TIDMALS
RNS Number : 0648I
Altus Strategies PLC
19 March 2018
Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector:
Mining
NOT FOR DISTRIBTUION TO US NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES OF AMERICA
19 March 2018
Altus Strategies Plc
("Altus" or the "Company")
Multiple High-Grade Copper Workings at Agdz Copper-Silver
Project, Morocco
Altus Strategies Plc (AIM: ALS), the Africa focused exploration
project generator ("Altus" or the "Company"), provides an update on
exploration activities at its 100% owned Agdz copper-silver project
("Agdz" or the "Project") in the eastern Anti-Atlas, Morocco.
Highlights:
-- 10 parallel mine workings have been mapped and sampled at the Minière Prospect
-- Rock chip and spoil samples include 13.0% Cu, 6.0% Cu & 5.0% Cu
-- Mining complex exploits multiple sub-parallel alteration zones within 2.8km long zone
-- Agdz project is located 14km from the Bouskour copper mine operated by Managem
-- Outcrop samples from Amzwaro Prospect include 1.88% Cu & 140g/t Ag
-- Float sample from Makarn North prospect include 26.50% Cu & 158g/t Ag
Steven Poulton, Chief Executive of Altus, commented:
"We are encouraged by the copper grades returned from sampling
of the former mine workings discovered on the Agdz Licence in
Morocco. Both oxide and sulphide sources were sampled and results
included 13.05% Cu, 6.01% Cu & 5.00% Cu. The Minière prospect,
which contains the historical mine complex, extends for at least
2.3km and is proximal to a regional structure which in places has
an alteration halo that is up to 90m wide based on mapping carried
out by the Company.
"Our optimism is reinforced by the float sample collected from
the Makarn North prospect, which assayed 26.5% Cu and 158g/t Ag.
Our follow up programmes will prioritise on the mapping and
sampling of the Minière Prospect and locating the source of the
high grade copper at Makarn North. These recent results from Agdz
support our belief that the licence has the potential to host a
significant copper-silver system. We look forward to keeping
shareholders informed of our progress."
Agdz Exploration Programme
A mapping and prospecting programme has been undertaken at the
Minière copper and silver prospect. The mining complex has been
mapped to date across an area which is 150m long by 90m wide,
striking north-eastwards within the 2.3km long Minière Prospect.
The complex is comprised of 10 individual open stopes, and a number
of underground developments. Sampling of spoil surrounding the
workings, carried out by the Company, has returned grades
including13.05% Cu, 12.90g/t Ag and 0.42g/t Au from both oxide and
sulphide material. The workings indicate the presence of a leached
low-grade to barren surface cap existing above the mineralised
zones. The mine workings target multiple steeply dipping altered,
brecciated and highly fractured zones, as well as veins within
metavolcanic host lithologies. Alteration locally is dominated by
variable chlorite-magnetite-haematite +/- silica-barite with a
relatively clay rich hanging wall. Iron alteration +/- chlorite is
traceable for 500m to the SW.
Separately sampling at the Makarn North Prospect has returned
26.05% Cu & 158g/t Ag, associated with copper sulphides hosted
in quartz vein material. Sampling of outcrop at the Amzwaro
Prospect has returned 1.88% Cu and 140g/t Ag, proximal to an
approximately 1km long interpreted rhyolite dome.
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 using the following
link:
http://altus-strategies.com/site/assets/files/4359/high_grade_results_agdz.pdf
1. Location of Agdz Licence in Morocco is shown in Figure 1.
2. Prospects at the Agdz Licence are shown in Figure 2.
3. Conceptual Agdz Mineralisation Model is shown in Figure 3.
4. Minière Prospect Hosting a Historic Mining Complex is shown in Figure 4.
5. Photos from the Agdz Project are shown in Figure 5.
Figure 1. Location of Agdz Licence in Morocco
http://www.rns-pdf.londonstockexchange.com/rns/0648I_-2018-3-18.pdf
Figure 2: Prospects at the Agdz Licence
http://www.rns-pdf.londonstockexchange.com/rns/0648I_1-2018-3-18.pdf
Figure 3: Conceptual Agdz Mineralisation Model
http://www.rns-pdf.londonstockexchange.com/rns/0648I_2-2018-3-18.pdf
Figure 4: Minière Prospect Hosting a Historic Mining Complex
http://www.rns-pdf.londonstockexchange.com/rns/0648I_3-2018-3-18.pdf
Figure 5: Agdz Project Photos
http://www.rns-pdf.londonstockexchange.com/rns/0648I_4-2018-3-18.pdf
Agdz Project: Location
The Company's wholly owned subsidiary, Aterian Resources
Limited, has a 100 per cent interest in the 59.7km(2) Agdz Project.
The Project comprises four contiguous licence blocks in the
Souss-Massa-Drâa region of the Anti-Atlas mountains of central
Morocco, approximately 350km south of the capital Rabat and
approximately 14km southwest of the Bouskour copper mine. Bouskour
is operated by the Moroccan mining group Managem and has a reported
(non-JORC and not in accordance with NI43-101) resource of 20Mt at
1.6% Cu and 20 g/t Ag. The project is located approximately 35 km
east south east of the city of Ouarzazate, where infrastructure and
services are of a high standard, including a regional airport. Agdz
is located approximately 40 km south east of the 'Noor 1' solar
power plant, the world's largest concentrated solar power plant
with planned output of 580 MW. The project is accessed via a paved
road and there is a network of vehicle tracks within the
licence.
