Royal Road Minerals set to fully acquire Morocco’s Lalla Aziza copper mine

Royal Roads Minerals eyes Moroccan copper mine: Jersey-based mining company Royal Roads Minerals signed a letter of intent with Morocco’s Carbomine to acquire 100% of the Lalla Aziza mining license, according to a statement released last week. The agreement grants a 120-day exclusive exploration period, with an initial payment of USD 50k and a license to drill at least 2k meters underground.

What we know: Royal Road will make a USD 200k payment after receiving all drilling permits. The company can acquire Lalla Aziza for USD 1.5 mn, with an additional payment of USD 2.5 mn due upon completing a bankable feasibility study. It will also make extra payments after securing project financing and starting commercial production. This includes a 2.5% net smelter royalty to Carbomine.

About Lalla Aziza: Lalla Aziza is an underground copper mine in Morocco's Western High Atlas, approximately 90 kms southwest of Marrakesh, the statement adds. The mine extracts sulfide ore, primarily chalcopyrite, from moderate-dipping, shear-hosted sheeted sulphides, vein-stockworks, and breccia formations. It also operates at a cut-off grade of 2.5% copper.

Roal Roads already operates in Morocco: The company signed an option agreement last year to acquire 100% of the Alouana copper and gold mine from Morocco’s Izughar Resources. The project comprises 6 exploration licenses covering a total area of 84 sqms in Morocco's Eastern Region

And in Saudi: The company was also awarded the Jabal Sahabiyah tender last January for three exploration licenses covering approximately 284 sqm in the Asir Province. Initial geological mapping, geochemical sampling, and geophysical surveys have been completed and revealed copper and gold mineralization, with samples showing up to 5% copper and 7.5 grams per ton of gold.