8
January 2025
Operational
Update:
Airborne Geophysical
Interpretation, Tata and Azrar Projects, Morocco
Aterian Plc
("Aterian" or the
"Company")
Aterian Plc
(LSE: ATN), the critical metal-focused
exploration and development company, is pleased to provide an
operational update on recent work conducted on the Company's Tata
and Azrar Projects ("Tata",
"Azrar" or the
"Projects") in the Kingdom
of Morocco ("Morocco").
The Company acquired line data, in 2024,
covering over 250 km2 from historical airborne
geophysical surveys flown over the Tata and Azrar Projects from the
Ministry of Energy, Transition and Sustainable Development in
Rabat, Morocco. The surveys were flown in 1998-1999 by Geoterrex
Dighem Pty., collecting magnetometry, gamma-spectrometry, and
multi-frequency electromagnetic data. This data has been
reprocessed and reinterpreted as part of an ongoing target
generation exercise over the projects.
Highlights:
· Historical magnetometry,
gamma-spectrometry, and multi-frequency electromagnetic data
acquired and reinterpreted as part of an ongoing target generation
exercise over the projects.
· Tata and Azrar
projects are located in the Western Anti-Atlas of Morocco, a known
sediment-hosted copper-silver province.
· Multiple airborne
geophysical targets are defined at Tata and Azrar for ground
follow-up.
o Tata Project -
Four priority targets covering a cumulative 14.3 km strike
length.
o Azrar Project -
Five priority targets covering a cumulative 11.4 km2
area.
o Targets include
two previously unexplored zones.
· Tata project
highlights
o Copper mineralisation
extended within two mineralised stratigraphic horizons and is
visible on the surface.
32 km of combined prospective strike length has been
identified to date.
13 km combined strike length of target horizons
remains untested.
o Mineralised apparent
thicknesses of up to 8.5 m within the basal Adoudou Formation
returned:
Up to 1.50 % Cu, 0.97 Cu %, and 0.32 % Cu from
an 8 m thick carbonate sequence.
Up to 1.02 % Cu, 0.51 % Cu, and 0.48 % Cu from
an 8.5 m thick carbonate sequence.
· Azrar project
highlights
o Tifrit copper-gold
target: 0.82 g/t Au and 0.63 % Cu over 9.0 m from surface chip
channel targeting northerly strike quartz veins, including :
0.70 g/t Au and 0.55 % Cu over 7.6 m from 0 to
7.6 m along the channel, and
2.97 g/t Au and 2.00 % Cu over a 0.7 m interval
from 8.3 m to 9.0 m.
o These results and
previously announced samples (per the announcement of 31 January
2024) indicate this gold-copper target zone's potential strike
length to be 3.8 km.
o Ougri
sedimentary-hosted copper target: Up to 2.92 % Cu and 16 g/t
Ag from rock chip samples over an 800 m strike length of a 1.4
km basal Adoudou Formation target.
o Izarzar fault zone
hosted copper target: Up to 1.37 % Cu and 6 g/t Ag from a
variably mineralised fault zone with an apparent width of up to
13.25 m within folded Adoudou Formation sediments.
· The
interpretation work involved analysing geophysical data within a
geological context, considering several factors such as the
regional, tectonic, lithological, and alteration controls on copper
mineralisation.
Simon Rollason, CEO of
Aterian, commented:
"The acquisition, re-processing and
interpretation of historical airborne geophysical data is an
important element in our ongoing portfolio-wide targeting,
rationalisation and prioritisation process. The survey covers over
250 km2, with five prospective copper target areas at
Azrar and four at Tata identified for follow-up groundwork. Targets
were generated using a multi-layered approach, combining multiple
historic and recently acquired geological and geochemical
datasets."
''Several targets are coincident
with known mineralised occurrences at Azrar, which include 0.82 g/t
Au and 0.63 % Cu over 9.0 m from surface chip channel
targeting northerly strike quartz veins, in
addition to previously identified targets such as the Ougri
sedimentary-hosted copper target, where rock chip samples reported
up to 2.92 % Cu and 16 g/t Ag over an 800 m strike length of a
1.4 km basal Adoudou Formation target. One target, where no prior
exploration has been undertaken, is focussed over an apparent 4.4
km strike length of basal Adoudou sediments.
