Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), advises that further to the announcements dated 9 April 2021, 2 August 2021, 10 August 2021 and 26 August 2021 the Company has reached a mutually agreeable outcome with the Ministry of Energy and Minerals, Sultanate of Oman (Minerals Department) regarding license fees for the ongoing exploration of Block 4 and Block 5, Sohar Copper Project in Oman.

The Block 5 resource, for which Critical Resources holds a 65% interest is a high grade, near surface, copper plus silver and gold resource.

About Sohar Copper Project

The Company’s assets are located near Sohar in the Sultanate of Oman.

  • The Project covers 1,006 km² of the copper-rich Ophiolite belt, proven to host clusters of relatively high grade VHMS copper deposits. Ores within these deposits are metallurgically simple and contain gold and silver credits.
  • The Company holds a 51% interest in Block 4 (granted Exploration Licence), a 65% interest in Block 5 (granted Exploration Licence and 2 Mining Lease applications) and a 70% interest in two Exploration Licence applications near Block 10 to the West of Blocks 4 and 5.
  • Measured, Indicated and Inferred Mineral Resources (2012 JORC) of 0.82Mt at 3.4% Cu (including a high-grade zone of approximately 0.5Mt at 4.5% Cu)(gross deposit) is contained in two deposits within Block 5. Contained metal is reported at 28,000 tonnes of Copper, 5,900 ounces of Gold and 220,000 ounces of Silver. Further details can be seen in the Company’s announcement of 1 September 2020.

Mahab and Magal South deposits

Click here for the full ASX Release

This article includes content from Critical Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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