TIDMALS
RNS Number : 8816B
Altus Strategies PLC
12 June 2019
Altus Strategies Plc / Index (EPIC): AIM (ALS) & TSX-V
(ALTS) / Sector: Mining
12 June 2019
Altus Strategies Plc
("Altus" or the "Company")
Exploration Update at Daro Copper Gold Project, Northern
Ethiopia
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa
focused project and royalty generator, announces the discovery of a
new gold prospect and positive results from a trial gravity survey
at the Company's 100% owned 412km(2) Daro Cu-Au-Ag Volcanogenic
Massive Sulphide ("VMS") project ("Daro" or the "Project"), located
in the Tigray Regional State of northern Ethiopia.
Highlights:
-- Wedi Keshi gold prospect discovered at the Daro project in northern Ethiopia
-- Rock chip samples include 14.1 g/t Au, 8.5 g/t Au and 7.3 g/t from quartz veins and wall-rock
-- Prospect mapped for 2km along strike and up to 300m in width
-- Numerous artisanal hard rock and alluvial gold workings mapped along margins of prospect
-- Five separate gold & VMS prospects defined to date at the Daro project
-- Reconnaissance ground gravity survey at Teklil prospect confirms VMS potential
-- Simultaneous exploration programmes underway at Daro and recently granted Zager licence
Steven Poulton, Chief Executive of Altus, commented:
"We are pleased to report the discovery of the potentially
significant Wedi Keshi gold prospect at the Daro VMS project in
northern Ethiopia. Gold grades from rock chip sampling of quartz
veins and altered wall rock material include 14.1 g/t Au, 8.5 g/t
Au and 7.3 g/t Au. Wedi Keshi is hosted within a highly altered
quartz-feldspar porphyry intrusion, which was discovered by the
Company's Sentinel remote sensing programme. The prospect has been
mapped for approximately 2km in length and 300m in width. It is
also coincident with a series of discontinuous hard gold workings
and likely represents the primary source for the gold in the
alluvial artisanal workings in the area. Follow up exploration will
include channel and trench sampling, in order to define potential
drill targets.
"Concurrent with the discovery of Wedi Keshi, a reconnaissance
ground gravity survey has been completed along an initial 300m
section of the 2.5km long Teklil VMS prospect at Daro. The survey
identified a potentially significant gravity anomaly adjacent to
key VMS markers, including a gossanous outcrop sample which
returned 6.95% Cu, units with sulphide stockworks and jasperoid.
Ground gravity surveys have proven instrumental in discovering a
number of VMS deposits. These include Bisha, a Cu-Au-Zn mine
operated by Zijin Mining Group Co. Ltd located 190km northwest of
Daro."
An updated technical presentation on the Company's portfolio of
projects in northern Ethiopia has been prepared and can be
downloaded from the following link:
http://altus-strategies.com/site/assets/files/4052/altau_resources_presentation_q2_2019.pdf
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/4578/altus_nr_-_daro_13_june_2019.pdf
-- Location of the Daro licence on the Arabian-Nubian Shield is shown in Figure 1.
-- Geology and prospects at the Daro project are shown in Figure 2.
-- Wedi Keshi prospect rock chip results are shown in Figure 3.
-- Teklil prospect preliminary gravity survey results shown in Figure 4.
-- A selection of project photos is shown in Figure 5.
Wedi Keshi Prospect: Discovery
A Sentinel remote sensing study and subsequent field
verification has discovered a NNE trending kaolinised
quartz-feldspar porphyry intrusion at Wedi Keshi. The prospect has
been mapped for approximately 2km in length and up to 300m wide,
thinning to 100m wide at its southern end. The eastern margin of
the prospect includes a zone of discrete hard rock artisanal gold
workings, approximately 50m wide and characterised by notable
quartz veining within a highly kaolinised wall rock. Assay results
from rock chip sampling of the quartz veins has returned 14.1 g/t
Au, 8.5 g/t Au, 7.3 g/t Au and 5.6 g/t Au. A sample collected from
wall rock around the workings returned 2.6 g/t Au.
