Royal Road Minerals has signed a binding letter of intent (LOI) with Carbomine SARL for the option to acquire 100% of the Lalla Aziza mining licence in Morocco.
The agreement includes an initial payment of $50,000 and a 120-day exclusive exploration period, with the option to proceed with a drilling programme of at least 2,000m.
If Royal Road elects to acquire Lalla Aziza, a payment of $1.5m (£1.14m) is required, with additional payments upon completion of a bankable feasibility study, project finance drawdown and the commencement of commercial production, including a 2.5% net smelter royalty to Carbomine.
The Lalla Aziza underground copper mine is located near Marrakesh, with ore mined from shear-hosted sheeted-sulphides, vein-stockworks and breccia.
This mine operates at a cut-off grade of 2.5% copper. The mineralised area extends across Carbomine’s licence for around 4km, with no prior exploration drilling.
Royal Road plans to conduct mapping and geochemical sampling to identify drill targets by early 2025.
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By GlobalData
In July 2024, Royal Road Minerals’ Saudi joint venture, Royal Road Arabia, secured the bid for the Al-Miyah copper and gold tender area in Asir Province, Saudi Arabia.
The company secured the exploration rights for the Al-Miyah area, which comprises three contiguous exploration licences covering an area of almost 234km².
Royal Road president and CEO Tim Coughlin said: “It has been 45 years since exploration work was conducted at Al-Miyah. Commodity focus and our understanding of exploration geology has changed profoundly since then.”
The Al-Miyah area region is historically significant for its copper and gold deposits, with exploration work dating back to 1969 by BRGM.
