Zeus Resources (ASX:ZEU) has completed the acquisition of the Casablanca Antimony Project in central Morocco, following completed due diligence and certain conditions.
In March 2025, the company entered into an agreement with Ashgill Morocco to acquire Casablanca. Zeus paid $25,000 for an exclusive 45-business-day option to acquire the project.
Zeus, which has a market capitalisation of $9 million, issued 62.5 million shares and 12 million performance rights to Ashgill.
Chairman Alvin Tan says the due diligence process confirmed the company’s positive view of the project portfolio and partnering with Ashgill.
“We look forward to expediting targeted field work,” Tan says.
Ashgill’s team will provide Zeus support services in Morocco to facilitate initial exploration and evaluation work.
Zeus is currently progressing the necessary permitting and approvals for a planned trenching program at Casablanca. The program is designed to better define the surface extent and grade continuity of known mineralised zones, particularly those uncovered through recent mapping and sampling work.
Further details including trench locations, scope, and timing will be provided once approvals are in place and the program is finalised.
The Casablanca Antimony Project has “strong” exploration upside and is in an “attractive” destination for mining investment. Morocco’s mining sector continues to attract foreign investment and offers opportunities for exploration and development.
In 2023, the Canadian Fraser Institute ranked Morocco as the second most attractive mining investment destination in Africa.
According to the Australian Trade and Investment Commission, Morocco is currently implementing strategic initiatives to modernise its mining sector, diversify from its dependence on phosphate mining and commit to sustainable practices.
The sector accounts for up to 10% of Morocco’s GDP and around 30% of total exports. It employs nearly 40,000 people and generates investments of $1.7 to $3.4 billion per year, as reported by AusTrade.
Zeus Resources is an Australian explorer and developer focused on identifying and developing quality mineral assets.
Write to Aaliyah Rogan at Mining.com.au
Images: Zeus Resources
