TIDMALS
RNS Number : 8492A
Altus Strategies PLC
03 June 2019
Altus Strategies Plc / Index (EPIC): AIM (ALS) & TSXV (ALTS)
/ Sector: Mining
03 June 2019
Altus Strategies Plc
("Altus" or the "Company")
New Copper and Gold Exploration Licence Granted in Northern
Ethiopia
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa
focused project and royalty generator, announces that its 100%
owned Ethiopian subsidiary, Altau Resources Ltd, has been granted
the Zager exploration licence ("Zager" or the "Licence"), targeting
volcanogenic massive sulphide ("VMS") hosted copper and gold
deposits in the Tigray National Regional State of northern
Ethiopia.
Highlights:
-- 285km(2) exploration licence targeting VMS deposits in northern Ethiopia
-- Licence hosts 27km of ophiolite belt within prospective Arabian Nubian Shield
-- Located 15km northwest of the Harvest polymetallic VMS project
-- Priority exploration targets and artisanal gold workings identified
-- First phase reconnaissance and sampling programmes to commence imminently
Steven Poulton, Chief Executive of Altus, commented:
"The grant of Zager increases our strategic exploration holdings
across the highly prospective Arabian Nubian Shield of northern
Ethiopia to over 877km(2) . The Company selected the licence based
on our in-house remote sensing study, which included an extensive
review of historical geological data. These highlighted Zager's
geological prospectivity and identified numerous artisanal alluvial
gold workings.
Zager is underlain by an almost identical geological terrane to
that of the Company's Daro project, located 80km to the east and
where the Company has rapidly discovered a number of encouraging
copper and gold targets. The geology of this region hosts the Bisha
mine owned by Zinjin Mining and the Asmara project owned by Sichuan
Road & Bridge Mining Investment Development Corp in Eritrea,
approximately 135km north and north-east of Zager respectively.
Zager is also just 10km northwest of the Harvest VMS project, which
is being advanced by TSX-V listed East Africa Metals Inc.
Our field team will commence reconnaissance exploration shortly
and we look forward to updating shareholders on results in due
course."
Zager Exploration Licence
The Zager exploration licence covers an area of approximately
285km(2) in northern Ethiopia. The Licence targets the Nakfa
terrane of the Neoproterozoic Arabian Nubian Shield, which is
considered highly prospective for polymetallic and gold-rich VMS
mineralisation, as well as orogenic lode gold deposits. Zager was
selected by the Company based upon an extensive process of regional
targeting. This work comprised a review of available datasets,
including historical mineral occurrences, geological maps and
satellite-borne remote sensing data. The Licence contains two
northeast trending ophiolite belts and an overlaying tuffaceous
volcano-sedimentary sequence, in addition to two syn-tectonic
granitoid intrusions. A first phase reconnaissance exploration
programme will be undertaken by the Company and will include a
field assessment of numerous remote sensing targets and a
licence-wide stream sediment sampling survey in order to prioritise
areas of interest.
The Licence has been initially awarded by the Ministry of Mines
and Petroleum ("Ministry") in Ethiopia for a three-year term after
which it can be renewed twice for one year each, subject to a 25%
reduction in area upon each renewal. Further renewals are possible
at the discretion of the Ministry and subject to satisfying certain
work programmes.
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:
http://altus-strategies.com/site/assets/files/4574/altus_nr_-_zager_03_june_2019.pdf
-- Location of the Zager licence on the Arabian Nubian Shield is shown in Figure 1.
-- Location of the Zager licence in northern Ethiopia is shown in Figure 2.
-- The geology of the Zager licence is shown in Figure 3.
-- Satellite imagery showing artisanal workings at Zager is shown in Figure 4.
-- A selection of project photos are shown in Figure 5.
Zager: Location
The Zager exploration licence is held by Altau Resources Ltd,
the Company's 100% owned Ethiopia focused subsidiary. The Licence
is located in the Semien Mi'irabawi Zone of Tigray in northern
Ethiopia, approximately 175km northwest of the Tigray state capital
of Mekele and 610km north of Ethiopia's capital, Addis Ababa. The
Licence is accessed by a network of maintained surfaced and graded
roads and is crossed by a high voltage hydroelectric power line.
The town of Shire which has a population of 71,000 and a regional
airport offering daily flights to Addis Ababa is located 30km to
the southeast. A railway is being planned to connect Shire with the
Red Sea port of Tadjoura in Djibouti.
Zager: Geological Setting
The Zager licence is situated within the Neo-Proterozoic Nakfa
terrane of the Arabian Nubian Shield, a highly prospective mobile
belt of metasedimentary and metavolcanic rocks which stretches
across northern and western Ethiopia, Eritrea, Sudan, Egypt and
across the western Gulf. Zager hosts a 27km long mafic and
ultramafic belt, interpreted to be an ophiolite complex of ancient
oceanic crust and seafloor sediments, deposited in an island arc
setting. These rocks are intruded by the Debri granitoid and the
Imba Tsewa gabbroic complex.
The Nakfa terrane hosts a number of significant VMS base metal
and gold deposits and mines. These include Bisha, a polymetallic
mine operated by Zijin Mining Group Co. Ltd. 136km northwest of
Zager, the Asmara project being advanced by Sichuan Road &
Bridge Mining Investment Corp Ltd 125km northeast of Zager and the
Harvest and Adyabo projects, being advanced by East Africa Metals
Inc. (TSX-V:EAM) 10km south and east of Zager.
Qualified Person
The technical disclosure in this regulatory announcement has
been read and approved by Steven Poulton, Chief Executive of Altus.
He has not verified the historical data disclosed in this
regulatory announcement but has no reason to question its accuracy.
A graduate of the University of Southampton in Geology (Hons),
Steven Poulton 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 National Instrument 43-101
Standards of Disclosure of Mineral Projects of the Canadian
Securities Administrators.
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 511 767
Steven Poulton, Chief Executive E: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Soltan Tagiev
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Richard Parlons / Jonathan Williams
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed
royalty and project generator in the mining sector with a focus on
Africa. Our team creates value by making mineral discoveries across
multiple licences. We enter joint ventures with respected groups
and our partners earn interest in these discoveries by advancing
them toward production. Project milestone payments we receive are
reinvested to extend our portfolio, accelerating our growth. The
portfolio model reduces risk as our interests are diversified by
commodity and by country. The royalties generated from our
portfolio of projects are designed to yield sustainable long term
income. We engage constructively with all our stakeholders, working
diligently to minimise our environmental impact and to promote
positive economic and social outcomes in the communities where we
operate.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking
information. 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 news
release.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Glossary of Terms
"Au" means gold
"Cu" means copper
"km" means kilometre
"VMS" means volcanogenic massive sulphide
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END
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