Eastinco Mining (EM.P ) has been awarded a 10-year mining licence for the Agdz copper and silver project by the Ministry of Energy Transition and Sustainable Development of Morocco.
The Agdz project is part of the portfolio of 15 Moroccan projects owned by Aterian Resources Ltd (“Aterian”), the 100% subsidiary of Altus Strategies, which Eastinco intends to acquire.
The African-focused exploration and development firm said a 34.36 km2 mining licence has been granted to the Altus’ 100% owned Moroccan incorporated subsidiary, Azru Resources.
The licence will commence on 21 May 2021. To date, Altus has made several discoveries at Agdz, including the 2.80km long Makarn prospect, with results up to 8.00 % Cu and 448 g/t Ag and the 2.00km long Amzwaro prospect, with results up to 4.82 % Cu and 189 g/t Ag.
Further discoveries include 0.15km long Minière prospect, with results up to 13.05 % Cu and 12 g/t Ag and the 0.70km long Daoud prospect, with results up to 2.71 % Cu and 152 g/t Ag.
Shares in Eastinco Mining were trading 13.21% higher at 1.5p following this morning’s news.
Commenting on today’s news, Charles Bray, Chairman of Eastinco highlighted to investors: “This is excellent news for Aterian, and ultimately exciting news for Eastinco, as we progress the acquisition of Aterian and listing on the London Stock Exchange. This highly prospective Moroccan copper and silver exploration project is relatively advanced in the portfolio, and we are keen to implement an exploration program upon the transaction completion.”
He said: “The 10-year licence provides long-term security of tenure for the project, where several significant copper and silver prospects have been discovered by Altus. I look forward to updating our shareholders as we work to complete this acquisition. Upon completion this mining licence award brings significant added value to the Company and our shareholders.”
Eastinco, which announced its intention to acquire the battery metals focused explorer, Aterian Resources, believes it is an optimal time to strengthen and broaden its asset portfolio in Africa, adding to its existing tantalum and tin mining and exploration projects in Rwanda.
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