EV Resources (ASX: EVR) reports that it has reached terms with Skiait Mining Company SA on an option to acquire a 100% interest in the company, which is the exclusive owner of the Sokhret Allal Tin-Tungsten ‘Christina’ Project in central Morocco.
The deal will see EVR acquire access to historical mine workings and outcropping tin-tungsten mineralisation within quartz veins and lenses.
Addressing the acquisition, EV Resources Executive Director Adrian Paul said: “The Christina Project offers the potential to enter an area with excellent access, good mining regulation and known mineralisation in place.
“The project has all the hallmarks of a quality project, with several high-quality targets ready for assessment”
The project has all the hallmarks of a quality project, with several high-quality targets ready for assessment.
We look forward to completing the transaction and commencing fieldwork on this attractive acquisition.”
The company notes that this newly-acquired land is accessible via sealed and unsealed roads, providing potential for year-round exploration.
In addition, despite Morocco’s long mining heritage, this acquisition will see EV Resources become the first major company to conduct large-scale mining operations on the deposit.
Terms of the acquisition include an initial $10,000 option payment, followed by EV Resources paying US$500,000 in staged amounts upon satisfaction of due diligence and completion of an exclusive three month option period.
Location of the Christina Tin-Tungsten Project in central MoroccoThe Christina Project is located within the large-scale Zaer Intrusion in central Morocco, and comprises three permits covering a total land area of 48km².
A proportion of the landholding has been converted into an exploration or mining license, with no further permits required to commence drilling.
The project has been subject to sporadic prospecting and small-scale mining, however without the assistance of a processing plant to separate tin and tungsten mineralisation, this has prevented any full-scale development.
On completion of the purchase, EVR notes that it will move forward with commencement of fieldwork on key targets.
Images: EV Resources Limited
