Xtract Resources expands Moroccan portfolio

(Sharecast News) - Xtract Resources announced the expansion of its Moroccan portfolio on Tuesday, with the acquisition of two further exploration licences covering the historic Amghas antimony mine, which it said could offer early potential for production amid rising global demand for the critical metal. The AIM-traded company said its 80%-owned subsidiary Wildstone SARL had completed due diligence and acquired the licences for a total of $105,000.

It said the permits, which run for three years to mid-2026, cover 32 square kilometres in Morocco's Khenifra province and include the former producing Amghas mine, last worked in the late 1950s.

Xtract said the site hosts multiple high-grade antimony sulphide veins, with historic mining having focused only on visually identifiable ore exceeding 40% antimony, leaving potential for a larger mineable resource from previously unprocessed disseminated mineralisation.

A baseline study and environmental impact assessment had been launched as part of the process to reinstate the site's mining licence, while exploration had already started with geological mapping and underground channel sampling planned to support a maiden resource estimate.

"The acquisition of the Amghas Licences presents an early potential opportunity to commence antimony concentrate production for sale into international markets, where demand for this critical metal is rising," said executive chairman Colin Bird.

"We look forward to sharing the results of our drone and geophysical surveys and publishing our initial Mineral Resource Estimate with shareholders."

Xtract added that structural mapping had identified mineralised veins extending beyond the historic workings, in some cases connecting to other old mines several kilometres away, which would be priority targets for follow-up exploration.

At 1554 BST, Xtract Resources shares were down 8.57% at 0.8p.

Reporting by Josh White for Sharecast.com.