Odyssey Resources has completed exclusivity agreements with two privately held Moroccan mining companies. These agreements provide Odyssey with exposure to a variety of metal commodities and the opportunity to develop relationships with existing mining companies in Morocco that can provide properties, infrastructure and working experience.
Global Mines is a Casablanca-based company that operates a number of barite mines, provides contract mining services, and owns numerous exploration licenses encompassing several metal commodities across Morocco. Odyssey and Global have signed a memorandum of understanding (MOU) that grants Odyssey a 60 day period to review the first three of Global’s properties, following which a lease with purchase option or joint venture agreement will be finalized. The MOU will be renewed to cover an additional seven properties owned by Global.
The first property is the Marwan lead-silver deposit, located in the central Anti Atlas 10 km east of the giant Imiter silver mine. Lying within a single, 16 km2 mining license, the known deposit hosts lead-silver mineralization in a 1.5-2 m wide vein with historically reported lead grades of 15-20% and sliver grades of 100 g/t. There is 300-400 m of underground workings that were developed by a French mining company in the 1950s, but upon Moroccan independence the French company left and the deposit was never mined. The property has seen no exploration work since then.
Second is the Talouine gold property, located in the southern Anti Atlas immediately west and on strike of the Tafrent gold deposit owned by the Moroccan governments’ exploration and mining agency, Office National de Hydrocarbeure et des Mines (ONHYM). Tafrent hosts a current published resource of 5.6 Mt at an average grade of 1.22 g/t Au. The property consists of three exploration licenses for a total of 48 km2, hosted in Precambrian volcanic and intrusive rocks.
Third is the Tizintfirst copper-gold property, comprising a single, 16 km2 exploration license hosting a gold and copper bearing gossan, according to government reports, into which a small adit has been developed. The property is located in the eastern Anti Atlas, 80 km south of the town of Midelt. It has seen no reported exploration since the unknown time when the adit was developed.
Odyssey has signed a similar agreement with the Marakech-based barite mining company, Societé Commercial et Miniere du Sahara (SOCOMIS), granting Odyssey an exclusive 90 day period to assess its Gundafa-Tanefit mines property. This large property, located in the High Atlas some 110 km south of Marakech, comprises seven mining and exploration licenses, encompassing a past-productive lead-zinc-silver mine, a past-productive copper mine and numerous unexplored copper and copper-gold occurrences within a land package over 100 km2. Pending a positive assessment, the parties have agreed to negotiate a lease with purchase option agreement enabling Odyssey to earn a 100% title to the property subject only to a royalty.
