Zeus Resources Limited (ASX:ZEU), a mineral exploration company focused on identifying and developing early-stage, high-grade critical mineral assets in under-explored jurisdictions, has announced the acquisition of up to 100% of Sab Metals Mauritania SARL. This agreement secures the high-grade Diaguili copper-gold project in the Guidimaka region of southern Mauritania. The acquisition involves a staged consideration of US$2.0 million, comprising US$1.0 million cash and US$1.0 million in Zeus shares, payable over 24 months.
The Diaguili project is a drill-ready asset located within the prospective Mauritanides orogenic belt, which hosts the operational Guelb Moghrein copper-gold mine. Historical drilling, primarily conducted by BRGM in the 1970s, yielded significant copper intercepts, notably 22.25 metres at 2.10% Cu from 48 metres, with several holes concluding within mineralisation. It is important to note that Zeus Resources highlights these historical exploration results are not JORC Code 2012 compliant, and original drill data is unavailable for independent verification. Confirmatory drilling of these zones is a key part of the planned work.
To fund the acquisition and its initial exploration efforts, Zeus Resources has secured firm commitments for a A$2.0 million two-tranche private placement at A$0.006 per share. This includes a A$90,000 commitment from directors, with Tranche 2 subject to shareholder approval. The proposed work programme involves reprocessing 2008 VTEM data to define conductor geometry, followed by reverse circulation and diamond drilling. These activities aim to validate historical findings and test for deeper extensions and along strike, capitalising on current strong copper market conditions.
