TIDMALS
RNS Number : 1064T
Altus Strategies PLC
23 March 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
23 March 2021
Altus Strategies Plc
("Altus" or the "Company")
Potential New Zone Discovered at the Tabakorole Gold Project,
Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces final results from a 6,300m reverse circulation ("RC")
drilling programme at the Tabakorole gold project ("Tabakorole" or
the "Project") located in southern Mali. The results include the
discovery of a potential new parallel zone of mineralisation, as
well as an extension of the current strike length of the Project.
Altus holds a 49% equity interest and 2.5% Net Smelter Return
("NSR") royalty on the Project. Exploration activities at
Tabakorole are being funded by Marvel Gold Limited (ASX: MVL)
("Marvel Gold") under its joint venture ("JV") with Altus.
Highlights:
-- RC drilling discovers potential parallel zone at Tabakorole gold project in southern Mali
-- Intersections from 20 RC holes (2,760m) including (down-the-hole and not true width):
o 2.0 g/t over 16m from 75m (potential new parallel zone, 50m
east of the deposit)
o 5.8 g/t over 6m from 61m (anticipated to improve the modelled
grade of the deposit)
o 2.0 g/t over 15m from 25m (extending the deposit strike length
to the northwest)
o 1.5 g/t over 28m from 121m
-- Project hosts a mineral deposit for which a Mineral Resource
Estimate (" MRE ") has been generated (see Altus' news release
dated 30 September 2020 and titled "Substantial Increase in Gold
Resource at Tabakorole Project, Southern Mali"), comprising:
o 16,600,000 tonnes at 1.2 g/t Au for 620,000 ounces in the
Inferred category
o 7,300,000 tonnes at 1.2 g/t Au for 290,000 ounces in the
Indicated category
-- Results from an additional five diamond drill holes to infill the MRE are expected in April
-- 6,000m aircore ("AC") drilling programme underway to test potential strike extension
-- Altus holds a 2.5% NSR royalty on Tabakorole gold production
Steven Poulton, Chief Executive of Altus, commented:
"These drilling results from the Tabakorole gold project in
southern Mali are excellent. An intersection of 2.0 g/t over 16m
from 75m located approximately 50m east of the current deposit is
significant as it represents the discovery of a potential new and
parallel gold zone. Other results from this programme have
successfully increased the strike length of the known deposit.
Tabakorole currently hosts a significant gold resource, which
remains open along strike in both directions as well as at
depth.
"Our JV partner, ASX-listed Marvel Gold, is currently
undertaking a five hole diamond drilling programme and a 6,000m AC
programme, in the southeast of the deposit, to infill the current
MRE and test potential strike extensions respectively. We look
forward to updating shareholders with the results from these
programmes when they are received."
Tabakorole Resource Expansion Drill Programme
The 6,300m RC drilling programme at Tabakorole was undertaken by
Marvel Gold, as part of the JV Stage-3 earn-in. The programme was
designed primarily to increase the existing resource by extending
gold mineralisation along strike in both directions (to the
northwest and the southeast). There are also a number of holes
within the known strike length of the FT Prospect designed to
increase the resource confidence, or further delineate interpreted
high-grade plunging shoots within the orebody. The full results
received from this programme are presented in Table 1 below.
This announcement provides results for the final 20 RC holes
(2,760m) from the 39 hole programme. The results are significant in
terms of thickness, grade and strike extent, compared to those
modelled to date, as well as the discovery of a potential new
parallel eastern zone. A 6,000m AC drilling programme is currently
underway in the southeast of the Project, to test the potential for
the strike to extend in this area. Marvel Gold has also completed a
five hole, 750m infill diamond drilling programme in the southeast
of the Project, the results of which will be reported in April.
