TIDMATN
RNS Number : 6809H
Aterian PLC
28 November 2022
28 November 2022
Operational Update:
Discovery of Stratiform Sediment-Hosted Copper,
Tata Project, Morocco
Aterian Plc
(" Aterian " or the " Company")
Aterian Plc (LSE: ATN), the critical and strategic metal-focused
exploration and development company, is pleased to announce the
discovery of sediment-hosted copper mineralisation at the Company's
recently acquired Tata Project (the " Project "). The Project,
which covers an area of 143 km(2) , is located within the western
Anti-Atlas Mountains of the Kingdom of Morocco (" Morocco ") and
lies 30 km south of the Company's Azrar copper-silver project.
The Project is held by the Company's 100%-owned subsidiary,
Aterian Resources Limited. The Company's acquisition of Aterian
Resources Limited, which completed immediately prior to its
Admission to the London Stock Exchange's Main Market, saw the
Company acquire a portfolio of 15 copper-silver and base metal
projects in Morocco.
Highlights:
-- Stratiform sediment-hosted copper mineralisation identified
within Adoudounian sediments occurring on the flanks of a
Proterozoic inlier.
-- 2.05 % Cu reported from a dolomite float sample located
adjacent to the contact between Adoudounian sediments and the
Proterozoic inlier.
-- Results include 0.95 % Cu from a 4 m thick dolomitic sequence
and 0.87% Cu from an 8 m thick sequence of dolomite and marl.
-- 25.5 km of Adoudou Formation strike extension remains untested within the Project.
-- Copper mineralisation is also identified within younger units
overlying the Adoudou Formation.
-- The Project hosts a mapped historical copper-gold and gold occurrence.
-- The Project is located 50 km southeast of the Tizert copper
mine (mineralisation hosted at Tizert is not necessarily indicative
of mineralisation at Tata).
-- The Company's recently acquired Moroccan projects are located
in established current and historic copper and silver mining
districts.
-- The Company holds 15 highly prospective projects in Morocco, totalling 762 km(2) .
Charles Bray, Chairman of Aterian, commented:
"We are very pleased by the highly encouraging results and
geological data from our recently acquired Tata Project in Morocco.
As we feel it offers significant value potential to the Company and
its shareholders, we consider the Tata Project is one of our
higher-priority projects.
"The Project was recently acquired as part of the Company's
acquisition of Aterian Resources Limited, which holds a portfolio
of 15 highly prospective copper, silver and base metal projects. We
look forward to pressing ahead with the exploration of this Project
and the other assets within our Moroccan portfolio, which we
believe demonstrate significant upside. I look forward to updating
shareholders with the results from these programmes in due
course."
Simon Rollason, CEO of Aterian, commented:
"The initial results indicate the presence of sediment-hosted
copper mineralisation, which is very exciting given we still have a
significant strike length of over 25 km to explore and sample. Our
internal review of the sedimentary copper found in the western
Anti-Atlas indicates that it typically occurs within the Basal
Series and Lower Limestone units of the Adoudou Formation. These
initial results correlate stratigraphically with this observation
made on other nearby copper occurrences, however, copper
mineralisation has also been reported from the younger, overlying
sediments of the Cambrian-aged, Tata Group. We will continue to
evaluate the unexplored areas of this Project, working towards
establishing a drill programme."
Project Summary:
The Tata Project covers an area of 143 km(2) and is comprised of
nine licence blocks situated in the western Anti-Atlas Mountains,
30 km south of the Company's Azrar copper-silver project. The
Project is located approximately 465 km south of the capital Rabat,
165 km southeast of the port city of Agadir, and 50 km southeast of
the Tizert copper mine which is operated by Managem. Late Ediacaran
to early Cambrian Adoudounian sediments occur within the Project
along the margins of the Proterozoic Tagragra de Tata Inlier.
The western Anti-Atlas is dominated by Palaeoproterozoic to
Neoproterozoic age inliers overlain unconformably by Cambrian to
recent sedimentary sequences and volcanic units. The late Ediacaran
to early Cambrian-aged Adoudou Formation is comprised of sediments
known to host major sedimentary copper deposits in the Western and
Central Anti-Atlas that include the Tizert mine (with resources
estimated to be 57 Mt grading 1.03 % Cu and 23 g/t Ag).
Aterian Reconnaissance Exploration Results
Exploration work on the Project has identified copper
mineralisation hosted within late Ediacaran to early Cambrian age
Adoudounian sediments and also within the lower limestone and
dolomitic units of the overlying Tata Project, occurring along the
flanks of the Proterozoic Tagragra de Tata Inlier. The results
indicate the presence of stratiform sedimentary copper at the
Project with an unexplored strike length of c. 16 km remaining
untested along the northern flank of the inlier and a further c.
9.5 km of strike along the southern margin of the same inlier.
Published historical geological maps (2002) indicate anomalous
copper and gold were identified 6km along strike from samples
reported in this announcement along the northern margin of the
inlier (although the grades from the historical samples are not
available).
