Royal Road Minerals and Carbomine SARL Enter into a Binding Letter of Intent for the Exploration and Development of the Lalla Aziza Copper Mine, Kingdom of Morocco
Royal Road Minerals (TSXV: RYR) has entered into a binding letter of intent (LOI) with Carbomine SARL for an option to acquire 100% of the Lalla Aziza copper mine in Morocco. Lalla Aziza is an underground mine located 90km southwest of Marrakesh, with sulphide ore mined from shear-hosted sheeted-sulphides, vein-stockworks, and breccia up to 12 meters wide. The mine operates with a cut-off grade of 2.5% copper.
Royal Road plans to conduct mapping, geochemical sampling, and drill-testing by early 2025. The LOI includes a USD$50,000 payment, a 120-day exclusive exploration period, and an option to acquire the license for USD$1,500,000 after completing a minimum 2000-meter drilling program. Additional terms include future payments and a 2.5% net smelter royalty upon commercial production.
Royal Road Minerals (TSXV: RYR) ha firmato una lettera di intenti (LOI) vincolante con Carbomine SARL per un'opzione di acquisire il 100% della miniera di rame Lalla Aziza in Marocco. Lalla Aziza è una miniera sotterranea situata a 90 km a sud-ovest di Marrakech, con minerale solfureo estratto da solfuri a foglia, stockwork e breccia fino a 12 metri di larghezza. La miniera opera con un grado di cut-off del 2,5% di rame.
Royal Road prevede di condurre mappature, campionamenti geochimici e test di perforazione entro l'inizio del 2025. La LOI include un pagamento di 50.000 USD, un periodo esclusivo di esplorazione di 120 giorni e un'opzione per acquisire la licenza per 1.500.000 USD dopo aver completato un programma di perforazione di almeno 2000 metri. Termini aggiuntivi includono pagamenti futuri e una royalty netta del 2,5% sul prodotto al momento della produzione commerciale.
Royal Road Minerals (TSXV: RYR) ha firmado una carta de intención (LOI) vinculante con Carbomine SARL para una opción de adquisición del 100% de la mina de cobre Lalla Aziza en Marruecos. Lalla Aziza es una mina subterránea ubicada a 90 km al suroeste de Marrakech, con mineral sulfuros extraído de sulfuros en láminas, stockworks y brechas de hasta 12 metros de ancho. La mina opera con un grado de corte del 2,5% de cobre.
Royal Road planea realizar mapeo, muestreo geoquímico y pruebas de perforación para principios de 2025. La LOI incluye un pago de 50,000 USD, un período de exploración exclusivo de 120 días y una opción para adquirir la licencia por 1,500,000 USD después de completar un programa de perforación mínimo de 2000 metros. Los términos adicionales incluyen pagos futuros y una regalía neta del 2,5% sobre la producción comercial.
로얄 로드 미네랄즈 (TSXV: RYR)는 카르보민 SARL와 모로코의 랄라 아지자 구리 광산의 100% 인수 옵션에 대한 구속력 있는 양해각서(LOI)를 체결했습니다. 랄라 아지자는 마라케시에서 남서쪽으로 90km 떨어진 곳에 위치한 지하 광산으로, 최대 12미터 너비의 전단 호스트 쉬트형 황화광석을 채굴합니다. 이 광산은 구리 2.5%의 컷오프 등급으로 운영됩니다.
로얄 로드는 2025년 초까지 매핑, 지구화학 샘플링 및 시추 테스트를 수행할 계획입니다. LOI에는 50,000 USD의 지불, 120일 독점 탐사 기간, 최소 2000미터 시추 프로그램 완료 후 1,500,000 USD로 라이센스를 인수할 옵션이 포함되어 있습니다. 추가 조건에는 미래 지불 및 상업 생산 시 2.5%의 순 용융 로열티가 포함됩니다.
Royal Road Minerals (TSXV: RYR) a signé une lettre d'intention (LOI) contraignante avec Carbomine SARL pour une option d'acquisition de 100% de la mine de cuivre Lalla Aziza au Maroc. Lalla Aziza est une mine souterraine située à 90 km au sud-ouest de Marrakech, avec du minerai sulfuré extrait de sulfures à feuilletage, de stockworks et de brèches allant jusqu'à 12 mètres de large. La mine fonctionne avec une teneur de coupure de 2,5% de cuivre.
Royal Road prévoit de réaliser des cartographies, des échantillonnages géochimiques et des tests de forage d'ici début 2025. La LOI inclut un paiement de 50 000 USD, une période d'exploration exclusive de 120 jours et une option d'acquisition de la licence pour 1 500 000 USD après avoir terminé un programme de forage d'au moins 2000 mètres. Les termes supplémentaires comprennent des paiements futurs et une redevance nette de fonderie de 2,5% lors de la production commerciale.
Royal Road Minerals (TSXV: RYR) hat eine verbindliche Absichtserklärung (LOI) mit Carbomine SARL unterzeichnet, um eine Option zum Erwerb von 100% der Kupfermine Lalla Aziza in Marokko zu erhalten. Lalla Aziza ist eine unterirdische Mine, die 90 km südwestlich von Marrakesch liegt, mit sulfidischem Erz, das aus scheren-gestütztem blattförmigem Sulfid, Gangstockwerken und Breccien von bis zu 12 Metern Breite abgebaut wird. Die Mine arbeitet mit einer Grenzgehalt von 2,5% Kupfer.