''At Tata, where 32 km of
prospective mineralised strike length has been mapped, four target
areas have been delineated, coinciding with early positive copper
indications within the lower Adoudou Formation. One target (Tata
Cu-02) has not been explored, with surface copper reported from the
other three geophysical targets. In addition, results will aid our
understanding of the sedimentary basin architecture, allowing us to
target potential areas of interest further and contextualise
field-derived datasets better. We look forward to updating
shareholders with results from the upcoming field programmes when
they are received.''
Project
Summary:
The Tata and Azrar projects cover 138.6
km2 and 76.9 km2, respectively. Both projects
can be accessed via asphalt roads and a network of smaller tracks.
The Company holds a 100 % interest in both Projects, located in the
western Anti-Atlas Mountains, a region considered highly
prospective for sedimentary-hosted copper
mineralisation.
Tata
Project
The Tata Project occurs approximately 165
km southeast of the port city of Agadir and 50 km southeast of
the Tizert copper-silver project (estimated resources of 57 Mt
grading 1.03 % Cu and 23 g/t Ag), currently under development
by Managem Group. The Project lies 30 km south of the
Company's Azrar copper-silver project. Late Ediacaran to early
Cambrian-aged Adoudounian sediments occur within the Project along
the margins of the Paleoproterozoic Tagragra de Tata Inlier. These
sedimentary units are known to host copper mineralisation within
the Anti-Atlas and represent the primary copper target on the
Project.
Azrar
Project
Azrar occurs approximately 155 km southeast of
the port city of Agadir and 45 km east of the Tizert
copper-silver project. Late Ediacaran to early Cambrian-aged
Adoudounian sediments occur within the Project along the
southeastern margins of the Paleoproterozoic Agadir-Melloul
Inlier.
Aterian Exploration
Results
The objective of the work stream was to provide
an overview of the processing methodology previously employed and
the results obtained through the joint interpretation of these
datasets supplemented by the results of recent reconnaissance
geochemical sampling. The interpretation resulted in a
pseudo-geological map highlighting key features such as
lithological domains, magmatic intrusions, and extensive fault
tectonics, reflecting three deformation events. Prospective target
areas for further ground exploration have been identified within
the project areas based on the analysis of multiparameter
geophysical data and the regional geological context.
Historical Airborne Geophysical
Survey Parameters
The flight lines have an NNE-SSW trend with a
line spacing of 500 m. This direction was considered optimal for
mapping lithological units and fault tectonics, which generally
trend almost orthogonally to the direction of flight lines. The
measurement point spacing along the flight lines varies from 2.5 to
4 m for magnetic and electromagnetic surveys and 10 to 20 m for the
gamma-ray spectrometric survey. Such a step between the measurement
points is considered to provide sufficient spatial resolution of
the geophysical data for mapping lithological units within the
project areas.
Data Re-Interpretation
The geophysical data was re-interpreted based on
a joint analysis of an extensive set of maps dynamically linked in
an Oasis Montaj GIS project. The interpretation was conducted by
manually identifying characteristic patterns of structural units in
geophysical fields based on prior geological data [Isles and
Rankin, 2013].
Gamma-spectrometric and electromagnetic data
played the most significant role in the interpretation for
identifying potassium, thorium and resistivity anomalies that
outline lithological domains. The magnetic data is important in
identifying faults and tectonic structures in the basement,
outcropping and buried magmatic bodies, and
highly magnetised inhomogeneities in the lithological
domains. The available regional geological maps and
point descriptions made at geological observation points were used
to aid the geological interpretation of geophysical anomalies.
Several factors were considered during the interpretation
process:
1. Regional
factors
The known mineralisation tends to be localised
at the edge of Paleoproterozoic-Neoproterozoic basement inliers
[Maddi et al., 2011], with most of the historical and active copper
mines confined to such structural boundaries in the Anti-Atlas. In
addition, the historical geological mapping shows the occurrence of
Cu (and gold in the case of Tata) mineralisation in a similar
structural position within the project areas.
