TIDMALS
RNS Number : 2883E
Altus Strategies PLC
06 July 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
06 July 2021
Altus Strategies Plc
("Altus" or the "Company")
Significant Increase in Landholding at Tabakorole Gold Project,
Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces a significant increase in the Joint Venture ("JV")
landholding 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 JV with
Altus.
Highlights:
-- JV landholding increased by 56% to 292km(2) at Tabakorole gold project in southern Mali
-- 100km(2) Sirakoroble Sud JV licence is on strike of 5km long mineralised 'Asgard Trend'
-- Multi-element soil survey will now be undertaken to generate potential drill targets
-- 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 gold ("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:
"Tabakorole is shaping up to be a significant gold discovery not
just in southern Mali, but in the west African context. This
100km(2) increase in the JV Project area is strategically
significant as the new licence area hosts a potential
north-westerly extension of the 5km long 'Asgard trend', which is
defined by strong, and often coincident, geochemical and
geophysical anomalies. Marvel Gold, our ASX listed JV partner, is
aggressively advancing the Project, with drilling currently
targeting near-surface, high-grade intercepts which fall outside of
the previously modelled mineralisation, as well as undertaking
regional surveys to define further drill targets. 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."
Update on drill programmes
Marvel Gold expects to have completed approximately 9,000m of
reverse circulation ("RC") drilling and diamond drilling ("DD") by
August 2021. Assay results are pending from the current 3,000m DD
programme. 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
(depending on 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/5317/altus_nr_-_tbk-_06_july_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.
-- Location of 100km(2) Sirakoroble Sud licence at Tabakorole is shown in Figure 3.
Tabakorole Project: Location
Tabakorole is a 292km(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 MRE 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
"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
**END**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSSWSLMEFSEIW
(END) Dow Jones Newswires
July 06, 2021 02:00 ET (06:00 GMT)
Altus Strategies (LSE:ALS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Altus Strategies (LSE:ALS)
Historical Stock Chart
From Apr 2023 to Apr 2024