Genius Metals, a Canadian mineral exploration company, has signed an option agreement to acquire a 100% interest in the Tifernine Copper Project in Morocco.
This move is part of the company's plan to expand its Moroccan asset base, which includes the Tifernine and BMR projects, as well as continue its exploration efforts in North America.
The deal will be settled through cash payments totalling C$250,000 ($181,298) and work commitments worth C$225,000 over the next three years.
Genius Metals will be the operator of the Tifernine Copper Project during the option period and has the flexibility to expedite the acquisition by fulfilling the payments and exploration requirements ahead of schedule.
The Tifernine Copper Project spans around 16km² and lies south-east of Ouarzazate, Morocco.
It is positioned 10km from the BMR property, where Genius Metals also has the option to acquire full interest. The geological landscape of the Tifernine property features an Ediacaran rhyolitic and andesitic complex, intersected by ENE-WSW-oriented faults.
Within the Tifernine Copper Project area, several sub-vertical structures have been identified.
These structures extend for around 1km in length and can be up to 2m in width.
The area is characterised by localised brecciation and the presence of quartz-carbonate veins. Copper mineralisation has been observed, both in the veins and disseminated within the volcanic rocks, indicating the potential for resource development.
Genius Metals corporate development vice-president Pierre-Olivier Goulet said: “We are thrilled with this newly acquired permit, located just 10km from our BMR property.
“The assay results from these surface samples show excellent copper mineralisation, and we believe there is significant exploration upside throughout the area. We plan to conduct follow-up exploration programmes in 2025 to further evaluate the project’s potential.”
In June 2023, Genius Metals reached an agreement to purchase a 100% interest in the Paka lithium property in James Bay, Québec, Canada.
