CMR Secures High-Grade Silver/Copper Project in Morocco and Raises £750,000 for Exploration
Critical Mineral Resources (CMR) has signed an exclusive option to acquire the Igli project, a high-grade silver/copper site in Morocco’s Anti-Atlas region, with reported grades up to 912 g/t silver and 2.97% copper.
To support this acquisition and fund exploration, CMR has raised £750,000 through a convertible loan note (CLN) issue. A significant portion of this investment comes from the Swiss and UAE-based Prism Group, known for its long-term investment strategy.
CMR’s nonexecutive chairperson, Dominic Traynor, will transition to executive chairperson to oversee the company’s strategic developments.
The Igli project is strategically located along the same structural corridor as the Tiouit and Imiter mines, with Imiter being one of the highest-grade and largest silver mines globally.
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 shown promising results, with grades from channel sampling and stockpiles including 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.
The regional geology suggests three potential targets at Igli: higher-grade subvertical shear zones, lower-grade basalt formation, and deeper basement-hosted shear zones.
CMR plans to acquire 90% of the Igli project under several terms, beginning with a $12,000 exclusivity payment, followed by an $80,000 exclusive option payment granting 14 months to complete the acquisition for $560,000.
An additional $60,000 option maintenance fee is required if the option is not exercised within seven months. A final $150,000 payment is due six months after the main payment, with an option to buy the remaining 10% for $500,000.
The total cost for 90% of the property is $790,000, and $1.29 million for 100%.
CMR CEO Charlie Long expressed optimism about the project, highlighting its high-grade prospects and strategic location. Prism Group COO Guy Rothschild noted the potential for further opportunities in Morocco and beyond, thanks to the management team’s skills and extensive mining network.
The £750,000 raised through CLNs will fund CMR’s working capital and capital expenditure needs, including exploration at Igli. The CLNs have a 12-month maturity, with a conversion price of £0.11 per share and a 5% coupon interest rate. Stock warrants are attached to the CLNs, with an exercise price of £0.13 per share.