2. Tectonic
factors
Many copper deposits hosted within Lower
Paleozoic formations of the Anti-Atlas are closely associated with
fold structures generated directly on basement extensional faults
[Ouchchen et al., 2023]. In contrast to the Eastern Anti-Atlas,
these faults do not come to the surface in the Western Anti-Atlas,
so geophysical interpretation is necessary to map them.
3. Lithological
factors
Stratiform sediment-hosted copper mainly occurs
in two horizons [Maddi et al., 2011; Oummouch et al., 2017]: (1)
basal dolomites of the Adoudou Formation in close proximity to
basement schists or volcanic sediments within the inliers, and (2)
Mid-Cambrian dolomite beds. These formations must be located near
the basement inlier's regional boundary, i.e., the regional factor
controlling copper mineralisation is being fulfilled.
4. Alteration
factors
Observations show that the mineralisation is
leached around some sub-vertical faults that cut across the
stratiform mineralisation and along the contact between the basal
series and the overlying dolomites. These leached zones are
typically characterised by hematite alteration [Oummouch et al.,
2017]. It should be noted that iron oxide and hydroxide minerals in
the leached zones have low magnetic susceptibility (the exception
is magnetite) [Fairhead, 2015]. However, their clusters can produce
distinct magnetic field anomalies against the background of host
sedimentary rocks or granite gneiss.
The prospective target areas were identified by
considering the contribution of each factor controlling copper
mineralisation. First, the boundary area between the dolomites of
the Adoudou Formation and the volcanic rocks of the Ait Boulemane
Formation was considered. Then, within this area, zones with the
most extensive development of D1/D2 deformation elements, regarded
as migration pathways for hydrothermal fluids, and D2/D3 elements,
considered as accumulation zones for copper mineralisation
[Ouchchen et al., 2023], were selected. The number and relative
location of faults are criteria for prioritising the prospective
target areas. More weight was given to the faults of the existing
D2/D3 elements within the recommended target areas.
Targets identified for ground
follow-up
Tata
Based on this study's outcome, four copper
target areas are recommended for further ground follow-up work. The
table below ranks these recommended copper targets by
priority.
|
Target
|
Size
(km2)
|
Target Strike Length
(km)
|
Comment
|
|
Tata
Cu-01
|
2.8
|
5.4
|
- 5.4 km of
basal Adoudou sediments. Up to 7.02 % Cu.
|
|
Tata
Cu-02
|
1.5
|
0.9
|
-
Previously unexplored
- 1.1 km of
basal Adoudou sediments targeted
|
|
Tata
Cu-03
|
0.5
|
5.2
|
- 5.2 km of
basal Adoudou sediments. Up to 8.5 m wide mineralised apparent
widths
|
|
Tata
Cu-04
|
2.6
|
2.8
|
- 2.8 km of
basal Adoudou sediments. Up to 6 m wide mineralised apparent
widths
|
The identified targets correspond to the genetic
model of copper mineralisation formation in the Anti-Atlas. This
model [Ouchchen et al., 2023] suggests that mineralisation occurred
as a result of copper-bearing fluids penetrating the base of the
Cambrian and terminal Neoproterozoic sedimentary cover along
regional extensional faults that bound the Palaeoproterozoic
basement high. Subsequently, the sedimentary cover on the flanks of
the basement highs was eroded, exposing the mineralised base of the
Cambrian and terminal Neoproterozoic sedimentary cover.
