MAGHREB MINERALS PLC

Ticker: MMS

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Maghreb Minerals plc (“Maghreb” or “the Company”) is listed on AIM in London, UK, and is exploring and developing base metals (lead and zinc) and industrial mineral deposits (barite and fluorite) along the highly prospective Mejerda zone in northern Tunisia. Its principal focus is on former producing mines with existing infrastructure.

The Company holds 12 exploration permits in areas of known zinc-lead-barite-fluorite mineralisation, including four sites of past production. 


The Company’s principal project is at one of the past producing mines, Gite de l’Est at Bou Jabeur, where there was an earlier resource estimate¹ of 5.1Mt grading 3.76% Zn, 1.38% Pb, 33.2% BaSO₄ and 9.3% CaF₂. The first objective here was to get a resource statement for the known mineralisation in accordance with international reporting standards. 


In December 2007, a resource statement based on existing Office National des Mines (“ONM”) data, verified and compiled into the Company’s block model, was received by Maghreb from Wardell Armstrong International. It reports an audited Inferred Mineral Resource estimate for Gite de l’Est at a 1% lead and zinc (“Pb+Zn”) cut off grade of 8.836 million tonnes (Mt) grading combined 3.16% zinc and lead: 2.17% zinc, 0.99% lead, 5.06% CaF₂ and 21.66% BaSO₄. At a 2% Pb + Zn cut off grade, the Inferred Mineral Resource is 5.172 Mt grading 4.40% combined zinc and lead: 3.15% zinc. 1.25% lead, 6.42% CaF₂ and 27.76% BaSO₄, prepared in accordance with JORC (2004) reporting standards. The in situ value of this mineral resource at the 1% Pb+Zn cut off grade is estimated to exceed US$925 million at December 2007 prices: Zn US$1.06/lb, Pb US$1.19/lb, BaSO₄ US$85/t, CaF₂ US$200/t.


Verification drilling has been completed by the Company at the Gite de l'Est deposit. An improvement on the new resource estimate is expected with the inclusion of its verification drilling results and re-analyses of old ONM cores, which appear to have under-reported zinc values by the order of 40%.


Another important project is at the past producing Zriba fluorite mine and the nearby Guebli exploration permit. An ONM resource estimate¹ is 4.8Mt grading 25% CaF₂. The results show that there are significant quantities of fluorite present but with variable thickness. A study on the viability of mining and extending the resource is in progress. Expressions of interest for the provision of development funding for the fluorite project and production offtake have been received. 


Drilling at the past producing Fej Lahdoum exploration permit has recommenced near the mine, which stopped production in September 2005 when the Bou Grine mill and concentrator shut down.


Exploration at Djebba has confirmed and slightly extended the deposit there.   The Djebba resource estimate¹ stands at approximately 4Mt grading 6% Zn and 3% Pb.  Gravity surveys have indicated further exploration targets to the northeast at Djebel Goraa, which will be drill tested in due course.


Exploration on other permits will continue particularly around the Lorbeus area, 4 km south west of Breakwater’s Bou Grine mill and concentrator , which is on care and maintenance. 

The Company's current focus is to bring one or more of its near production exploration permits, starting with Bou Jabeur, through to pre-feasibility. Maghreb is in discussions regarding the possibility of joint venturing one or more of the deposits.