On January 8, Steadright Critical Minerals Inc., based in Muskoka, Ontario, announced a significant development in its mining activities. The company has finalized a Mineral Claim Purchase Agreement with EMTF, the holder of Exploration Permit No. 3843143. This permit encompasses a notable copper-lead-silver project located in Morocco, a region known for its mineral wealth and favorable mining conditions.
The agreement, signed on January 7, involves the issuance of 4 million common shares of Steadright to EMTF, along with an additional 1 million shares to Critical Foundation Metals Inc.
This transaction does not alter the control of Steadright, which maintains a steady leadership structure.
Table of Contents:
Project acquisition details
Through its partnership with Critical Foundation Metals Inc., an Ontario-based private entity that initially discovered the property, Steadright is acquiring a 75% stake in the project. The collaboration reflects careful planning and thorough due diligence on the part of Steadright’s Board of Directors, ensuring a sound investment in the exploration permit.
In recognition of the efforts made by Critical Foundation Metals, Steadright intends to establish the Exploration Permit under NSM Capital Sarl, a Moroccan company that will facilitate local management and control. This strategic move positions Steadright and CFM as shareholders in NSM Capital Sarl, with Steadright holding a robust 75% share through a registered shareholders’ agreement in Morocco.
Advantages of the project location
The project site benefits from its location in a mining-friendly jurisdiction, as Morocco continues to emphasize its openness to responsible mineral development. The area boasts existing road access, which is vital for the efficient movement of crews and equipment, thereby minimizing the need for costly infrastructure development.
The well-established local communities and services further enhance the project’s viability, providing a strong foundation for effective exploration efforts. The geological context of Exploration Permit No. 3843143 is promising, featuring dolomitic formations that have historically shown receptivity to mineralizing fluids, leading to the presence of valuable copper, lead, and silver deposits.
Geological insights
The mineralization within the project area is characterized by a series of veins embedded in carbonate rocks, which not only contain copper and lead but also exhibit silver values. Notably, surface observations reveal the presence of azurite and malachite, two striking blue and green copper carbonates that indicate weathering enrichment.
Significantly, one of the veins has recorded exceptionally high grades, with assays showing values as high as 46.34% lead and 48 g/t silver, suggesting the potential for both high-grade mineralization and larger tonnage accumulations. The geological structures, including fractures and dilation zones, have served as conduits for mineralizing solutions, as evidenced by historical artisanal mining activities in the region.
Exploration potential and work program
While the Exploration Target remains conceptual, it provides a framework for understanding the potential scale and grade variability of the project. This estimate is primarily based on surface mapping and artisanal mining evidence, outlining a potential range of tonnages that could be explored further.
The exploration strategy will focus on a phased program aimed at refining the structural understanding of the site, confirming grade continuity, and assessing depth potential. Key components of the planned work include:
- High-resolution mappingto define vein orientations and host lithologies.
- Geochemical surveysto identify higher-grade zones and support model calibration.
- Ground geophysical surveysto delineate structural corridors and refine vein geometry.
- 3D targeting integrationto inform drilling placement based on structural domains and geophysical data.
- Diamond drillingto test continuity of mineralization at depth.
Why this project matters now
The agreement, signed on January 7, involves the issuance of 4 million common shares of Steadright to EMTF, along with an additional 1 million shares to Critical Foundation Metals Inc. This transaction does not alter the control of Steadright, which maintains a steady leadership structure.0
- Morocco’s regulatory environment is increasingly favorable for mineral development, facilitating efficient community engagement and permitting.
- The geological potential is compelling, with structurally controlled veins indicating multiple mineralization events.
- Historical artisanal workings provide valuable insights into elevated grade zones and potential targets for modern exploration.
- The project demonstrates scalable potential, with targets reflecting both high-grade and larger tonnage opportunities.
- Existing infrastructure reduces operational costs and expedites fieldwork execution.
The agreement, signed on January 7, involves the issuance of 4 million common shares of Steadright to EMTF, along with an additional 1 million shares to Critical Foundation Metals Inc. This transaction does not alter the control of Steadright, which maintains a steady leadership structure.1
