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Rabat – Steadright Critical Minerals Inc. (CSE: SCM) has signed a Memorandum of Understanding (MOU) with Ste Commerciale et Minière du Sahara (CMS), the license holder of the Goundafa Mine in south-central Morocco.
According to the Newswire, the agreement grants Steadright the right to earn up to 100% of the Goundafa Project, a 1,600-hectare concession with a fully permitted Mining and Environmental Production License in the Ijoukak area.
The Goundafa Mine, located in the High Atlas Mountains, was operated by La Société des Mines de Goundafa (SMG) from 1926 to 1956 before closing after Moroccan independence.
Historical records show that 2,000 tons of ore were mined in 1928 with an average grade of 22.13% zinc and 11.31% lead. A 1985 report from Morocco’s former mining agency, BRPM (now ONHYM), noted silver grades of up to 400 g/t from galena zones and increasing copper and gold content at depth.
A 2022 technical report prepared for CMS by geologist Omar Guillou identified conceptual resources of 6.62 million tons, grading 2.1% zinc, 1.8% lead, and up to 2.1% copper, with gold reaching 3.5 g/t in certain areas.
While the study is not compliant with Canada’s NI 43-101 standards, it shows the site’s strong potential. The report also suggests that deeper extensions could extend to 1,400 meters below the surface, indicating room for further exploration.
Under the MOU, Steadright will conduct a three-month due diligence period. The total transaction value is set at $8 million, along with a 1% net smelter royalty (NSR) and a share allocation not exceeding 9% of the company’s outstanding stock.
A non-refundable $500,000 deposit is required within the initial period.
Morocco’s High Atlas region has long been known for its mineral wealth, and the Goundafa site benefits from existing underground infrastructure and road access. With global demand for critical minerals such as copper and zinc rising, Steadright views the project as a strategic opportunity.
“There is a lot of historical information that our geological team is going through,” said CEO Matt Lewis. “The historic mine works are very compelling to investigate further, especially given Morocco’s mining-friendly environment and the global need to secure these critical metals.”
