Talisman Metals acquires third copper project in Morocco
Newly transitioned biotechnology-to-mining company Talisman Metals has signed an agreement to acquire the Tirzzit copper project, in Morocco.
The company is acquiring the asset through its wholly-owned subsidiary Horizons Mines from a wholly-owned subsidiary of TSX-listed Aya Silver & Gold, with Aya also being a 4.7% shareholder in Talisman.
To complete the transaction, Talisman will pay Aya’s subsidiary about £16 000.
Concurrently, Talisman has agreed to enter into a binding agreement pursuant to which it will assign a noncore licence within the region of Boumadine, Morocco, to Aya’s subsidiary.
The Tirzzit project comprises two mining licences covering an area of 16.5 km2 within the Agadir regional mining department and is located 85 km north-east of Talisman’s existing Tizert copper and silver project.
Talisman also owns the Argana copper project in Morocco which comprises five exploration permits.
The acquisition of Tirzzit builds on Talisman’s project pipeline with a more advanced target and great upside potential based on historical exploration work.
“Talisman's ability to acquire this project on very favourable terms is a testament to the corporate development work the team has done, and its collaboration with Aya to take on earlier-stage copper projects that are a better fit for Talisman than for our multibillion-dollar market cap peer,” Talisman CEO Tim McCutcheon says.
The company will now focus on analysing existing data on Tirzzit to inform a development plan over the coming months.
The Tirrzit deposit is currently classified as a sediment-hosted stratiform copper and gold system, which is similar to that of Tizert.
Drilling exploration in the area was last done between 1972 and 1976, while more recent work included remote sensing to map out alteration, airborne geophysical surveys, stream sediment sampling and detailed mapping with grab sampling.
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