Zeus Faces Key Shareholder Vote Amid Ambitious Antimony Acquisition and Asset Sale
Zeus Resources reports strong progress on its Casablanca Antimony Project acquisition in Morocco, highlighted by exceptional assay results and expanded mineralisation. Concurrently, the company secures a new South Australian tenement for critical minerals and divests its Mortimer Hills Project with royalty upside.
- High-grade antimony assays up to 46.52% Sb from Casablanca Project due diligence
- Mineralised strike extended from 750m to over 4km at Casablanca
- South Australian EL7058 granted for uranium, REE, gold, base metals, and lithium exploration
- Mortimer Hills Project sold to Delta Lithium subsidiary with structured royalty agreement
- Shareholder meeting scheduled for 5 May 2025 to approve Casablanca acquisition
Strategic Acquisition Bolsters Antimony Portfolio
Zeus Resources Limited (ASX: ZEU) has taken a significant step forward in its growth strategy with the strategic acquisition of the Casablanca Antimony Project in central Morocco. The company’s recent due diligence rock chip sampling program revealed exceptionally high-grade antimony (Sb) mineralisation, with assays reaching as high as 46.52% Sb. These results confirm the presence of semi-massive to massive stibnite mineralisation exposed at surface, a promising indicator for future resource development.
The mineralised strike length has been dramatically extended from an initial 750 metres to over 4 kilometres, highlighting the project’s substantial scale. Structural mapping indicates a complex vein system within the Smaala-Oulmes Fault zone, a regionally significant shear zone known for hosting antimony deposits. This extension opens multiple priority zones for follow-up geophysical surveys and drill targeting, with exploration drilling preparations already underway, supported by the vendor’s in-country team.
Morocco’s Mining Jurisdiction and Market Context
Morocco’s reputation as a mining-friendly jurisdiction is reinforced by its ranking as the second-best place for mining investment in Africa and twelfth globally according to the 2023 Fraser Institute Survey. Zeus’s engagement with the Moroccan Mines Department and local experts underscores the strategic advantage of operating in a well-regulated environment with year-round access to exploration sites via sealed and unsealed roads.
Antimony remains a critical mineral with growing geopolitical importance, especially given China’s recent production declines and export restrictions. Its applications in solar photovoltaics and military supply chains make the Casablanca Project a timely asset for Zeus amid tightening global supply-demand dynamics and record-high antimony prices.
Expanding Australian Footprint and Portfolio Rationalisation
In parallel with its Moroccan ambitions, Zeus has secured a new exploration licence (EL7058) in South Australia’s Kalabity region, covering 218 square kilometres. This tenement is prospective for uranium, rare earth elements (REE), gold, base metals, and lithium, broadening the company’s critical minerals exposure. Exploration plans focus on sediment-hosted uranium and base metals, with potential for pegmatite-hosted uranium, REE, lithium, and iron oxide copper-gold mineralisation.
Meanwhile, Zeus has divested its Mortimer Hills Project in Western Australia’s Gascoyne region to a Delta Lithium subsidiary. The deal includes an upfront cash payment of $150,000 and a structured royalty linked to future lithium resource delineation, allowing Zeus to preserve capital while retaining upside exposure to potential discoveries.
Corporate and Financial Updates
Zeus has scheduled a general meeting for 5 May 2025 to seek shareholder approval for the Casablanca acquisition and related securities issuance. The company maintains a healthy cash position of A$2.315 million with no debt, supporting ongoing exploration and corporate activities. Recent corporate changes include appointing Hall Chadwick Audit (WA) Pty Ltd as auditors and transferring share registry services to Xcend Pty Ltd.
The company also completed a Priority Options Offer, raising nearly A$200,000, which will further underpin its exploration programs. Payments to related parties during the quarter were modest and related to directors and administrative services.
Looking Ahead
With high-grade assay results validating the Casablanca Project’s potential and exploration drilling imminent, Zeus Resources is poised to unlock significant value from this strategic acquisition. The combination of international and domestic projects, alongside prudent capital management and asset rationalisation, positions the company well within the critical minerals sector.
Bottom Line?
Zeus’s next moves on exploration approvals and drilling will be crucial to translating promising assays into tangible resource growth.
Questions in the middle?
- Will the upcoming shareholder meeting approve the Casablanca acquisition without conditions?
- How will initial drilling results at Casablanca influence Zeus’s valuation and investor sentiment?
- What are the financial implications and potential timelines for royalty income from the Mortimer Hills divestment?