Aterian (ATN) , an Africa-focused metal exploration and development company, announced results from geological recon work completed at its 100%-owned Zaer project in Morocco. The project covers 96 km2 and is located 70km south of Rabat. It is one of 17 copper, silver, and base metal projects owned by Aterian, covering 897 km2 in Morocco.
Sampling reports from Zaer indicated up to 2.34% copper and 33.3 g/t silver. The project is situated on the margins of the Hercynian-age granitic Zaer intrusive complex and hosts several historically mapped copper occurrences. The region is home to numerous active and historic development projects for copper, tin, tungsten, zinc and other critical metals. Nearby operations include ONHYM's Rhouirat N'Has tungsten-copper project and the Sokhret Allal tin-tungsten deposit.
Overall, eleven rock chip samples were collected from Zaer's northern licences. Three samples reported greater than 0.25% Cu, with a maximum of 2.34% Cu and 7.91 g/t Ag. Two samples reported 0.4% Cu and 0.29% Cu. A sample from a northeast trending quartz vein, up to 2m wide, reported 33.3 g/t Ag and 0.62% Pb.
Aterian said reconnaissance rock chip and stream sediment sampling was now completed, with several stream sediment geochemical anomalies awaiting follow-up work.
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Promising results from the initial survey on Aterian's Zaer project in Morocco, providing strong indications for copper mineralisation of up to 2.34% Cu found. The stream sediment survey also outlined multiple encouraging anomalies, providing target areas for follow-up exploration. Future work programmes at Zaer will focus on further geological mapping on the northern licences, prospecting over geochemical anomalies identified on the western licences, and recon over the eastern licence.
Aterian's Moroccan portfolio holds significant upside potential across an area of the country that has emerged as a hotspot for high-value deposits of critical metals. Aterian recently expanded its Moroccan holdings by 17% after acquiring 10 new licenses targeting copper, silver, and other base metals, bringing its total number of projects in the country to 17. All new projects and licences are located in central Morocco within the western Anti-Atlas - a region considered highly prospective for sedimentary-hosted copper mineralisation.
Aterian is also expanding its presence in Rwanda as it announced recently a joint venture with Rio Tinto for lithium exploration in the Central African country. The JV project spans 2,750 hectars in southern Rwanda and is also conveniently located near well-established infrastructure.
In Rwanda, Aterian now holds the rights to over 3,000 hectares for critical and strategic metals, with projects including the Musasa Project in Western Rwanda, a 70% shareholding in the HCK joint venture and a 50% shareholding in the Dynasty JV. Aterian's Rwandan assets have borne fruit so far as the company has identified 19 pegmatite zones. The partnership with Rio Tinto should open the door to discovering more critical metal sites in Aterian's southern-based HCK joint venture.
Overall, Aterian's expanding presence in Africa in pursuit of critical metals exploration, vital for the energy transition, validates its capital-efficient model, and should deliver continuous value to shareholders and local stakeholders. Following last month's £1m fundraise issued at an 11% price premium, the company remains well-funded to meet all existing and planned commitments.
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