TIDMALS
RNS Number : 8402M
Altus Strategies PLC
26 January 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
26 January 2021
Altus Strategies Plc
("Altus" or the "Company")
Further High Grade Gold Intercepts from Drilling at Diba
Project, Western Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces further encouraging results from the recently completed
10,308m Reverse Circulation ("RC") drilling programme at its 100%
owned Diba gold project ("Diba" or the "Project") located in
western Mali. Diba hosts a shallow-dipping, near-surface gold
deposit (the "Diba Deposit") and several other prospect areas.
Highlights:
-- Completion of 10,308m RC drilling programme at Diba gold project in western Mali
-- Further encouraging intersections from Diba Deposit,
including (intersections are down-the-hole and not true
widths):
o 43.83 g/t Au over 5m from surface
o 11.03 g/t Au over 3m from 37m
o 2.11 g/t Au over 14m from 21m
-- Diba Deposit extended by 100m to the west with near surface lenses intersected
-- Approximately 25% of the assay results from the drilling programme are pending
-- Follow up drilling at the Diba Deposit and other prospects is being planned
-- The current Mineral Resource Estimate ("MRE") for the Diba
Deposit (See Mineral Resource Update following, and Altus' news
release dated 08 July 2020 titled "Significant Gold Resource at
Diba Project, Western Mali") comprises:
o 4,834,000 tonnes at 1.39 g/t Au for 217,000 ounces in the
Indicated category
o 5,479,000 tonnes at 1.06 g/t Au for 187,000 ounces in the
Inferred category
-- Diba is strategically located in a world-famous gold belt that hosts numerous open pit mines
Steven Poulton, Chief Executive of Altus, commented:
"We are delighted to report on further highly encouraging
results from the recently completed 10,308m RC drilling programme
at the Diba gold deposit in western Mali. The results include 43.83
g/t Au over 5m from surface, from a drill hole designed to test a
modelled northeast trending high-grade zone. We are also encouraged
by intercepts outside the current MRE envelope, including 11.03 g/t
Au over 3m from 37m, which may potentially extend the mineralised
zone by approximately 100m to the west.
"Results are currently pending from 33 holes that have been
drilled at a number of prospects outside of the current MRE. Our
technical team is reviewing the data received to date and planning
a ground magnetic survey which will commence shortly and be used to
guide the next phase of drilling. We look forward to updating
shareholders in due course."
Diba Project: Drilling Programme
The RC drilling programme was completed by Capital Drilling
Limited and comprises a total of 10,308m over 114 holes. A total of
4,932m was drilled (over 57 holes) in and around the Diba Deposit
testing potential up dip, down dip and along strike extensions, as
well as infilling areas within the MRE envelope to increase the
resource confidence. A further 5,376m was drilled to test a number
of prospects located within 3km of the Diba Deposit. All the drill
holes were drilled at -60 degrees inclination and ranged between
50m to 270m in length. Drilling has been orientated perpendicular
to the strike of the Diba Deposit and the interpreted structural
orientation of the target areas.
The assay results for 30 holes (2,572m) reported in this news
release are summarised in Table 1 below. Assay results for the
first 51 holes (4,886m) of this drilling programme were reported by
the Company on 07 January 2021 (see Altus' news release titled
"Broad High Grade Gold Intercepts from Drilling at Diba Project,
Western Mali" (
https://www.altus-strategies.com/news/exceptional-intersection-of-3.34-g-t-gold-over-60m-at-diba-project-western-mali/
).
The programme was designed to:
-- Testing potential extensions of the Diba MRE envelope
-- Increase the resource confidence of the MRE including the NE trending high grade zone
-- Test the potential for mineralisation at five surrounding
prospects within 3km of that part of the Diba Deposit subject to
the MRE
-- Provide QAQC support for the Diba Deposit model
Testing potential extensions of the Diba MRE envelope
Drilling was undertaken along strike (to the north and south),
down-dip (to the east) and also targeted the potential for new
lenses to the west. A total of 4,979m of drilling over 58 holes has
been completed within the Diba Deposit. Assay results from 11 holes
for 852m of drilling are reported in this release.
