MUSCAT: Australian mining firm Critical Resources Ltd has announced that it has reached a mutually agreeable outcome with the Ministry of Energy and Minerals regarding licence fees for the ongoing exploration of Block 4 and Block 5 within the Suhar Copper Project in the Sultanate of Oman.
The company holds a 51 per cent interest in Block 4, a 65 per cent interest in Block 5 and a 70% interest in two exploration licence applications near Block 10 to the west of Blocks 4 and 5 at the project.
The Suhar Copper Project covers 1,006 square kilometres of the copper-rich Ophiolite belt, proven to host clusters of relatively high-grade VHMS copper deposits.
The project holds a JORC resource of 819,000 tonnes at 3.4 per cent copper for 28,000 tonnes of copper metal, with high-grade VMS style deposits and a large exploration area, within a well-established mining region.
Notably, the ores within high-grade VHMS deposits are metallurgically simple and contain gold and silver credits. Block 5 is a high-grade, near-surface, copper plus silver and gold resource.
Critical Resources is an emerging base metals and lithium exploration and development company headquartered in Perth, Western Australia.
The company is focused on the exploration, development and advancement of its base metals asset in NSW, copper asset in Oman and suite of hard rock lithium assets in Ontario, Canada.