Canadian mineral exploration company Genius Metals has entered into an option agreement to acquire a full interest in the Timarighine Copper Project in the Kingdom of Morocco.
The company signed the option agreement last month to expand its Moroccan asset base.
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This acquisition is a strategic step in the company’s plan to explore and develop its assets in Morocco, including the Timarighine, Tifernine and BMR projects, alongside its North American exploration activities.
The agreement stipulates cash payments totalling C$600,000 and work commitments of C$650,000 over the next three years.
The initial payment of C$50,000 is due by 20 November 2024, with subsequent payments on the first three anniversaries. Exploration commitments include C$150,000 by 20 November 2025, increasing incrementally each year until 2027.
Genius Metals will operate the Timarighine Copper Project throughout the option period and may expedite the exercise of the option by fulfilling the payments and commitments ahead of schedule.
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By GlobalDataThe company also reserves the right to terminate the agreement at any time, forfeiting its interest in the property.
Furthermore, Genius Metals intends to extend the term of 6,250,000 common share purchase warrants, subject to TSX Venture Exchange acceptance. The warrants, issued following private placements in November and December 2022, are proposed to be extended to 28 November 2025.
The Timarighine copper prospect is strategically located in Morocco’s Drâa-Tafilalet region, known for its copper mineralisation.
The property, covering approximately 55km², consists of four contiguous exploration permits and is accessible via national road R108.
Copper mineralisation at Timarighine is found along two parallel vein structures with iron oxide alteration zones. The veins, extending up to 650m in length and 5m in width, show evidence of significant sulphide mineralisation potential at depth.
Surface sampling has revealed copper values as high as 4.164%, with Genius Metals’ initial sampling returning values up to 16.16% of copper.