Teklil Prospect: Preliminary Gravity Survey
A reconnaissance gravity survey has been completed at the 2.5km
long Teklil prospect. The survey comprised four 600m long lines,
each separated by 100m, with stations located at 25m intervals
along each line. The survey was undertaken and processed by MWH
Geo-Surveys International Inc. of Nevada, USA. Results from the
survey have confirmed the presence of a potentially significant
gravity anomaly at the southern end of the prospect, in the
vicinity of a gossan where previous sampling by the Company retuned
6.59% Cu and 1.06g/t Au. Boudinaged and haematitic jasperoid in the
vicinity is interpreted to be an exhalite chert, indicating a
likely seafloor vent setting which may form a potential cap to a
VMS system. Based on the success of this preliminary programme, the
Company considers that the gravity survey should be extended across
the entire Teklil prospect.
Daro Project: Location
The Daro exploration licence is held by Altau Resources Ltd, the
Company's 100% owned Ethiopia focused subsidiary. The licence is
located in northern Ethiopia, 95km west of the Company's
Tigray-Afar Cu-Ag project and 70km east of the Company's recently
granted Zager project. Daro lies 100km northwest of the Tigray
state capital of Mekele and 570km north of Ethiopia's capital,
Addis Ababa. Mekele has a regional airport as does the nearby town
of Axum, and year-round access to the licence area is provided by a
network of maintained surfaced and graded roads.
Daro Project: Geological setting
The Daro 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. A band of mafic to ultramafic rocks
bisects the licence from southwest to northeast, interpreted to be
an ophiolite complex of ancient oceanic crust and seafloor
sediments, deposited in an island arc setting.
Historical data compilation of Daro, undertaken by the French
governmental Bureau de Recherches Géologiques et Minières ("BRGM"),
has defined a number of marker lithologies and structures that are
considered prospective for VMS deposits. These include the presence
of bimodal volcanics and associated sediments, mafic and ultramafic
lithologies which conform to an ophiolitic sequence, as well as the
presence of extensive chert horizons.
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. 190km northwest of
Daro, the Asmara project being advanced by Sichuan Road &
Bridge Mining Investment Corp Ltd 100km north of Daro and the
Harvest and Adyabo VMS projects, being advanced by East Africa
Metals Inc. (TSX-V:EAM) 35km west of Daro.
Sampling Methodology and analysis
A total of 215 grab samples were collected as rock chips from
outcrop or float from the programmes described in this release. Of
the 215 samples:
-- Silver: 29 of 215 samples assayed above 1 g/t Ag, ranging
from less than 0.5 g/t to 428 g/t Ag
-- Gold: 29 of 215 samples assayed above 0.2 g/t Au, ranging
from less than 0.01 g/t to 14.1 g/t Au
-- Copper: 5 of 215 samples assayed above 0.5% Cu, ranging from trace to 0.85 % Cu
All sample preparation and assaying were undertaken by ALS
Global at its laboratories in Addis Ababa (Ethiopia) and Loughrea
(Republic of Ireland) respectively. Given the early stage nature of
these programmes, no Quality Assurance and Quality Control
("QA-QC") samples have been sent for assay.
Rock samples were crushed with 70% passing -2mm. The less than
2mm fraction was pulverized with 85% of the sample passing <75
microns. The fine fraction of each sample underwent a four-acid
digestion with ICP-AES analysis for a suite of 33 elements. All
samples were analysed for their Au content by 50g Fire Assay
method. Samples with more than 1 g/t Au were resubmitted for Fire
Assay with a gravimetric finish.
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),
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 / James
Husband
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed
project and royalty 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 programs on
schedule and the success of exploration programs. 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
The following is a glossary of technical terms:
"Ag" means silver
"Au" means gold
"Cu" means copper
"Gossan" means an intensely oxidized, weathered or decomposed
rock, potential indicating the upper
and exposed part of an ore deposit or mineral vein
"km" means kilometre
"m" means metre
"Quartz vein" means a fracture which has been filled by quartz
and other minerals which have
crystallised from mineralised fluids
"VMS" means volcanogenic massive sulphide
**END**
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END
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