MONTRÉAL, Oct. 17, 2024 (GLOBE NEWSWIRE) — Genius Metals Inc. (TSXV: GENI) (“Genius Metals” or the “Company”) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Tifernine Copper Project, located in the Kingdom of Morocco. This acquisition aligns with the Company’s strategy to explore and develop its Moroccan assets, including both the Tifernine and BMR projects, while advancing its exploration activities in North America.
About the Tifernine Copper Property
The Tifernine Copper Project covers an area of approximately 16 km² (see Fig. 1) and is located southeast of Ouarzazate, Morocco, accessible via the national road N9, which connects Ouarzazate to Zagora. The property is situated just 10 km from the BMR property, where Genius Metals also holds an option to acquire a 100% interest (see press release dated July 11, 2024).
Geologically, the Tifernine property consists of an Ediacaran rhyolitic and andesitic complex intersected by ENE-WSW-oriented faults. It hosts several sub-vertical structures, each extending approximately 1 km in length and up to 2 meters in width. These structures are locally brecciated and contain quartz-carbonate veins. Copper mineralization is observed both in veins and disseminated within the volcanic rocks.
Figure 1: Location of the Tifernine property, Kingdom of Morocco
Recent Exploration Activities
An independent surface sampling program was recently conducted by GoldMinds Geoservices Inc. to assess the copper potential of several structures across the property. Eleven samples were collected along trenches and mineralized structures. Notably, five samples returned copper grades exceeding 0.7% Cu, with the highest value reaching 5.16% Cu from a sample taken from a sub-vertical fault, up to 3 meters wide, located in the eastern part of the property.
Table 1: Surface Sample Assay Results
| Samples | Length (m) | Cu % |
CuOX (ppm) |
|
| 26367 | 1.0 | 0.83 | 6,720 | |
| 26368 | 1.0 | 0.19 | 1,325 | |
| 26369 | 1.0 | 0.01 | 53 | |
| 26370 | 1.0 | 0.01 | <10 | |
| 26371 | 1.0 | 0.22 | 1,047 | |
| 26372 | 1.0 | 0.09 | 305 | |
| 26373 | 0.5 | 0.75 | 6,060 | |
| 26374 | 0.3 | 1.47 | 12,060 | |
| 26375 | 1.0 | 0.77 | 6,140 | |
| 26376 | 1.2 | 0.31 | 1,924 | |
| 26377 | 0.3 | 5.16 | 43,200 | |
Figure 2: Surface samples location
“We are thrilled with this newly acquired permit, located just 10 km from our BMR property,” said Pierre-Olivier Goulet, VP of Corporate Development for Genius Metals. “The assay results from these surface samples show excellent copper mineralization, and we believe there is significant exploration upside throughout the area. We plan to conduct follow-up exploration programs in 2025 to further evaluate the project’s potential.”
Option Agreement
This strategic acquisition will be completed through cash payments totaling CAD $250,000 and work commitments of CAD $225,000 over the next three years. The terms of the agreement are as follows:
Cash Payment Schedule:
- Initial Payment: CAD $25,000 by October 20, 2024
- First Anniversary Payment: CAD $30,000 by October 20, 2025
- Second Anniversary Payment: CAD $45,000 by October 20, 2026
- Third Anniversary Payment: CAD $150,000 by October 20, 2027
Exploration Commitments:
- CAD $50,000 in eligible exploration expenditures by October 20, 2025
- CAD $75,000 in eligible exploration expenditures by October 20, 2026
- CAD $100,000 in eligible exploration expenditures by October 20, 2027
As part of the agreement, Genius Metals will serve as the operator of the Tifernine Copper Project throughout the option period. The Company may choose to accelerate the option exercise by completing the required payments and exploration commitments ahead of schedule. The Company retains the right to terminate the option agreement at any time, thereby relinquishing its interest in the property.
About Genius Metals
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration and, if warranted, development of natural resource properties of merit in Canada and in Morocco.
Qualified Person
The technical and scientific content in this news release has been reviewed and approved by Merouane Rachidi, Ph.D., P. Geo., independent qualified person as defined in the National Instrument 43-101—Standards of Disclosure for Mineral Projects (“NI 43-101”).
Contact Information
Genius Metals Inc.
Tel.: 579-476-7000
Pierre-Olivier Goulet
Vice-President Corporate Development
Email: pogoulet@geniusmetals.com
1-450-821-5270
Guy Goulet
President and CEO
Email: ggoulet@geniusmetals.com
1-514-294-7000
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as, “will be”, “expected” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements, including statements relating to the expected findings on the Property, are based on the Corporation’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/003f08e0-340d-48b5-917c-9cd71a76abf1
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e5723c4-6716-4f61-835d-5ba891eae467
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