Table 1: Tabakorole recent RC drill intersections
From To Intersection Grade Previously reported
Hole ID (m) (m) (m) (g/t Au)
20TBKRC001 101 104 3 0.74 Yes
----- ----- ------------- ---------- --------------------
20TBKRC002 13 37 24 1.24 Yes
----- ----- ------------- ---------- --------------------
46 50 4 0.44
----- ----- ------------- ---------- --------------------
20TBKRC002A 4 29 25 0.81 Yes
----- ----- ------------- ---------- --------------------
60 66 6 0.35
----- ----- ------------- ---------- --------------------
20TBKRC003 17 31 14 0.83 Yes
----- ----- ------------- ---------- --------------------
85 88 3 0.59
----- ----- ------------- ---------- --------------------
100 103 3 0.55
----- ----- ------------- ---------- --------------------
20TBKRC004 25 28 3 0.79 Yes
----- ----- ------------- ---------- --------------------
38 41 3 1.82
----- ----- ------------- ---------- --------------------
106 127 21 0.94
----- ----- ------------- ---------- --------------------
20TBKRC005 18 30 12 2.13 Yes
----- ----- ------------- ---------- --------------------
53 71 18 1.94
----- ----- ------------- ---------- --------------------
97 107 10 1.55
----- ----- ------------- ---------- --------------------
20TBKRC006 10 13 3 2.00 Yes
----- ----- ------------- ---------- --------------------
56 64 8 0.71
----- ----- ------------- ---------- --------------------
77 99 22 1.84
----- ----- ------------- ----------
141 152 11 0.67
----- ----- ------------- ---------- --------------------
20TBKRC007 45 54 9 1.17 No
----- ----- ------------- ---------- --------------------
77 90 13 0.88
----- ----- ------------- ---------- --------------------
20TBKRC008 84 95 11 0.68 No
----- ----- ------------- ---------- --------------------
103 113 10 0.56
----- ----- ------------- ---------- --------------------
121 149 28 1,45
----- ----- ------------- ---------- --------------------
20TBKRC009 9 26 17 0.69 No
----- ----- ------------- ---------- --------------------
40 49 9 1.04
----- ----- ------------- ---------- --------------------
20TBKRC010 5 19 14 0.71 No
----- ----- ------------- ---------- --------------------
26 46 20 1.03
----- ----- ------------- ---------- --------------------
20TBKRC011 66 72 6 0.74 No
----- ----- ------------- ---------- --------------------
20TBKRC012 14 17 3 0.84 No
----- ----- ------------- ---------- --------------------
23 39 16 0.54
----- ----- ------------- ---------- --------------------
63 69 6 1.59
----- ----- ------------- ---------- --------------------
20TBKRC013 109 118 9 0.42 No
----- ----- ------------- ---------- --------------------
20TBKRC014 75 91 16 1.97 No
----- ----- ------------- ---------- --------------------
20TBKRC015 39 44 5 0.54 No
----- ----- ------------- ---------- --------------------
61 67 6 5.75
----- ----- ------------- ---------- --------------------
74 83 9 0.57
----- ----- ------------- ---------- --------------------
20TBKRC016 53 57 4 2.16 No
----- ----- ------------- ---------- --------------------
84 87 3 1.23
----- ----- ------------- ---------- --------------------
20TBKRC017 29 59 30 0.48 No
----- ----- ------------- ---------- --------------------
20TBKRC18 25 40 15 1.96 No
----- ----- ------------- ---------- --------------------
20TBKRC019 8 15 7 0.78 No
----- ----- ------------- ---------- --------------------
23 33 10 0.55
----- ----- ------------- ---------- --------------------
20TBKRC020 No significant result No
--------------------------------------- --------------------
20TBKRC021 No significant result No
--------------------------------------- --------------------
20TBKRC022 146 177 31 1.12 Yes
----- ----- ------------- ---------- --------------------
20TBKRC023 No significant result No
--------------------------------------- --------------------
20TBKRC024 No significant result Yes
--------------------------------------- --------------------
20TBKRC025 16 20 4 1.90 No
----- ----- ------------- ---------- --------------------
20TBKRC026 No significant result No
--------------------------------------- --------------------
21TBKRC001 178 201 23 2.00 Yes
----- ----- ------------- ---------- --------------------
21TBKRC002 No significant result Yes
--------------------------------------- --------------------
21TBKRC003 No significant result Yes
--------------------------------------- --------------------
21TBKRC004 Pre-Collar - Not Sampled Yes
--------------------------------------- --------------------
21TBKRC005 84 117 33 1.10 Yes
----- ----- ------------- ---------- --------------------
21TBKRC006 No significant result Yes
--------------------------------------- --------------------