Azrar
Five copper target areas have been recommended
for further ground follow-up work. The table below ranks these
recommended copper targets by priority.
|
Target
|
Size
(km2)
|
Target
Characteristics
|
|
Azrar
Cu-01
|
2.3
|
- 1.7 km of
basal Adoudou sediments
- 2.15 km
of cumulative interpreted fault strike length with up to 3.79 % Cu
from recon sampling within a fault zone.
|
|
Azrar
Cu-02
|
2.8
|
- 2 km of
the mapped Izarzar fault, locally returning up to 3.45 % Cu 40 g/t
Ag
- 6.4 km of
cumulative interpreted fault strike length
- 1.85 km
cumulative strike length of fold hinge targets.
|
|
Azrar
Cu-03
|
1.6
|
- 1.4 km of
the mapped Izarzar fault zone, locally returning up to 4.01 % Cu
with 27 g/t Ag
- 1.7 km of
basal Adoudou sediments
- 2.6 km of
cumulative interpreted fault strike length.
|
|
Azrar
Cu-04
|
2.1
|
- 1.1 km of
the Tifrit fault zone, locally returning 0.82 g/t Au and 0.63 % Cu
over 9.0 m from a surface chip channel
- 2.4 km of
basal Adoudou sediments
- 1.4 km of
interpreted fault strike length with visible copper showings (yet
to be sampled) within the volcanic units
|
|
Azrar
Cu-05
|
2.6
|
-
Previously unexplored
- 4.4 km of
basal Adoudou sediments
- 3 km of
cumulative interpreted strike length
|
Work Plan for the Tata and
Azrar Projects
Tata
Project
Future work programmes at the Tata Project will
include further geological mapping to explore the copper potential
in the untested areas of the sedimentary package, supported by
detailed mapping and channel samples at selected locations
perpendicular to the bedding/stratigraphy. Ground-based geophysical
surveys will aid in drill hole planning based on the surface
mapping and sampling outcomes and will be supported by the airborne
geophysical data re-interpretation.
Azrar
Project
Future work programmes at the Azrar Project will
include follow-up geological mapping and sampling of prospective
targets described above, supported by a ground-based magnetic
geophysical survey and trenching over the Tifrit copper-gold target
to define future drill targets. In addition, traverse mapping and
sampling will be undertaken over structural targets defined from
remote sensing data analysis to refine the geological model and
prioritise targets.
Qualified
Person
The technical disclosure in this regulatory
announcement has been approved by Simon Rollason, Chief Executive
Officer of Aterian Plc. He is a graduate of the University of the
Witwatersrand in Geology (Hons) and a Member of the Institute of
Materials, Minerals and Mining, with over 30 years of experience in
mineral exploration and mining.
- ENDS -
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 Joint
Broker:
Novum Securities Limited
David Coffman / George Duxberry
Colin Rowbury
Tel: +44 (0)207 399 9400
Joint Broker:
SP Angel Corporate Finance
LLP
Ewan Leggat / Adam
Cowl
Tel: +44 20 3470 0470
Financial PR:
Bald Voodoo
- ben@baldvoodoo.com
Ben Kilbey
Tel: +44 (0)7811 209 344
Notes to Editors:
About Aterian
plc
www.aterianplc.com
Aterian plc is an LSE-listed exploration
and development company with a diversified African portfolio of
critical metals projects.
Aterian plc is actively seeking to acquire and develop new
critical metal resources to strengthen its existing asset base
while supporting ethical and sustainable supply chains as the world
transitions to a sustainable, renewable future. The supply of
these metals is vital for developing the renewable energy,
automotive, and electronic manufacturing sectors, which are playing
an increasing role in reducing carbon emissions and meeting climate
ambitions globally.
The Company recently entered into a joint
venture agreement with Rio Tinto Mining and Exploration
Limited for Rio Tinto to earn into the HCK project in
southern Rwanda to explore and develop a
lithium-tantalum-niobium-tin mining operation. The Company also
holds an exploration licence in Rwanda. Aterian has a
portfolio of multiple copper-silver (+ gold) and base metal
projects in Morocco. In January 2024, the Company announced
the acquisition of a 90% interest in Atlantis Metals. This private
Botswana registered company holds one mineral prospecting licence
for copper-silver in the Kalahari Copperbelt and three for lithium
brine exploration in the Makgadikgadi Pans region.
The Company's strategy is to seek new
exploration and production opportunities across the African
continent and to develop new sources of critical mineral assets for
exploration, development, and trading.
