FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Steadright Critical Minerals (CSE: SCM) is moving quick on the development of its suite of assets in Morocco. After announcing this morning that they anticipate the near term receipt of a mining license for their TitanBeach One project, the company has now disclosed that a similar license has been applied for on their recently acquired Copper Valley project.
The project, which Steadright holds a 75% interest in following the acquisition earlier this month, had seen the former property owner, EMTF Sarl, apply for a Mining License and Environment Permit. As per Steadright’s geological team, that license is expected to be received within the next month.
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Copper Valley currently has a conceptual exploration target, which on the low side is estimated to contain 500,000 tons grading 3.0% copper and 6.0% lead, while on the high side is estimated to contain up to 16 million tonnes grading 1.0% copper and 2.0% lead.
Separately, Steadright has also disclosed that they are moving forward with the sale of mineralized stockpile material from the historic Goundafa polymetallic copper-zinc-lead-silver-gold mine.
READ: Steadright To Begin Selling Stockpile Material From Historic Goundafa Mine
That arrangement will see the sale of tailings begin near the end of April, following Steadright entereing into a contract with MoResCo Sarl for the sale of up to 14,400 metric tons of mineralized stockpile material.
Steadright has entered into a binding memorandum of understanding to acquire the historic Goundafa Mine. The mine last operated in 1956, with the operation halting as a result of political changes following Moroccan independence. The project is centered on a series of steeply dipping veins that contain lead, zinc, copper, gold and silver. A non NI 43-101 compliant report published in 2022 suggests that up to 6.66 million tonnes of material containing 2.1% zinc, 1.8% lead, 1.5 – 2.1% copper and up to 3.5 g/t gold is present on site.
“Steadright is a country play whose ‘North Star’ is the finding strong assets and moving them forward in a smart and rapid manner. We are very happy, both with the Copper Valley mining license application’s progress and the plans to get revenue from the historic Goundafa Mine’s mineralized stockpiles,” commented Steadright CEO Matt Lewis.
Steadright Critical Minerals last traded at $0.30 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.
