FAQ: Steadright's Goundafa Mine MOU and Historic Polymetallic Project in Morocco

What is the main announcement in this content?

Steadright Critical Minerals Inc. has signed a Memorandum of Understanding (MOU) to potentially earn up to 100% of the historic Goundafa polymetallic mine in Morocco, which contains copper, lead, zinc, silver, and gold resources.

Why is this project significant?

The Goundafa Mine contains copper and zinc, which are classified as critical and strategic minerals in the U.S., Canada, Europe, and many other countries, and has conceptual resources of up to 6.62 million tons with multiple valuable metals.

Where is the Goundafa Mine located?

The mine is located in the Goundafa Area in South Central Morocco, within the County of Ijoukak, covering 1,600 hectares under Concession Number 55.

What is the historical background of this mine?

The Goundafa Mine was developed and mined by La Société des Mines de Goundafa from 1926 until 1956, when operations ceased due to political changes following Moroccan independence, with historical production including 320,000 tons of material extracted.

What are the reported resource estimates for the Goundafa Mine?

A 2022 geological report identifies conceptual resources up to 6.62 million tons with grades of 2.1% Zn, 1.8% Pb, 1.5-2.1% Cu, and up to 3.5 g/t gold in select zones, with 1.7 million tons directly accessible through historic multi-level works.

What historical production data is available?

In 1928, 2,000 tons with average grades of 22.13% Zinc and 11.31% Lead were produced, and a 1985 report indicated silver grades of up to 400g/t from high-grade galena zones, with increasing chalcopyrite and gold content observed at deeper levels.

What is the current status of the mining concession?

The project holds Concession Number 55 with 1,600 hectares of a fully permitted Mining and Environmental Production License, and the property has well-maintained infrastructure allowing easy access to the mine.

What potential exists beyond the current resource estimates?

The conceptual resources do not include deeper speculative extensions that could extend an additional 800 meters vertically to depths of 1,400 meters below surface, and lateral extensions of Veins IV, V, and VI have been identified at surface.

Who are the parties involved in this agreement?

Steadright Critical Minerals Inc. (CSE: SCM) has signed the MOU with Ste Commerciale et Minière du Sahara (CMS), which is the license holder of Production Concession Number 55.