A total of 27 samples (25 rock chip and 2 float samples*) were
collected during this reported sampling campaign. Of these samples,
14 samples (52 % of this batch) were > 0.3 % Cu, and 3 (or 12 %
of the batch) were greater than 1 % Cu. The maximum sample returned
reported 2.05 % Cu from an Adoudounian age dolomitic float sample
collected below the contact between the basement inlier and the
overlying sediments. Other results include 0.95 % Cu reporting from
a 4 m thick dolomitic sequence and 0.87 % Cu from an 8 m thick
sequence of dolomite and marl. Two further samples collected from
units within the basement inlier also reported anomalous copper,
with one sample containing 1.44 % Cu within a brecciated
metasediment and the other sample returning 1.04 % Cu from a quartz
vein float sample.
*A rock chip or grab sample cannot be taken as a representation
of the overage grade average and potential deposit size.
Work Plan for the Tata Project
Future work will include traversing and sampling along the c. 25
km strike length of unexplored sediments, supported by more
detailed stratigraphic mapping and sampling at selected locations
perpendicular to the strike of the bedding, and focusing on areas
identified to host large-scale cross cutting structures.
Sampling Methodology and Analysis
All sample preparation and analysis from these reported samples
were undertaken by ALS Limited, an accredited laboratory in
Sevilla, Spain. Given the early-stage nature of these programmes,
no QA/QC samples were included.
Rock samples were crushed with 70 % passing -2 mm. The less than
2 mm fraction was pulverised with 85 % of the sample passing <75
microns. All samples were analysed for a multi-element suite of 33
metals by Inductively Coupled Plasma Atomic Emission Spectroscopy
(ICP-AES) using four-acid digestion. In addition, all samples were
analysed for their gold content by a 50 g Fire Assay method with an
atomic absorption finish.
Illustrations
The following figures have been prepared by Aterian and relate
to the disclosures in this announcement.
Qualified Person
The technical disclosure in this regulatory announcement has
been approved by Simon Rollason, Chief Executive Officer of Aterian
Plc. A graduate of the University of the Witwatersrand in Geology
(Hons). He is a Member of the Institute of Materials, Minerals and
Mining, with over 30 years of experience in mineral exploration and
mining.
-S -
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For further information, please visit the Company's website:
www.aterianplc.com or contact:
Aterian Plc:
Charles Bray, Executive Chairman -
charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Broker:
Novum Securities Limited
David Coffman / George Duxberry
Colin Rowbury
Tel: +44 (0)207 399 9400
Financial PR:
Yellow Jersey PR - aterian@yellowjerseypr.com
Tom Randell / Henry Wilkinson / Bessie Elliot
Tel: +44 (0)20 3004 9512
Notes to Editors:
About Aterian plc
www.aterianplc.com
Aterian plc is an exploration and development company with a
diversified portfolio in Africa of critical and strategic metals
projects.
Aterian plc is actively seeking to acquire and develop new
critical and strategic metal resources to strengthen its existing
asset base, whilst supporting ethical and sustainable supply
chains. The supply of these metals is vital for the development of
the renewable energy, automotive and electronic manufacturing
sectors that are playing an increasing role in reducing carbon
emissions and meeting climate ambitions globally.
The Company currently has three joint ventures in Rwanda where
it is exploring and developing small-scale tantalum-niobium-tin
mining operations and recently acquired Aterian Resources Limited,
a wholly owned and battery metals-focused subsidiary of Elemental
Altus Royalties Corp (formerly Altus Strategies plc). Aterian owns
a portfolio of 15 copper-silver and base metal projects with a
project area of 762 km(2) in the Kingdom of Morocco.
The Company's strategy is to seek new exploration and production
opportunities across the African continent and to develop new
sources of strategic and critical mineral assets for exploration,
development, and trading.
Geological Setting of the Tata Project
The western Anti-Atlas is dominated by Palaeoproterozoic to
Neoproterozoic age inliers overlain unconformably by Cambrian to
recent sedimentary sequences and volcanic units. The transitional
late Ediacaran/early Cambrian Adoudou Formation is comprised of
sediments known to host major sedimentary copper deposits in the
Western and Central Anti-Atlas that include the Tizert mine (with
resources estimated to be 57 Mt grading 1.03 % Cu and 23 g/t Ag).
The Tata Project hosts Proterozoic formations, within the Tagragra
de Tata Inlier, described as a sequence of tuffaceous silty shales
and mica-schists. These basement rocks are deformed by an ESE-WNW
striking foliation. In addition, these formations are intruded by
dolerite dykes generally oriented east to west. The Proterozoic
sequences have been intruded by a granitic complex and complexly
deformed during successive Eburnean, Pan-African and Hercynian
orogenies.
Glossary of Terms
The following is a glossary of technical terms:
"Ag" means Silver
"Au" means Gold
"Breccia" means rock consisting of angular fragments of stones
cemented by finer materials
"Cu" means Copper
"Ferruginous" means containing iron oxides
"Float sample" means loose pieces of rock that are not connected
to an outcrop
"g/t" means grams per tonne
"km" means Kilometres
"m" means Metres
"mm" means Millimetres
"Mt" means millions of tonnes
"NI 43-01" means National Instrument 43-101 Standards of Disclosure
of Mineral Projects of the Canadian Securities
Administrators
"Outcrop" means a rock formation that is in-situ and visible
on the surface
"Qualified Person" means a person that has the education, skills and
professional credentials to act as a qualified
person under NI 43-101
"Stratiform" means parallel to the bedding planes of the surrounding
rock
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