Talisman Metals has entered into an agreement for the acquisition of the Tirzzit Copper Project in Morocco.
The company is set to acquire the project from Aya Silver & Gold through its wholly-owned subsidiary, Horizons Mines. Aya currently holds a 4.7% stake in Talisman.
The project comprises two mining licences spanning 16.5km² east of Agadir.
Talisman will pay $21,872 to Aya's subsidiary as part of the acquisition terms.
This move aligns with Talisman's existing operations, as the site lies 85km north-east of its current Tizert Project.
Additionally, the company will transfer a non-core licence within Morocco's Boumadine region to Aya's subsidiary under a binding agreement.
The mining licences have expiry dates of July and November 2028, subject to renewal under Moroccan regulations.
The Tirzzit deposit is recognised as a sediment-hosted stratiform copper-silver system within the Neoproterozoic Adoudou Formation, which is noted for multiple similar deposits in the area, including the Tizert Copper-Silver Mine.
This mine has an estimated mineral resource of 130 million tonnes (mt) and is nearing commercial production.
Historical exploration activities conducted by the Moroccan Government agency BRPM from 1972 to 1976 included extensive drilling and sampling efforts.
Upon completion of this acquisition, Talisman plans to re-register the necessary licences through its wholly owned subsidiary in Morocco.
Talisman CEO Tim McCutcheon said: “The acquisition of Tirzzit builds out our project pipeline with a more advanced target, which has great upside potential based on the results of historical exploration work.
“Talisman's ability to acquire this project on very favourable terms is a testament to the corporate development work the team has done, and its collaboration with Aya to take on earlier-stage copper projects that are a better fit for Talisman than for our multi-billion-dollar market cap peer.
“Over the coming months, we will take the existing data to determine our development plan and update shareholders accordingly.”