The results received to date confirm the discovery of a new zone
of mineralisation, which may potentially extend the Diba Deposit by
approximately 100m to the west, including (intersections are
down-the-hole and not true widths):
-- 11.03 g/t Au over 3m from 37m down hole (20KSRC-053)
-- 1.21 g/t Au over 8m from 10m down hole (20KSRC-052)
-- 1.05 g/t Au over 13m from 25m down hole (20KRC-003) (previously reported)
Increase the resource confidence of the MRE including the NE
trending high-grade zone
A total of 1,984m of drilling has been completed in 22 holes
within that part of the Diba Deposit subject to the MRE,
particularly targeting the interpreted high-grade northeast
trending zone. Assay results from 10 holes are reported in this
news release.
The further results provide additional confirmation of the
high-grade and near surface mineralisation, including
(intersections are down-the-hole and not true widths):
-- 3.21 g/t Au over 3m from 5m down hole (20KSRC-066)
-- 43.83 g/t Au over 5m from surface (20KSRC-067)
-- 2.13 g/t Au over 6m from 25 m downhole (20KSRC-069)
-- 2.11 g/t Au over 14m from 21m downhole (20KSRC-072)
-- 2.32 g/t Au over 5m from 12m downhole (20KSRC-073)
Test the potential for mineralisation at five surrounding
prospects within 3km of the MRE
A total of 5,375m of reconnaissance drilling has been completed
in 57 holes across five target areas outside of the main Diba
Deposit. The prospects tested were Diba NW (40 holes for 3,725m),
Central Plateau (5 holes for 400m), Diba Southwest & Twin
Plateau (10 holes for 1,050m) and Diba East Plateau (2 holes for
200m). Assay results for a further 9 holes have been received from
outside of the Diba Deposit and these are summarised in Table 1,
along with the results of 21 holes in the Diba Deposit which have
not previously been reported. The results of 31 holes from outside
of the Diba Deposit were reported by the Company on 07 January
2021. Assay results for 17 holes from outside of the Diba Deposit
are still pending and therefore have not yet been released. The
priority holes planned for the Diba Southwest prospect were not
drilled due to poor access for the drill rig. The remaining holes
will be completed in the next phase of drilling.
Planning for a ground magnetic survey is being undertaken by the
Company, the results of which will be used to guide the next phase
of drilling outside of the Diba Deposit, on existing as well as new
prospect areas.
Provide QAQC support for the Diba Deposit model
A number of holes were planned proximal to historic holes to
validate previous assay results and intersections in the Diba
Deposit model. Four holes were drilled and assay results have been
received from one hole to date (as previously reported).
Table 1: Diba drill intersections from current programme
Location Hole ID From To Intersection Grade
(m) (m) (m) (g/t
Au)
Diba Deposit
(within MRE) 20KSRC-066 5.00 8.00 3.00 3.21
------------ ------ ------ ------------- ------
43.00 44.00 1.00 1.10
-------------------------------- ------ ------ ------------- ------
75.00 77.00 2.00 0.68
-------------------------------- ------ ------ ------------- ------
20KSRC-067 0.00 5.00 5.00 43.83
-------------------------------- ------ ------ ------------- ------
33.00 34.00 1.00 1.83
-------------------------------- ------ ------ ------------- ------
49.00 59.00 10.00 0.72
-------------------------------- ------ ------ ------------- ------
20KSRC-068 14.00 15.00 1.00 1.54
-------------------------------- ------ ------ ------------- ------
69.00 70.00 1.00 9.81
-------------------------------- ------ ------ ------------- ------
20KSRC-069 15.00 18.00 3.00 2.04
-------------------------------- ------ ------ ------------- ------
25.00 31.00 6.00 2.13
-------------------------------- ------ ------ ------------- ------
41.00 44.00 3.00 0.64
-------------------------------- ------ ------ ------------- ------
20KSRC-070 41.00 46.00 5.00 0.56
-------------------------------- ------ ------ ------------- ------
64.00 65.00 1.00 0.67
-------------------------------- ------ ------ ------------- ------
20KSRC-071 11.00 15.00 4.00 0.66
-------------------------------- ------ ------ ------------- ------
25.00 26.00 1.00 0.67
-------------------------------- ------ ------ ------------- ------
20KSRC-072 21.00 35.00 14.00 2.11
-------------------------------- ------ ------ ------------- ------
39.00 48.00 9.00 1.98
-------------------------------- ------ ------ ------------- ------
52.00 53.00 1.00 1.23
------ ------ ------------- ------
58.00 67.00 9.00 1.84
-------------------------------- ------ ------ ------------- ------
20KSRC-073 4.00 5.00 1.00 10.30
