morocco.
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The claim, which is said to hold an existing mining license, is found within the Eastern High Atlas Haute Moulouya plateau, which is said to be part of the Moulouya lead metallogenic province. Mineralization within the claim is structurally controlled in a system linked to northeast/southwest-oriented faults and fractures that have an impact on the basement and cover rocks. These structures are said to consist of highly fractured zones where lead, fluorite and barite mineralization are concentrated. Particularly in Morocco, silver often occurs as a by-product within such geology.
READ: Steadright Subsidiary NSM Capital Sarl Applies For License At Titanbeach One
“I am extremely pleased with the SilverLine Mining LOI. We think it can add a lot to our company, especially with an active Mining Licence. Our Canadian and Moroccan teams are working very hard at the needed due diligence,” commented Matt Lewis, CEO of Steadright Critical Minerals.
A three month due diligence is scheduled to occur prior to the signing of a definitive agreement.
Steadright Critical Minerals last traded at $0.33 on the CSE.
FULL DISCLOSURE: Steadright Critical Minerals is a long investment of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
