Rabat – Canadian precious metals mining company, Stellar GoldAfrica, announced today positive findings from a sampling program in the Tichka Est area, located in Morocco’s Atlas Mountains.
Launched in January 2021, the sampling program aims to identify resources of precious metals in the region prior to commencing mining operations.
The sampling program identified seven mineralized zones in the Tichka Est area containing gold, silver, copper, lead, and zink, according to a company press release published on February 8.
The sampling program is under a new January 2022 amended deal between Stellar and Morocco’s National Hydrocarbures and Mines Office (ONYHM). With the newly added four permits, Stellar’s portfolio in the region totals seven permits.
Dubbed the Tichka-Est Gold Project, the gold mining venture covers an area of 82 square kilometers in Morocco’s Atlas Mountains located 80 kilometers southeast of Marrakech, an area easily accessible by road.
Under the January permit, the company is to continue exploring Morocco’s Tichka Est region where Stellar has located two gold structures following extensive prospecting and trenching programs.
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The new permits add to the initial agreement Stellar and ONYHM signed on August 18, 2020. Under the contract, Stellar is to get 90% of revenue on mining operations.
The January contract amendments state that the Canadian mining company is to cover the exploration expenditures set at MAD 2.6 million ($ 0.28 million) in the first year, and MAD 4.8 million ($0.52 million) in the second year of signing the amendment.
The African Bureau of Mining Consultants, a consulting group for mining services and mining companies, had provided assistance leading to the initial deal between Stellar and Morocco’s ONHYM on August 18, 2020. It also facilitated transactions leading to the 11, 2022 acquisition of the additional permits.
Read Also: Canadian Mining Company Secures Four New Exploration Permits in Morocco
