Steadright Critical Minerals Inc. (CSE: SCM) has announced progress in its exploration plans for the historic Goundafa Mine in Morocco, a polymetallic site known for copper, lead, zinc, silver, and gold mineralization. The company is reviewing contractor drilling companies to confirm high historical values at the mine, which operated from 1923 to 1956 and ceased due to political changes rather than economics. This distinction is important as it suggests the mine's closure was not due to resource depletion.
The Goundafa Mine historically produced 320,000 tons of material with grades exceeding 10% combined metals and 400 g/t silver. A 2022 technical report, though not NI 43-101 compliant, identifies conceptual resources of up to 6.62 million tons with grades of 2.1% zinc, 1.8% lead, 1.5% to 2.1% copper, and up to 3.5 g/t gold in select zones. The report highlights that 1.7 million tons are directly accessible through historic multi-level workings, and the resource estimate does not include deeper extensions or lateral vein extensions that could add significant additional potential.
Steadright plans to begin exploration in December 2025 and early 2026 with a phased approach. The initial phase will involve surface mapping and drilling to verify potential resources in Vein 1 adjacent to historic mining areas and test lateral and depth extensions. Drilling targets will focus on providing a near-term resource estimate close to mine access points, potentially enabling early production. Access adits and shafts are currently closed but can be reopened quickly with cooperation from current owners, according to the company.
A second phase will include geophysics to delineate Veins I, IV, and II bis along interpreted extensions, with intermediate to wide-spaced drilling for resource expansion. The company aims to confirm historic resource estimates and produce a NI 43-101 compliant report on the project.
Separately, Steadright is advancing a Preliminary Economic Assessment (PEA) for its TitanBeach Heavy Mineral Sands project in southern Morocco. The company met with government officials in mid-to-late November to discuss mining and environmental license applications. Engineers are reviewing modular processing plant configurations to be built in the Province of Tan-Tan.
CEO Matt Lewis emphasized the company's strategy of acquiring assets with near-term production potential. 'Steadright’s North Star is the thesis that we can best serve our shareholders by acquiring assets which have clearly achievable near-term production - and then moving to the revenue stage as quickly as possible,' he stated.
The technical information in this release has been reviewed by Robert Palkovits, P. Geo, VP Exploration for Steadright and a qualified person under NI 43-101. The company notes that all information requires verification.
