According to Mining Weekly, ASX-listed Xtract Resources has reported that its 80%-owned Moroccan joint venture, Wildstone, has completed a 90-day survey within its antimony ore exploration permits.
These permits are located in the Fez-Meknes and Beni Mellal-Khenifra regions of northern Morocco, within two strategic areas of the "antimony triangle" bounded by Rabat, Fez, and Khenifra.
The permits cover a total area of 380 km² and include discovered antimony ore bodies, newly delineated mineralization structures, potential extensions of antimony veins, and several former commercial production mines.
Xtract stated that Wildstone has now commenced exploration work within the delineated priority target areas.
The exploration activities are led by Xtract's technical team, supported by newly appointed Moroccan geologists who the company claims possess the necessary experience in antimony ore exploration and development.
The company is also collaborating with exploration service providers from Morocco, who are responsible for conducting ground geophysical surveys, diamond drilling, and related fieldwork.
Currently, the exploration team consists of seven personnel, with a mining engineer set to join in the future.
Additionally, Xtract stated that it is actively establishing partnerships with small-scale miners within or near its permit areas, leveraging the experience and local knowledge of its Moroccan partners, including the sourcing, processing, and trade of antimony ore.
"Xtract continues to engage with relevant ministries, as well as local landowners and small-scale mining communities," the company stated.
Xtract added that ground magnetic orientation surveys on known mineralization structures have been completed, aiming to determine the geophysical characteristics of antimony ore target areas, with the experience applicable to the company's other permits.
"Our team has completed the preliminary survey work within Wildstone's antimony ore exploration permits. This practice has provided us with an opportunity to collaborate with our Moroccan partners ahead of the deadline, yielding positive and exciting results," said Colin Bird, President of the company.
"Currently, we have the foundation to develop our antimony ore business. Future exploration and potential resource development will focus on delineating mineral resources and expanding our team and capabilities in Morocco," Bird stated.
Background
Xtract has found Morocco to be a country suitable for miners of various scales to develop various minerals, and a preferred trading partner for major world economies.
The main minerals include phosphate, manganese, zinc, gold, copper, tungsten, tin, antimony, and other strategic and critical metals.
The company explained that Yeshi owns 20 exploration licenses, not the 15 previously reported in February. These exploration and development licenses, issued in July 2023, primarily cover copper, silver, and antimony, and are located in central Morocco, though their distribution is not continuous.
Strat said that exploration activities have been very limited so far. Additionally, these licenses will be renewed in July and October 2026.
Furthermore, Yeshi subsequently purchased four additional licenses at a nominal price in May, which will be renewed in May 2028.
On February 26, Strat announced that it had acquired a 50% stake in Yeshi.
According to the agreement, Strat committed to investing $900,000 over three years, which is also the minimum investment requirement for the licenses.
On July 15, Strat announced that after providing funds as per the agreement, its stake in Yeshi had risen to 80%.
With the addition of new licenses, Strat committed to investing an additional $300,000 for exploration, in accordance with the minimum investment requirement.
Yeshi and Strat intend to conduct preliminary evaluations of all 24 licenses and then determine the next targets for exploration and development.
Strat said that once preferred target areas are identified, exploration work, including drilling, will commence. Based on the results, the company will select suitable projects for small-scale production or evaluate the potential for large-scale development during this period.
The company stated, "So far, Yeshi has a seven-person exploration team, and a mining engineer will join soon. Based on the exploration results, the company hopes to hire mining and metallurgical talents to manage future mines in Morocco."
