FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Steadright Critical Minerals (CSE: SCM) continues to collect intriguing assets in Morocco, with the company this morning announcing an arrangement to acquire a majority interest in a historic copper-lead-silver project in the country.
Referred to simply as “Exploration Permit No. 3843143”, the project is geologically said to contain a portion of the major regional Tizi n’Test fault which has been subjected to artisanal mining. A conceptual exploration target exists on the property, 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.
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The low side of that estimate is said to be based on the limit of 50 metres down dip and strike length, which is confined to visible surface exposure. The high side scenario extends the strike and down dip by 500 metres in each direction, which is said to be a reasonable approach given the environment.
READ: Steadright To Begin Selling Stockpile Material From Historic Goundafa Mine
From a geological perspective, the project is underlain by dolomitic formations that host a series of veins with copper and lead, while silver values have also been reported. Characteristics of the mineralization point to a carbonate-hosted polymetallic deposit that has evidence of epithermal overprinting within oxidized zones.
Copper mineralization is said to be visible at surface as azurite and malachite. Lead mineralization meanwhile is concentrated in Vein 1, with assays returning values of up to 48 g/t silver and 46.34% lead. Those results suggest the potential of a system with both high grade shoots and larger tonnage envelopes as per Steadright.
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Veins found on the project to date range in thickness from 0.50 metres to 4.00 metres, with the strike ranging from NE-SW to NNE-SSW.
READ: Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine
Moving forward, Steadright has indicated that they intend to conduct a work program on the property to refine the structural understanding of the geology, as well as to confirm grade continuity and test the depth potential. The work program is said to include structural and geological mapping, surface geochemistry, geophysical surveys, and data synthesis, which will lead to later drilling.
“I am very proud of this acquisition and the spirit of cooperation and friendship with which we secured it, working with our Canadian and Moroccan team and friends. We are all big believers in copper as a metal and really look forward to this property’s proper exploration,” commented Matt Lewis, CEO of Steadright Critical Minerals.
Steadright will acquire a 75% interest in Exploration Permit No. 3843143 in exchange for 5 million common shares under the mineral claim purchase agreement.
Steadright Critical Minerals last traded at $0.255 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.