21TBKRC007 No significant result Yes
--------------------------------------- --------------------
21TBKRC008 No significant result Yes
--------------------------------------- --------------------
21TBKRC009 Pre-Collar - Not Sampled Yes
--------------------------------------- --------------------
21TBKRC010 51 56 5 1.24 Yes
----- ----- ------------- ---------- --------------------
86 126 40 1.00 Yes
----- ----- ------------- ---------- --------------------
21TBKRC011 No significant result Yes
--------------------------------------- --------------------
21TBKRC012 49 59 10 2.00 Yes
----- ----- ------------- ---------- --------------------
21TBKRC013 28 36 8 0.61 No
----- ----- ------------- ---------- --------------------
44 53 9 0.39
----- ----- ------------- ---------- --------------------
121 129 8 1.07
----- ----- ------------- ---------- --------------------
21TBKRC014 42 46 4 0.63 No
----- ----- ------------- ---------- --------------------
59 67 8 0.54
----- ----- ------------- ---------- --------------------
Notes:
1. Based on 0.5 g/t Au cut off, minimum length of 3m and 5m maximum internal waste
2. Intersections are down-the-hole and do not represent true widths of mineralisation
3. No grade capping has been applied
Summary of Joint Venture with Marvel Gold
Marvel Gold has the right to earn up to an 80% interest in
Tabakorole by sole funding four stages of exploration, culminating
in a definitive feasibility study, and by making certain cash (or
cash plus Marvel Gold shares) payments to Altus. Thereafter, Altus
has the right to co-finance or dilute its 20% interest in the
Project. Altus also retains a 2.5% NSR royalty on the Project.
Marvel Gold will have the right to reduce the royalty to 1.0% for a
payment to Altus of between US$ 9.99 million and US$ 15.00 million
(subject to the size of the resource at Tabakorole). Marvel Gold
has currently earned a 51% interest in the Project.
The following figures have been prepared and relate to the
disclosures in this announcement and are visible in the version of
this announcement on the Company's website (
www.altus-strategies.com ) or in PDF format by following this link:
https://altus-strategies.com/site/assets/files/5065/altus_nr_-_tbk_23_mar_2021.pdf
-- Location of Tabakorole and Altus' other projects in Mali is shown in Figure 1.
-- Location of Tabakorole in southern Mali is shown in Figure 2.
-- Plan showing results from Tabakorole drilling programme are shown in Figure 3.
-- Cross-section showing hole 20TBKRC015 and 20TBKRC014 is shown in Figure 4.
Tabakorole Project: Location
Tabakorole is a 100km(2) gold project located in southern Mali,
approximately 280km south of the capital city of Bamako. The
Project sits on the Massagui Belt which hosts the Morila gold mine
(operated by Firefinch Limited, ASX: FFX), located approximately
100km to the north. The Project is 125km southeast of the Yanfolila
gold mine (operated by Hummingbird Resources Plc, AIM: HUM) and
100km east of the Kalana gold project (operated by Endeavour Mining
Corporation, TSX: EDV). Mineralisation hosted on these properties
is not necessarily indicative of mineralisation hosted at
Tabakorole.
Tabakorole Project: Geology
Tabakorole comprises a 3km long shear zone which is up to 200m
wide, hosted in the Archaean and Birimian aged Bougouni Basin of
the Man Shield of southern Mali. The geology is dominated by
clastic sediments, cut by northwest trending deformation zones
which host gold mineralisation. At least two, possibly three,
Eburnean deformation events are believed to have affected the
geology of Tabakorole. The Project hosts the FT Prospect comprised
of mylonites, sheared diorite, gabbro, mafic dykes and late stage
felsic dykes, within a folded and deformed metasedimentary package
of meta-siltstone, meta-wacke and meta-sandstone. Mineralisation is
locally most favourably associated where structures cut gabbro and
along lithological contacts with gabbro.
Tabakorole: Mineral Resource Estimate
The FT Prospect at the Tabakorole Project hosts a deposit for
which an MRE of 290,000 ounces at 1.2 g/t Au (Indicated resources)
and 620,000 ounces at 1.2 g/t Au (Inferred resources) in both oxide
and fresh domains has been made as set out in Table 2 below. The
MRE was prepared by International Resource Solutions Pty Ltd
(Perth, Australia) under the JORC Code and was previously reported
by the Company on 30 September 2020 (see Altus' news release titled
"Substantial Increase in Gold Resource at Tabakorole Project,
Southern Mali"). Currently, 43% of the MRE is situated within 100m
of surface. The FT Prospect remains open downdip and along strike.
A Qualified Person has not undertaken sufficient work to classify
the Mineral Resource Estimate in accordance with NI 43-101, and the
Company is not treating it as such.
Table 2: Mineral Resource Estimate Summary Table (JORC Code)
Indicated Inferred
Tonnes Grade Contained Tonnes Grade Contained
Domain (t) (g/t) gold (oz) (t) (g/t) gold (oz)
------------ --------- ------------- ------------- --------- -------------
OXIDE 1,000,000 1.3 40,000 1,500,000 1.3 60,000
------------ --------- ------------- ------------- --------- -------------
FRESH 6,300,000 1.2 250,000 15,100,000 1.2 560,000
------------ --------- ------------- ------------- --------- -------------
Total 7,300,000 1.2 290,000 16,600,000 1.2 620,000
------------ --------- ------------- ------------- --------- -------------
Notes:
1. Cut-off grade was 0.6 g/t Au.
2. MRE is shown on a gross (100%) basis of the Tabakorole
Project. Altus holds a 49% net attributable interest and Marvel
Gold holds a 51% net attributable interest in the Project.
3. Marvel Gold is the operator of the JV.
Qualified Person
The technical disclosure in this announcement has been approved
by Steven Poulton, Chief Executive of Altus. A graduate of the
University of Southampton in Geology (Hons), he also holds a
Master's degree from the Camborne School of Mines (Exeter
University) in Mining Geology. He is a Fellow of the Institute of
Materials, Minerals and Mining and has over 20 years of experience
in mineral exploration and is a Qualified Person under the AIM
rules and NI 43-101.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E-mail: info@altus-strategies.com
SP Angel (Nominated Adviser)
Richard Morrison / Adam Cowl Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Grant Barker / Richard Parlons Tel: +44 (0) 20 3470 0471
Shard Capital (Broker)
Isabella Pierre / Damon Heath Tel: +44 (0) 20 7186 9927
Yellow Jersey PR (Financial PR & IR) Tel: +44 (0) 20 3004 9512
Charles Goodwin / Henry Wilkinson E-mail: altus@yellowjerseypr.com
About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a
mining royalty company generating a diversified and precious metal
focused portfolio of assets. The Company's focus on Africa and
differentiated approach, of generating royalties on its own
discoveries as well as through financings and acquisitions with
third parties, has attracted key institutional investor backing.
The Company engages constructively with all stakeholders, working
diligently to minimise its environmental impact and to promote
positive economic and social outcomes in the communities where it
operates. For further information, please visit
www.altus-strategies.com .
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this announcement, including
information relating to future financial or operating performance
and other statements that express the expectations of the Directors
or estimates of future performance constitute "forward-looking
statements". These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, without limitation, the completion of planned
expenditures, the ability to complete exploration programmes on
schedule and the success of exploration programmes. Readers are
cautioned not to place undue reliance on the forward-looking
information, which speak only as of the date of this announcement
and the forward-looking statements contained in this announcement
are expressly qualified in their entirety by this cautionary
statement.
Where the Company expresses or implies an expectation or belief
as to future events or results, such expectation or belief is based
on assumptions made in good faith and believed to have a reasonable
basis. The forward-looking statements contained in this
announcement are made as at the date hereof and the Company assumes
no obligation to publicly update or revise any forward-looking
information or any forward-looking statements contained in any
other announcements whether as a result of new information, future
events or otherwise, except as required under applicable law or
regulations.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 ("MAR") until the release of this
announcement.
Glossary of Terms
The following is a glossary of technical terms:
"AC" means air core drilling
"Au" means gold
"g" means grams
"g/t" means grams per tonne
"grade(s)" means the quantity of ore or metal in a specified
quantity of rock
"JORC Code" means the 2012 edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves" prepared by the Joint Ore Reserves Committee of the
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia. The
JORC Code is an acceptable foreign code for purposes of NI
43-101
"JV" means Joint Venture
"km" means kilometres
"m" means metres
"MRE" means Mineral Resource Estimate
"NI 43-101" means National Instrument 43-101 "Standards of
Disclosure for Mineral Projects" of the Canadian Securities
Administrators
"Qualified Person" means a person that has the education, skills
and professional credentials to qualify as a qualified person under
NI 43-101
"NSR" means net smelter return
"RC" means reverse circulation drilling
"t" means a metric tonne
**END**
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