Critical Mineral Resources plc reported visible copper mineralisation in more than 60% of completed drill holes, and defined a new exploration target, at Agadir Melloul in central Morocco.
MINE
The company is earning 60% of the sedimentary hosted copper-silver deposit, which covers 80 km2.
Operations began in September, with 20 drill holes completed so far, focusing mainly on the Zone 1 North, and representing less than 1% of the 50km2 target limestone.
Findings show “continuous mineralisation over 750 metres along strike”, with the south remaining open.
CMR said that the visible copper mineralisation supported its expectation of a near surface and, in some areas at surface, resource.
The average thickness is 2 to 2.5m, grading 1.0% to 1.2% copper equivalent.
Assay results are expected over the next two weeks.
CMR is also on course to define sufficient resources for an initial mine by the end of the first or start of the second quarter of 2026, with construction expected to begin in 2027.
“Drilling across Zone 1 North and Zone 2 South will support a planned 650 to 1,000tpd operation, targeting a 2.5 to 3.0 million tonne reserve and an estimated 10 year initial mine life,” added the company.
“Management expects to have delineated 3.0 million tonnes in resources by early 2026.”
The company’s own drill, currently in Moroccan waters, is due on site during December 2025 to increase drilling and exploration. A third drill might follow, depending on assay results.
TARGET
Exploration at the project has resulted in a new target defined as having 20 to 25Mt at 1.2% copper equivalent.
The figure are based on 5km2 of mineralisation at an average 2m thickness.
Chief executive officer Charlie Long said that CMR was making “fantastic progress” with “excellent momentum” on the ground.
“Our understanding of the system at Agadir-Melloul continues to evolve.
“Only this week, we were excited by the discovery of a significant copper-silver vein, extending from a high-grade historical mining operation.
“While not our main target, this discovery adds further upside value, and could be a welcome source of blending ore in future.
“Agadir Melloul is a large scale and highly prospective project, and we expect it to continue to deliver discoveries and positive results.”
CMR’s other project is the Igli basalt hosted silver-copper deposit in the Anti-Atlas of central Morocco.