Xtract Resources buys two antimony licences in Morocco for USD105,000

(Alliance News) - Xtract Resources PLC said its 80%-owned subsidiary, Wildstone Sarl, has acquired two further antimony exploration licences in Morocco.

The Australia and Zambia-focused miner said assessment of the Amghas licences has highlighted their prospectivity and the opportunity for the reinstatement of the former producing mine at the site.

It said there are numerous high-grade antimony veins visible at the surface and in underground workings.

Xtract said it has already started an exploration programme with a view to establishing a mineral resource ahead of the reinstatement of mine status.

The firm said a baseline study and environmental impact assessment has started as part of the statutory requirements to reinstate the licence.

Wildstone has bought the two further exploration licences for a total consideration of USD105,000, funded by Xtract.

The licences are for a period of three years to June and July 2026. They cover 32 square kilometres and are located in the Khenifra province of Morocco.

"The acquisition of the Amghas licences, presents an early potential opportunity to commence antimony concentrate production for sale into international markets, where demand for this critical metal is rising," said Executive Chair Colin Bird.

"We look forward to sharing the results of our drone and geophysical surveys and publishing our initial mineral resource estimate with shareholders."

Shares in Xtract Resources were up 5.5% at 0.92 pence in London on Tuesday afternoon.

By Michael Hennessey, Alliance News reporter

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