ASX-listed Zeus Resources has completed its acquisition of a portfolio of six exploration licences comprising the Casablanca antimony project, in central Morocco, following satisfactory completion of due diligence and condition precedence.

On March 7, the company entered an acquisition agreement and paid Ashgill Morocco a cash payment of $25 000 for an exclusive 45 business day option to acquire a 100% legal and beneficial interest in the project.

On May 1, the company advised that the option period was extended to June 24.

Zeus notes that due diligence has since been successfully completed, with regulatory approvals obtained, shareholder approval granted on May 5 and third-party approvals obtained.

The company obtained shareholder approval for the issue of 62.5-million consideration shares and 12-million consideration performance rights at its general meeting on May 5.

The company has entered into an agreement with investment firm Janus Capital Partners pursuant to which Janus Capital agreed to assist and facilitate the company in completing the transaction.

As consideration for these services, the company agreed to pay Janus Capital or its nominees a 12% fee of the total value of the consideration under the transaction payable in options to acquire shares, subject to shareholder approval, at a deemed price of $0.001.

The company obtained shareholder approval for the issue of 72.52-million introducer options at its general meeting on May 5, with each introducer option to be issued with an exercise price of $0.02 and an expiry date of December 12, 2027.

Zeus says it has engaged with Ashgill Morocco which will provide it with support services in Morocco to facilitate initial exploration and evaluation work.

“We are pleased to have successfully completed the acquisition of the Casablanca antimony project. The due diligence process has confirmed our positive view of the project portfolio, and partnering with Ashgill, we look forward to expediting targeted field work,” says Zeus chairperson Alvin Tan.

The company says the Casablanca antimony project presents strong exploration upside in the high-demand commodity – antimony – plus Morocco’s modern exploration and mining regulatory framework provides an attractive destination for mining investment.

Morocco's mining sector continues to attract foreign investment and offers significant opportunities for exploration and development, particularly in antimony.

As part of its due diligence process the company ran a rock chip programme on the samples which returned exceptional surface high-grade antimony results ranging from 7.8% to 46.52% antimony across 20 primary samples.

The surface mineralisation has been mapped along a strike length exceeding 4 km, indicating strong district potential.

Zeus is currently progressing the necessary permitting and approvals for a planned trenching programme at the Casablanca project.

The programme is being designed to better define the surface extent and grade continuity of known mineralised zones, particularly those identified through recent mapping and sampling activities.

Zeus says further details, including trench locations, scope and timing, will be provided once approvals are in place and the programme is finalised.