Aterian Plc (ATN ), an Africa-focused metal explorer, has announced the discovery of high-grade copper and silver on its recently acquired 100%-owned Azrar Project in Morocco.
Aterian Plc changed its name from Eastinco Mining on 2 November following acquisition of Aterian Resources Ltd and admission to the LSE Main Market. The new company inherited 15 copper-silver metal projects in Morocco from Aterian Resources Ltd, inclding Azrar.
Azrar covers 78.4 km2 and is located in the western Anti-Atlas Mountains of Morocco. Aterian reported high-grade copper and silver from outcrop sampling at Azrar, including 3.79% Cu and 23 g/t Ag in a fault breccai sample.
Aterian's work to date has covered 50% of the Azrar's 78.4km2 area. The company said copper and silver mineralisation were identified across 5 target areas. Aterian also reported it has mapped multiple occurrences of historic hard rock artisanal mining.
Aterian's results supported earlier observations made during initial reconnaissance that prospective geological formations for stratiform sediment-hosted and contact breccia copper-silver deposits were present within the project area.
Charles Bray, Chairman of Aterian, commented: "We are pleased to announce high-grade copper and silver results from sampling at the Azrar Project, which was recently acquired in line with the Company's acquisition of Aterian Resources Limited. Following the Company's Admission to the Main Market of the London Stock Exchange on 24 October 2022, we look forward to pressing ahead with the exploration of the Project and the other assets within our Moroccan portfolio, which we believe demonstrate significant upside potential."
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Following Eastinco's acquisition of Aterian Resources Ltd to form Aterian Plc, the new entity has a portfolio of 15 highly prospective projects in Morocco totalling 762 km2, located in established historic copper and silver mining districts.
Initial results from Aterian's outcrop campaign at Azrar are encouraging and demonstrate the presence of high-grade copper and silver mineralisation across a large portion of the project, including the reported 3.79 % Cu with 23 g/t Ag and 2.06% Cu with 24 g/t Ag.
To date, Aterian has analysed 53 samples with 36% of these returning values of >1 % Cu and 43% returning silver values of >10 g/t Ag. The work undertaken to date has concentrated on the eastern part of Azrar, with the remaining c. 50% of the project so far unexplored.
Future work at Azrar will include follow-up ground truthing and field evaluation of several targets generated by Aterian's field teams over the unexplored portion of the project. These include historic worked mineral occurrences, priority structural targets, and the basal Adoudounian sedimentary package. Aterian said it would also commence more detailed mapping and sampling over the five target zones identified so far.
One of these target zones has an ENE-WSW trending fault zone which has been traced for c. 1.5km at up to 8m wide, and is open-ended, cross-cutting dolomitic sediments. One sample from the zone returned 1.41% Cu and 41 g/t Ag. The maximum copper value from samples collected along the structure is 3.45% Cu. A separate target zone returned results up to 3.79% Cu and 23 g/t Ag from a brecciated dyke within a zone of faulting.
Aterian is working towards establishing an extensive drill programme at Azrar. Investors should expect more news in the near-term. Aterian is now listed on the LSE Main Market with ticker ATN.
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