Royal Road plans to conduct mapping and geochemical sampling to identify drill targets. Credit: Royal Road.

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.

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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.

See Also:

Royal Road plans to conduct mapping and geochemical sampling to identify drill targets by early 2025.

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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.