Aim-listed Xtract Resources has reported that the company has completed a 90-day reconnaissance programme on the antimony exploration licences held by Xtract's 80%-owned venture Wildstone, in Morocco.

The licences are located within the Fez-Meknes and Beni Mellal-Khenifra directorates of northern Morocco, situated within two strategic districts inside the "Antimony Triangle", an area bounded by the cities of Rabat, Fez and Khenifra.

Together, the licences cover about 380 km², incorporating areas of known antimony mineralisation, newly identified mineralised structures, potential extensions of antimony-bearing veins and several former commercial producing mines.

Xtract says Wildstone is now beginning with a focused exploration programme across identified high-priority targets.

Exploration activities are being led by Xtract's technical team, in collaboration with newly appointed Moroccan geologists who the company says have appropriate expertise in antimony exploration and mining.

The company is also working closely with a Morocco-based exploration service provider responsible for conducting ground geophysical surveys, diamond drilling and associated fieldwork.

The current exploration team of seven persons will be joined by a mining engineer.

Additionally, Xtract says it is actively building partnerships with small-scale miners operating within and nearby its licences, building on the experience and local knowledge of its Moroccan partners in the sourcing, processing and trade of antimony ores.

“Xtract continues to engage with the relevant ministries, as well as local landowners and the small-scale mining community,” the company notes.

It adds that ground magnetic orientation surveys have been completed on known mineralised structures to establish geophysical signatures for antimony targets which can now be rolled out to all licences in the portfolio.

"Our team has completed the initial reconnaissance programme over Wildstone's antimony exploration licences. This exercise has given us an opportunity to work with our Moroccan partners against a deadline and the results are positive and exciting.

“We now have the basis for the potential development of an antimony business and future exploration and potential resource development will focus on the definition of mineral resources and the building of the company and its capabilities in Morocco,” says chairperson Colin Bird.

BACKGROUND

Xtract notes that Morocco is a recognised mining country with both large and small mining operations in various commodities, as well as being a favoured trading partner of the US, China and the EU.

Key commodities include phosphate, manganese, zinc, gold, copper, tungsten, tin, antimony and other strategic and critical metals.

The company explains that Wildstone has 20 exploration licences ­– and not 15 as previously reported in February – which were issued in July 2023 for the exploration and extraction of copper, silver and antimony and which are situated in central Morocco – but not contiguous.

To date, Xtract says very limited exploration has taken place, adding that these licences are due for renewal in July and October 2026. 

In addition, a further four licences were subsequently acquired by Wildstone for a nominal amount in May and will be due for renewal in May 2028. 

On February 26, Xtract announced that it had acquired a 50% share in Wildstone.

Under the terms of the agreement, Xtract committed to spend $900 000 over a period of three years, which will make up the minimum spend on the licences. 

On July 15, Xtract announced that as provided for in the agreement, it had increased its interest in Wildstone to 80%.

With the addition of the new licences, Xtract has committed a further $300 000 for exploration expenditure – being the minimum spend on the new licences.

Wildstone and Xtract intend to initially evaluate all 24 licences and, thereafter, establish the next exploration and development priorities.

Once priorities are established, Xtract says general exploration, including drilling, will begin and based on results, appropriate projects will be advanced into either small-scale production or in the course of time evaluated for large scale potential.

“Wildstone has to date employed a seven strong exploration team, to be complemented by the appointment of a mining engineer. Subject to exploration results, Wildstone envisages the employment of mining and mineral processing personnel to manage future operations in Morocco,” the company notes.