-------------------------------- ------ ------ ------------- ------
12.00 17.00 5.00 2.32
-------------------------------- ------ ------ ------------- ------
25.00 32.00 7.00 0.81
------ ------ ------------- ------
39.00 46.00 7.00 0.80
-------------------------------- ------ ------ ------------- ------
20KSRC-074 2.00 3.00 1.00 4.52
-------------------------------- ------ ------ ------------- ------
39.00 45.00 6.00 0.74
-------------------------------- ------ ------ ------------- ------
50.00 58.00 8.00 0.73
-------------------------------- ------ ------ ------------- ------
20KSRC-078 46.00 47.00 1.00 2.12
-------------------------------- ------ ------ ------------- ------
56.00 57.00 1.00 0.89
-------------------------------- ------ ------ ------------- ------
82.00 83.00 1.00 0.50
------ ------ ------------- ------
91.00 93.00 2.00 0.58
-------------------------------- ------ ------ ------------- ------
Diba Deposit
(outside MRE) 20KSRC-052 10.00 18.00 8.00 1.21
------------ ------ ------ ------------- ------
20KSRC-053 28.00 30.00 2.00 1.58
-------------------------------- ------ ------ ------------- ------
37.00 40.00 3.00 11.03
-------------------------------- ------ ------ ------------- ------
67.00 68.00 1.00 0.51
------ ------ ------------- ------
76.00 77.00 1.00 0.61
-------------------------------- ------ ------ ------------- ------
20KSRC-054 15.00 18.00 3.00 1.83
-------------------------------- ------ ------ ------------- ------
20KSRC-058 51.00 54.00 3.00 1.33
-------------------------------- ------ ------ ------------- ------
20KSRC-059 No significant result
------------ -------------------------------------
20KSRC-060 No significant result
------------ -------------------------------------
20KSRC-061 80.00 81.00 1.00 0.84
-------------------------------- ------ ------ ------------- ------
20KSRC-062 No significant result
------------ -------------------------------------
20KSRC-065 20.00 21.00 1.00 1.27
-------------------------------- ------ ------ ------------- ------
25.00 26.00 1.00 0.56
-------------------------------- ------ ------ ------------- ------
20KSRC-075 No significant result
------------ -------------------------------------
20KSRC-079 21.00 24.00 3.00 0.61
-------------------------------- ------ ------ ------------- ------
Diba Southwest 20KSRC-055 No significant result
Prospect
------------ -------------------------------------
20KSRC-056 No significant result
-------------------------------- -------------------------------------
20KSRC-057 No significant result
-------------------------------- -------------------------------------
20KSRC-080 No significant result
-------------------------------- -------------------------------------
20KSRC-081 No significant result
-------------------------------- -------------------------------------
Diba Twin 20KSRC-063 No significant result
Plateau Prospect
------------ -------------------------------------
20KSRC-064 No significant result
-------------------------------- -------------------------------------
Diba Eastern 20KSRC-076 No significant result
Plateau Prospect
------------ -------------------------------------
20KSRC-077 No significant result
-------------------------------- -------------------------------------
Notes:
1. Intersections based on 0.5 g/t Au cut off and <= 3m consecutive internal waste
2. Intersections are down-the-hole and do not represent true widths of mineralisation
3. No grade capping has been applied
4. Estimated true widths for the holes is from 75% to 100% of the intercept width
Illustrations
The following illustrations have been prepared and relate to the
disclosure 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/5001/altus_nr_-_diba_26_jan_2021.pdf
-- Location of the Diba project in western Mali is shown in Figure 1.
-- Location of Diba Deposit and satellite prospects is shown in Figure 2.
-- Plan of drill holes with assay results returned from Diba MRE is shown in Figure 3.
-- Cross section of drill holes within the Diba MRE area is shown in Figure 4.
-- A selection of photos of drilling at the Diba Project is shown in Figure 5
Mineral Resource Update
The Company intends to incorporate the results from the current
drill programme when all have been received and compiled into an
updated MRE for the Diba Deposit. Diba currently hosts an MRE of
217,000 ounces at 1.39 g/t Au (Indicated) and 187,000 ounces at
1.06 g/t Au (Inferred) in both oxide and fresh domains as set out
in Table 2. The MRE was previously reported by the Company on 06
July 2020 (see Altus' news release titled "Significant Gold
Resource at Diba Project, Western Mali").