Agdz Project: Geological Setting
The Agdz Project is located in the Neoproterozoic Sidi Flah-Bou
Skour inlier of the Saghro Massif, located in the eastern
Anti-Atlas mountains. The Saghro Massif basement comprises a
volcano-sedimentary sequence, including turbidites and tholeiitic
pillow basalts. The basement is discordantly overlain by Upper
Neoproterozoic tuffs, conglomerates, andesites, dacites,
ignimbrites and rhyolites intruded by quartz-diorites and
granodiorites and a cover sequence comprising basal conglomerates,
sandstones, tuffs, basalts, andesites, dacite, ignimbrites and
rhyolites. The Saghro Massif was deposited in a back -arc basin
type environment, which was subjected to heterogeneous deformation
during the two Pan-African orogenic events between 750 and 550 Ma.
The first event was collisional leading to strong folding and
ophiolite emplacement (Bou Azzer inlier) with the second event
causing moderate shortening, tilting and middle to upper
greenschist facies metamorphism attaining amphibolite facies near
intrusive rocks.
A number of major regional NE to NNE trending faults cut the
Agdz Project area with alteration zones, +/- at surface
mineralisation, developed generally oblique to these faults within
a regionally reported extensional wrench fault system and within
4km of the Oued Dar'a caldera.
Mineralisation at Agdz is typical of the epithermal-type deposit
model with strong structural controls and alteration styles where
multiple, sub-parallel mineralised structures exist in relatively
close proximity. Mineralisation is hosted in several different
lithologies including metaconglomerates, metavolcaniclastics,
rhyolites, andesite, granodiorite and dolerite dykes. Copper
mineralisation is predominantly seen in oxide species as malachite
with subordinate chrysocolla and azurite in veins and as fracture
and clast coatings within the host rock in weathered alteration
zones at surface.
Qualified Person
The technical disclosure in this regulatory announcement has
been read and 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 a Fellow of the
Geological Society of London. He has over 18 years of experience in
mineral exploration and is a Qualified Person under the AIM rules
and National Instrument 43-101 under the rules of the TSX.
Market Abuse Regulation (MAR) 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 until the release of this
announcement.
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
Steven Poulton, Chief 511 767
Executive E: info@altus-strategies.com
Matthew Grainger, Executive
Director
Greg Owen, VP Corporate
Development
SP Angel (Nominated Adviser) Tel: +44 (0) 20
Richard Morrison / Soltan 3470 0470
Tagiev
SP Angel (Broker) Tel: +44 (0) 20
Elizabeth Johnson 3470 0471
Blytheweigh (Financial Tel: +44 (0) 20
PR) 7138 3204
Tim Blythe / Camilla Horsfall
/ Nick Elwes
About Altus Strategies Plc
Altus is a London listed (AIM: ALS), diversified and Africa
focused mineral exploration project generator. Through our
subsidiaries we discover new projects and attract third party
capital to fund their growth, development and ultimately exit
optionality. This strategy enables Altus to remain focused on the
acquisition of new opportunities to be fed into the project
generation cycle and aims to minimise shareholder dilution. Our
business model is designed to create a growing portfolio of well
managed and high growth potential projects, diversified by
commodity and by country. Altus currently has sixteen projects in
eight commodities across six countries. We aim to position our
shareholders at the vanguard of value creation, but with
significantly reduced risks traditionally associated with
investments in the mineral exploration sector.
Forward-Looking Statements
This news release includes certain statements that may be deemed
"forward looking statements" with the meaning of applicable
securities laws. All statements in this news release, other than
statements of historical facts, that address events or developments
that Altus Strategies Plc expects to occur, are forward looking
statements and involve known and unknown risks, uncertainties and
other factors. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified
by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential", "targets" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. The Company believes the
expectations, estimates, forecasts and projections expressed in
such forward looking statements are based on reasonable
assumptions. However, investors are cautioned that such statements
are not guarantees of future performance and the Company cannot
provide assurance that actual results or performance will not
differ materially from those projected in the forward looking
statements. Factors that could cause the actual results to differ
materially from those in forward looking statements include changes
in market prices, exploration results and the interpretation of
other geological data, the ability of the Company to obtain,
maintain, renew and/or extend required licences, permits,
authorizations and/or approvals from the appropriate regulatory
authorities and other risks relating to the legal and regulatory
frameworks in jurisdictions where the Company operates, competitive
conditions in the mineral exploration sector, the activities of
artisanal miners, whose activities could delay or hinder
exploration or mining operations, the risk that third parties to
contracts may not perform as contracted or may breach their
agreements, the ability to attract and retain key management and
personnel, terrorism, civil strife, or war in the jurisdictions in
which the Company operates, or in neighbouring jurisdictions which
could impact on the Company's exploration, development and
operating activities, unanticipated costs and expenses, the
continued availability of capital and financing on acceptable terms
or at all, and general economic, market or business conditions.
Any references made in this news release to historical
information, including historical geologic and technical
information cannot be verified. A Qualified Person has not verified
the sampling, analytical, and test data underlying any such
historical information. The Company has obtained historical
information from sources that it believes to be reliable and
assumes it is accurate and complete in all material aspects. While
the Company has carefully reviewed the available historical
information, it cannot guarantee its accuracy and completeness. The
forward looking information and statements included in this
announcement are expressly qualified by this cautionary statement
and are based on the beliefs, estimates and opinions of the Company
on the date of this announcement. Except as required by securities
laws the Company does not undertake any obligation to publicly
update or revise any forward looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Glossary of Terms
The following is a glossary of technical terms:
"Alteration halo" is a border of minerals produced by
hydrothermal alteration
"Ag" means silver
"Cu" means copper
"km" means kilometre
"m" means metres
"Ma" means million years ago
"Moz" means millions of ounces
"Outcrop" means a visible exposure of rock that is in-situ and
has no covering of soil or vegetation
"Shear zone" means a zone in which rocks have been deformed by
lateral movement along parallel planes
"Quartz Vein" means a fracture which has been filled by quartz
and other minerals which have crystallised from mineralised
fluids
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
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