Genius Metals acquires Moroccan mining project: Canadian minerals exploration company Genius Metals has signed an option agreement — a try-before-you-buy-agreement — with Morocco’s Société Bleida Mineral Resources to acquire 100% of its BMR copper-gold (BMR Cu-Au) project in Ouarzazate, according to a statement. Genius Metals will make the acquisition payments totalling CAD 250k (c. USD 182.7k) over four years, and incur operating expenses of CAD 225k (c. USD 164.5k) over the next three years.

REMEMBER- Copper and gold are minerals that are critical to the energy transition, and will play an essential role in the manufacturing of clean energy technologies such as wind turbines, solar panels, EVs, and batteries.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The details: The first payment will be made on 31 August at CAD 25k (c. USD 18.3k), with the other three payments scheduled annually with incremental increases reaching CAD 150k (c. USD 109.6) in the last year. The company will start paying their annual three-year exploration expenses in August 2025 starting at CAD 50k (c. USD 36.5k), with the final payment in 2027 set at CAD 100k (c. USD 73.1). The company will act as the operator during the option period and may accelerate the option exercise by completing the payments and commitments ahead of schedule.

Other Canadian stakeholders are helping out: Canadian exploration consultants are conducting a surface sampling program on exposed rock formations and trenches to evaluate the copper potential and assess the presence of gold, the statement added.

About the BMR Cu-Au project: The BMR project — covering around 9 sqkm — features two main zones of mineralization including a mineralized structure containing a brecciated (broken down into angular fragments) quartz-carbonate vein with chalcocite (a common sulfide that is made up of 80% copper by weight) and malachite (a copper carbonate hydroxide mineral). Chalcocite is one of the most profitable types of copper ores. One part of the mining grounds has a “historical” copper quarry from which 4k tons of material were extracted and remain on the property.

Morocco’s mining sector has been in the spotlight: The European Bank for Reconstruction and Development (EBRD) is extending a MAD 150 m (EUR 13.6 mn) loan to Moroccan mining equipment manufacturer Procaneq to boost energy efficiency in the kingdom’s mining sector. Morocco and Turkey signed two cooperation agreements in the energy, earth sciences, and mining sectors, including geological mapping, remote sensing, and AI for mineral assessment.

Tags: