TIDMALS
RNS Number : 3557D
Altus Strategies PLC
28 June 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
28 June 2021
Altus Strategies Plc
("Altus" or the "Company")
Further Targets Defined at Tabakorole Gold Project, Southern
Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the definition of multiple further targets at the
Tabakorole gold project ("Tabakorole" or the "Project") located in
southern Mali. 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:
-- Multiple further targets defined at the Tabakorole gold project in southern Mali
-- Soil and magnetic anomalies defined with similar signatures to the Tabakorole deposit
-- 3,000m Diamond Drilling ("DD") programme near completion with results pending
-- The Project hosts a mineral deposit for which a Mineral
Resource Estimate ("MRE") has been generated (see Altus' news
release "Substantial Increase in Gold Resource at Tabakorole
Project, Southern Mali" dated 30 September 2020), 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
-- MRE to be updated with the results from the recent and planned drilling programmes
-- Altus holds 49% of the Project and a 2.5% NSR royalty on Tabakorole gold production
Steven Poulton, Chief Executive of Altus, commented:
"Ground magnetic and soil sampling surveys have successfully
defined numerous additional targets at the Tabakorole gold project
in southern Mali. Marvel Gold, our ASX listed JV partner, is
aggressively advancing the Project, with drilling currently
targeting near-surface, high-grade intercepts that fall outside of
the previously modelled mineralisation. These programmes are
expected to contribute to an updated MRE later this year. We look
forward to updating shareholders with the results from the current
programmes when they are received."
Soil Sampling and Ground Magnetic Programmes
Marvel Gold has collected 4,267 soil samples and completed 5,300
line kilometres of high resolution ground magnetics as part of its
ongoing regional exploration programme which includes Tabakorole.
All soil samples were subjected to a fire assay for gold and an
ultra-low detection 48-element analysis to establish the pathfinder
elements in the broader Tabakorole structural corridor.
Selected mineralised pulp samples from the recent Tabakorole
drill programmes have been analysed using a portable XRF to better
determine the geochemical signature of the deposit. As well as gold
("Au"), mineralisation at the Tabakorole deposit exhibits anomalism
for arsenic ("As"), tungsten ("W") and tellurium ("Te"). The
identification of these pathfinders has helped prioritise the
targets defined by the regional soil geochemical programme.
The soil and magnetic programmes have defined three new priority
trends at Tabakorole, each of which host numerous targets. These
targets are summarised as follows:
1. "Tabakorole Deposit" targets - located in close proximity to
the existing Tabakorole MRE and exhibiting similar signatures
2. Approximately 6km long "Groot Trend" - located in the same
structural trend as the Tabakorole deposit, with significant Au, W
and Te anomalies
3. Approximately 5km long "Asgard Trend" - located on the
southern boundary of the Tabakorole structural corridor, with
significant As, W and Te anomalies.
It is notable that historic Reverse Circulation ("RC") drilling
by previous operators at Tabakorole within the newly defined Asgard
trend reportedly returned a best intersect of 9.8 g/t Au over 14m
(not true width of interval).
The targets generated from the soil sampling and high-resolution
ground magnetic programmes will now be followed up with mapping and
rock chip sampling, where outcrop is encountered. This work along
with the structural data, interpreted from the ground magnetics,
will be used to prioritise drilling targets later this year.
Update on drill programmes
Marvel Gold expects to have completed approximately 9,000m of RC
and DD by August 2021. To date, approximately 2,100m of the planned
3,000m DD programme has been completed, with assay results pending.
Altus understands that Marvel Gold expects to release an upgraded
resource statement in accordance with the JORC code at Tabakorole
later this year.
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/5315/altus_nr_-_tbk-_28_june_2021.pdf
-- Location of Tabakorole and Altus' other projects in Mali are shown in Figure 1.
-- Location of Tabakorole in southern Mali is shown in Figure 2.
-- Tabakorole soil geochemistry results for gold is shown in Figure 3.
-- Tabakorole soil geochemistry results for arsenic and tungsten is shown in Figure 4.
-- Tabakorole magnetic data is shown in Figure 5.
Tabakorole Project: Location
Tabakorole is a 187km(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 3.2km 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 Tabakorole 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 1 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 "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 1: 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 Project. Altus
holds a 49% equity interest and Marvel Gold holds a 51% equity
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 Organisation of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Glossary of Terms
The following is a glossary of technical terms:
"AC" means air core drilling
"Au" means gold
"As" means arsenic
"DD" means diamond drilling
"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
"t" means a metric tonne
"Te" means tellurium
"W" means tungsten
**END**
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