Steadright Secures Rights to Historic Goundafa Polymetallic Mine in Morocco Amid Global Critical Minerals Race
Steadright Critical Minerals Inc. has signed a memorandum of understanding to acquire the historic Goundafa polymetallic mine in Morocco, positioning the company to potentially develop significant copper, zinc, lead, silver and gold resources at a time of growing global demand for critical minerals.
Steadright Critical Minerals Inc. has signed a Memorandum of Understanding with Ste Commerciale et Minière du Sahara to potentially acquire 100% of the historic Goundafa polymetallic mine in Morocco's High Atlas Mountains. The agreement comes as copper and zinc face increasing classification as critical and strategic minerals across the United States, Canada, Europe and numerous other countries worldwide, highlighting the project's potential significance in global supply chains.
The Goundafa Mine, which operated from 1926 until 1956, contains a series of mineralized veins with copper, zinc, lead, silver and gold mineralization. Historical production records indicate the mine yielded 2,000 tons with average grades of 22.13% zinc and 11.31% lead in 1928 alone, with total historical production reaching approximately 320,000 tons before operations ceased due to political changes following Moroccan independence. A 1985 report from Morocco's former national mining agency documented silver grades reaching 400g/t from high-grade galena zones, with increasing chalcopyrite and gold content observed at deeper levels.
A 2022 technical report prepared for CMS by Omar Guillou identified conceptual resources of up to 6.62 million tons with grades of 2.1% zinc, 1.8% lead and 1.5-2.1% copper, along with up to 3.5 g/t gold in select zones. The report, available at https://www.newmediawire.com, notes that 1.7 million tons are directly accessible through historic multi-level mine works, though the company emphasizes these figures represent conceptual estimates rather than NI 43-101 compliant resources.
The project's potential extends beyond currently accessible areas, with the 2022 report suggesting mineralization could extend an additional 800 meters vertically beyond the 600 meters of documented workings, reaching depths of 1,400 meters below surface. Lateral extensions of Veins IV, V and VI identified at surface through trenching and geological surveys represent significant additional potential, though their resource potential requires confirmation through drilling.
Steadright CEO Matt Lewis noted the compelling nature of the historic mine works and Morocco's status as a mining-friendly jurisdiction. The fully permitted historic mining operation containing two critical minerals represents an ideal opportunity as global demand for these metals continues to increase. The company's geological team is currently conducting due diligence on the extensive historical information available.
The MOU terms include a three-month due diligence period for Steadright, with an $8,000,000 USD payment for the mineral license approved for mining production operations, along with shares not exceeding 9% of the company's outstanding shares and a 1% Net Smelter Royalty. A $500,000 USD non-refundable deposit is required within the three-month MOU period.
Recent XRF-measured grades inside the mine show strong potential for significant higher metal grades in some areas, consistent with historic mining results. The project benefits from existing infrastructure, including well-maintained access to the historic operations, potentially reducing development timelines and costs compared to greenfield projects.
While the historical estimates provide encouraging indications of the project's scale, Steadright emphasizes that verification will require confirmatory drilling, modern sampling with QA/QC protocols, and updated geological modeling using CIM-compliant methods. The company's qualified person, Robert Palkovits, has reviewed the technical information but notes that all information requires verification before any resource classification can be established.