Zeus Resources Agrees US$2M Diaguili Acquisition and Raises A$2M Placement
Zeus Resources secured a binding agreement to acquire the Diaguili copper-gold project in Mauritania and confirmed strong trenching results at its Casablanca Antimony Project. The company raised A$2 million in a placement to support these developments.
- Binding agreement to acquire Diaguili copper-gold project for US$2 million
- Historical drilling at Diaguili shows promising but unverified copper intercepts
- High-grade antimony confirmed in trenching at Casablanca Project
- A$2 million placement secured including director participation
- Cash position at A$1.277 million with ongoing regulatory work in Morocco
Strategic Acquisition Targets Mauritania Copper-Gold Potential
Zeus Resources Limited (ASX:ZEU) has taken a significant step by executing a binding share sale agreement to acquire up to 100% of the Diaguili Copper-Gold Project in southern Mauritania. The US$2 million deal, payable in staged tranches of cash and shares over 24 months, hinges on shareholder approval and permit renewals. The project sits within the Mauritanides orogenic belt, a geological setting that hosts First Quantum Minerals’ Guelb Moghrein copper-gold mine, and is prospective for iron oxide-copper-gold (IOCG) style mineralisation.
The permit covers a roughly 1 km mineralised corridor with historical copper intersections at both ends, remaining open for further exploration. However, the historical drilling data, dating from the 1970s and reported by Gryphon Minerals Limited in 2014, cannot be independently verified due to the absence of drill chips, core, and assay certificates. Notable intercepts include 22.25 m at 2.10% copper and 12.7 m at 2.94% copper, but confirmatory drilling is planned to validate these results. To support this, Zeus has commissioned reprocessing of a 2008 VTEM airborne survey to develop a 3D conductivity model ahead of maiden drilling.
Casablanca Antimony Project Trenching Confirms High-Grade Mineralisation
While no on-ground exploration occurred during the June quarter at the Casablanca Antimony Project in Morocco, trenching results from earlier work at Trenches T1 and T1A reinforce the project's potential. Trench T1 exposed a quartz-stibnite vein system with channel samples returning 2 metres at 22.69% antimony, peaking at 37.14%. Trench T1A, a step-out trench 185 metres along strike, showed 3 metres at 4.04% antimony with oxidised mineralisation, confirming lateral continuity within the mineralised corridor, which remains open.
The company is progressing regulatory approvals for a further seven-trench program designed to test strike extensions and parallel vein systems. These activities are critical to refining the geological model and preparing for more advanced exploration phases.
Capital Raising and Financial Position
Post-quarter, Zeus secured firm commitments for a two-tranche placement to raise A$2 million at A$0.006 per share, including A$90,000 from directors. This capital raise aims to fund the Diaguili acquisition and upcoming exploration activities. At quarter-end, Zeus held A$1.277 million in cash and had a short-term, interest-free loan of $68,101 from Neuron Investments LLC.
During the quarter, the company spent $21,907 on exploration and paid $82,117 to related parties for directors and corporate services. No mining production or development activities took place during the period.
Kalabity Project Maintains Strategic Position
The Kalabity Project in South Australia remained inactive during the quarter but retains its strategic importance with consolidated licenses covering prospective uranium, base metals, and rare earth targets. Preparations continue for heritage arrangements to enable future exploration.
Exploration Tenure Across Multiple Jurisdictions
Zeus holds several tenements across Morocco, South Australia, and Western Australia. The six Moroccan research permits, covering the Casablanca Project, are under application for a four-year extension beyond their March 2026 expiry. The company’s diversified portfolio reflects its focus on critical minerals and base metals in jurisdictions with promising geological potential and supportive regulatory environments.
Bottom Line?
Zeus Resources is positioning itself for growth through a key Mauritania copper-gold acquisition and advancing its high-grade antimony project in Morocco, with capital raising underpinning near-term exploration plans.
Questions in the middle?
- Will confirmatory drilling at Diaguili validate historical copper intercepts and support resource definition?
- How swiftly will regulatory approvals progress to enable the next phase of trenching at Casablanca?
- What impact will the $2 million placement have on Zeus’s capacity to accelerate exploration and development?