Royal Road plant, bis Anfang 2025 Kartierungen, geochemische Probenahmen und Bohrtests durchzuführen. Die LOI umfasst eine Zahlung von 50.000 USD, einen exklusiven Erkundungszeitraum von 120 Tagen und eine Option zur Erwirkung der Lizenz für 1.500.000 USD nach Abschluss eines Mindestbohrprogramms von 2000 Metern. Weitere Bedingungen beinhalten zukünftige Zahlungen und eine Net Smelter Royalty von 2,5% nach Produktionsbeginn.
- Option to acquire 100% of Lalla Aziza copper mine in Morocco
- Existing underground mine with high-grade copper (2.5% cut-off)
- 4km strike length potential for exploration
- Structured deal with staged payments and exploration milestones
- Significant upfront and future payments required for acquisition
- No JORC-compliant resource estimate available
- No exploration drilling conducted on the license area to date
Toronto, Ontario--(Newsfile Corp. - September 3, 2024) - Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to announce that it has entered into a binding letter of intent (the "LOI") with Carbomine SARL ("Carbomine"), which provides the Company with an option to acquire
Lalla Aziza is an underground copper-mine located in Morocco's Western High Atlas, approximately 90 kilometers southwest of Marrakesh (see Figure 1). Sulphide ore (principally chalcopyrite; see Figure 2) is mined from moderate-dipping, shear-hosted sheeted-sulphides, vein-stockworks and breccia up to 12 meters wide and from three underground levels over a vertical interval of 150 meters. Whole ore is shipped for sale at a cut-off grade of
Figure 1
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Figure 2
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Lalla Aziza is located at the southwestern extent of Carbomine's mining license area (see Figure 3). The mineralized shear-hosted vein-stockworks and breccia are nucleated on a carbonaceous schist horizon which extends diagonally in a northeast direction across the license area for approximately 4 kilometers strike length. Small-scale workings and anomalous copper rock-chip samples have been collected by Carbomine along the length of the schist horizon. No exploration drilling has been conducted on the license area.
Royal Road intends to complete mapping, underground and surface rock-chip and soil geochemical sampling with a view to drill-testing potential along-strike and down-dip at Lalla Aziza by early 2025.
Figure 3
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https://images.newsfilecorp.com/files/4008/221924_fig_3.jpg
Summary legally binding terms of the LOI are as follows:
- Royal Road have paid to Carbomine the sum of USD
$50,000 upon execution of the LOI - For a period that is 120-days from the date of the LOI (terminating on December 29, 2024) Royal Road shall, on a sole and exclusive basis, be entitled to conduct an exploration work program at Lalla Aziza
- On or before the date being 60-days following completion of the exploration program to the satisfaction of Royal Road, Royal Road shall be entitled in its sole and absolute discretion to proceed with drill testing targets at Lalla Aziza
- If Royal Road elects to proceed with a drilling program at Lalla Aziza, it shall commit to a program of at-least 2000 total aggregate meters and the parties shall enter into a definitive agreement incorporating the binding terms and following the form and function of the LOI
- Upon receipt of all requisite drilling permits, Royal Road shall make a one-time payment of USD
$200,000 t o Carbomine - On or before the date being 60-days after completion of the drilling program, Royal Road shall have a one-time option to acquire the Lalla Aziza license for a payment of USD
$1,500,000 - Further Payments/Consideration
- Upon the completion of the first bankable feasibility study on the property and the drawdown of project finance for the purpose of such feasibility study, RRM shall pay Carbomine the sum of USD
$2,500,000 - Upon commencement of commercial production RRM shall grant a
2.5% net smelter royalty to Carbomine - Following acquisition of the Lalla Aziza license and until completion of the bankable feasibility study, Royal Road shall pay an annual fee of USD
$300,000 t o Carbomine
- Upon the completion of the first bankable feasibility study on the property and the drawdown of project finance for the purpose of such feasibility study, RRM shall pay Carbomine the sum of USD
About Royal Road Minerals:
Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations center located in Jersey, Channel Islands. The Company is listed on the TSX Venture Exchange under the ticker RYR and on the Frankfurt Stock Exchange under the ticker RLU. The Company's mission is to apply expert skills and innovative technologies to the process of discovering and developing copper and gold deposits of a scale large enough to benefit future generations and modern enough to ensure minimum impact on the environment and no net loss of biodiversity. The Company currently explores in the Kingdoms of Saudi Arabia and Morocco. More information can be found on the Company's website www.royalroadminerals.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement:
This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements") describing the Company's future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, the Alliance, the intention to form a joint venture, enter into a related agreement and establish Newco and, more generally, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words "plans", "prospective", "expect", "intend", "intends to" and similar expressions identify forward-looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company's exploration plans.
The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company's business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company's filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
Contact
Royal Road Minerals Limited
info@royalroadminerals.com
+44 1534 887166
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221924
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