Exploration and development company “Royal Road Minerals” signed a binding letter of intent with Carbomine SARL to acquire 100% of the Lalla Aziza mining license, according to outlet “Mining Technology.”
The agreement involves an initial payment of USD 50,000 and a 120-day exclusive exploration period, with potential for drilling.
If Royal Road Minerals proceeds with the acquisition, they will pay 1.5 Mln dollars and additional payments tied to project milestones.
The Lalla Aziza underground copper mine is located near Marrakech and operates with a cut-off grade of 2.5% copper.
The exploration company plans to begin mapping and sampling by early 2025, aiming to identify drill targets in the mineralized area.