References used in
preparation of this news release
Fairhead J.D. (2015). Advances in
Gravity and Magnetic Processing and Interpretation. The
Netherlands: EAGE Publications. 352 p.
Isles D.J. and Rankin L.R. (2013).
Geological interpretation of aeromagnetic data. Australian Society
of Exploration Geophysicists. 365 p.
Maddi O., Baoutoul H., Maacha L.,
Ennaciri O., Soulaimani A. (2011). The Agjgal mine of southern
Kerdous: an overview of the stratabound copper and silver deposits
in the western and central Anti-Atlas. In: Mouttaqi A., Rjimati
E.C., Maacha L. Les Mines De L'anti-Atlas Occidental.
Ouchchen M., Abia E.H., Soulaimani A., Abioui M. et
al. (2023). The Missing Link in the Genesis of the Lower Paleozoic
Copper Deposits of the Anti-Atlas (Morocco): The Late Triassic
Central Atlantic Magmatic Province Event. Minerals. V. 13. Article
488. 26 p. DOI: 10.3390/min13040488
Oummouch A., Essaifi A., Zayane R.
et al. (2017). Geology and Metallogenesis of the Sediment-Hosted
Cu-Ag Deposit of Tizert (Igherm Inlier, Anti-Atlas Copperbelt,
Morocco) / Geofluids. V. 2017, Article ID 7508484. 19 p. DOI:
10.1155/2017/7508484.
Glossary of Terms
The following is a glossary of technical
terms:
|
"Ag"
|
means
|
silver
|
|
"Anti-Atlas Mountains"
|
means
|
a mountain
range in Morocco, forming part of the Atlas
Mountains in northwest Africa. The Anti-Atlas extends
from the Atlantic Ocean in the southwest towards the
northeast to the heights of Ouarzazate and further east
to the city of Tafilalt, a distance of approximately
500 km. The range borders on the Sahara to the
south
|
|
"Au"
|
means
|
Gold
|
|
"Breccia"
|
means
|
a rock
consisting of angular fragments of stones cemented by finer
materials
|
|
"Cambrian"
|
means
|
is the
first geological period (538 to 485 ma) of
the Paleozoic Era
|
|
"Cu"
|
means
|
copper
|
|
"Ediacaran"
|
means
|
the
uppermost division of the Proterozoic
Eon of Precambrian time and the youngest period (635 to
538 ma) of three that make up the Neoproterozoic Era
|
|
"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
|
|
"Hercynian or Variscan
Orogeny"
|
means
|
an orogenic
belt that evolved during the Devonian and Carboniferous
periods, from about 419 to 299 million years ago
|
|
"Inlier"
|
means
|
an area of
older rocks surrounded by younger rocks. The erosion of
overlying younger rocks typically forms inliers.
|
|
"km"
|
means
|
kilometres
|
|
"m"
|
means
|
metres
|
|
"Ma"
|
means
|
million
years
|
|
"mm"
|
means
|
millimetres
|
|
"Mt"
|
means
|
millions of
tonnes
|
|
"Outcrop"
|
means
|
a rock
formation that is in situ
and visible on the surface
|
|
"Qualified Person"
|
means
|
a person
who has the education, skills, and professional credentials to act
as a qualified person under NI 43-101
|
|
"Paleoproterozoic"
|
means
|
the first
of three subdivisions of the Proterozoic Eon (occurring from 2,500
billion to 1,600 Ma. This period is marked by the first
stabilisation of the continents and when cyanobacteria
evolved.
|
|
"Sedimentary-hosted
copper"
|
means
|
stratabound
copper deposits that are typically restricted to a narrow range of
layers within a sedimentary sequence but do not necessarily follow
sedimentary bedding.
|
|
"Stratabound"
|
means
|
a mineral
deposit confined to a single stratigraphic unit
|
|
"Stratiform"
|
means
|
parallel to
the bedding planes of the surrounding rock
|
|
"Vein"
|
means
|
a distinct
sheetlike body of crystallised minerals within a rock
|