Table 2: Diba Mineral Resource Estimate
Domain Indicated Inferred
Tonnes Grade (g/t) Contained gold Tonnes Grade Contained gold (oz)
(t) (oz) (t) (g/t)
---------- ------------ --------------- ---------- ------- --------------------
OXIDE 3,900,000 1.46 183,100 939,000 1.10 33,200
---------- ------------ --------------- ---------- ------- --------------------
FRESH 934,000 1.12 33,600 4,540,000 1.05 153,300
---------- ------------ --------------- ---------- ------- --------------------
Total 4,834,000 1.39 217,000 5,479,000 1.06 187,000
---------- ------------ --------------- ---------- ------- --------------------
Notes:
(1) The MRE has an effective date of 06 July 2020.
(2) The Mineral Resources in the MRE are classified according to
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
"Estimation of Mineral Resources and Mineral Reserves Best Practice
Guidelines" dated 29 November 2019 and CIM "Definition Standards
for Mineral Resources and Mineral Reserves" dated 10 May 2014.
(3) Mineral Resources are reported within a pit shell and are
reported to a base-case cut-off grade of 0.5 g/t Au.
(4) The quantity and grade of reported Inferred Resources in
this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred Resources as an
Indicated or Measured Mineral Resource and it is uncertain if
further exploration will result in upgrading them to an Indicated
or Measured Mineral Resource category.
(5) Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
marketing, or other relevant issues.
(6) All tonnages reported are dry metric tonnes. Minor
discrepancies may occur due to rounding to appropriate significant
figures.
(7) Tonnages are rounded to 1,000t and gold to 1,000oz as this is an estimate.
Diba Project: Location
The 81km(2) Diba (Korali Sud licence) project is located in the
Kayes region of western Mali, approximately 450km northwest of the
capital city of Bamako. The Project sits 5km west of the Company's
Lakanfla gold project, which is under joint venture with ASX listed
Marvel Gold Limited and approximately 13km south of the
multi-million ounce Sadiola gold mine and 35km south of the
multi-million ounce Yatela former gold mine, both owned by Allied
Gold Corp. Diba is bounded by the Sadiola permit on its northern
and eastern boundaries. Mineralisation hosted on these properties
is not necessarily indicative of mineralisation hosted at Diba.
Diba Project: Geology and Mineralisation
Mineralisation at the Diba project is sediment-hosted within a
series of stacked lenses, typically between 20m and 40m thick. The
lenses are shallow-dipping at approximately 30 degrees angled to
the east/east-southeast. The Diba Deposit is considered to be
controlled by a number of northwest and northeast orientated
structures, with gold occurring as fine-grained disseminations in
localised high-grade calcite-quartz veinlets. Alteration at Diba is
typically albite-hematite+/-pyrite, although pyrite content is
generally very low (<1 %). The weathering profile at the Project
is estimated to be up to 70m vertical depth, resulting in extensive
oxidation from surface. The oxide gold mineralisation at Diba is
predominantly found in saprolite within 50m of surface and across a
compact 700m x 700m area.
QAQC
All RC samples were collected following industry best practices
with an appropriate number and type of certified reference
materials (standards), blanks and duplicates inserted to ensure an
effective QAQC regime. Samples were collected at 1m sample
intervals and a representative sample was split at the site and
sent for analysis at SGS SARL (Bamako, Mali) by fire assay
technique FAE505. All standard, blanks and duplicates have been
reviewed and no significant issues with the data have been
identified.
Qualified Person
The technical disclosure in this regulatory 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: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Adam Cowl
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Abigail Wayne / Richard Parlons
Yellow Jersey PR (Financial PR & IR) Tel: +44 (0) 20 3004 9512
Georgia Colkin / Charles Goodwin / Henry E: altus@yellowjerseypr.com
Wilkinson
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
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 ("MAR") until the release of this
announcement.
Glossary of Terms
The following is a glossary of technical terms:
"Au" means gold
"CIM" means the Canadian Institute of Mining, Metallurgy and
Petroleum
"g" means grams
"g/t" means grams per tonne
"grade(s)" means the quantity of ore or metal in a specified
quantity of rock
"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
"RC" means Reverse Circulation drilling
"t" means a metric tonne
**END**
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