TIDMALS
RNS Number : 5904E
Altus Strategies PLC
08 July 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
08 July 2021
Altus Strategies Plc
("Altus" or the "Company")
Encouraging Drilling Results from Tabakorole Gold Project,
Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces further encouraging drilling results from its Joint
Venture ("JV") 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:
-- Further encouraging drilling results from the Tabakorole gold project in southern Mali
-- 19 hole diamond drilling ("DD") programme, totalling 3,400m, is underway
-- Results from first 6 holes received to date for 1,126m include (not true width of intervals):
o 2.0 g/t gold ("Au") over 13m from 174m
o 3.9 g/t Au over 4m from 110m
o 2.8 g/t Au over 4m from 29m
-- 177 hole air core drilling ("AC") programme completed, totalling 5,148m
-- Results from AC drilling include (not true width of intervals):
o 2.7 g/t over 4m from 20m
o 1.3 g/t Au over 4m from 8m
-- AC holes drilled approximately 3km southeast of the main Tabakorole deposit
-- 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 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:
"We are delighted to announce further drill holes returning
encouraging grades over good widths within the main deposit of the
Tabakorole gold project in southern Mali. Of particular
significance, is the discovery of a new zone of mineralisation 3km
to the southeast of the main deposit. This discovery represents
just one of numerous targets that have been defined to date, based
on soil and geophysical anomalies, and underscores our confidence
that the deposit at Tabakorole will continue to grow. Marvel Gold,
our ASX-listed JV partner, is aggressively advancing the Project
through a number of drilling programmes and these are expected to
contribute to an updated MRE later in the year. We look forward to
keeping shareholders up to date with further results as they are
received."
Update on drill programmes
Marvel Gold expects to have completed approximately 9,000m of DD
and reverse circulation drilling ("RC") at the Project by August
2021. A 3,400m DD programme is currently in process. This programme
is designed to infill mineralisation in the central zone of the
deposit and provide further definition in the northwest zone. Altus
understands that Marvel Gold expects to incorporate the results
from this programme and the previous 5,400m RC drilling and 900m DD
programmes into an updated resource statement (in accordance with
the JORC code) later this year.
Marvel Gold has also completed a 5,148m AC programme, to test
potential extensions to the Tabakorole deposit, as well as
potential satellite targets as defined by historical soil
geochemistry and ground magnetic anomalies. This programme has
confirmed mineralisation approximately 3km southeast of the main
deposit. The area hosts a number of hard rock artisanal gold
workings and a historic drill hole (2005) undertaken by a previous
operator, which intersected 1.2 g/t Au over 12m (not true width of
interval). Results from the AC programme completed by Marvel Gold
include 1.3 g/t Au over 4m at (from 8m) and 2.7g/t Au over 4m (from
20m) with the hole ending in mineralisation (not true width of
intervals). The artisanal workings reinforce the potential
prospectivity of this target. It is also noted that numerous
additional targets exist within the licence that have even stronger
multi-element signatures than this discovery area. Significant
intersections from the current DD and AC programmes are presented
in Table 1 below.
Table 1. Significant AC and DD intersections from current
drilling programmes
From To Intersection Grade
Hole ID (m) (m) (m) (g/t Au) Description
21TBKAC0096 8 12 4 1.3 4m at 1.3g/t
----- ----- ------------- ---------- ---------------
21TBKAC0096 20 24 4 2.7 4m at 2.7g/t
----- ----- ------------- ---------- ---------------
21TBKDD007 49 58 9 0.5 9m at 0.5g/t
----- ----- ------------- ---------- ---------------
21TBKDD007 110 114 4 3.9 4m at 3.9g/t
----- ----- ------------- ---------- ---------------
21TBKDD007 128 134 6 1.1 6m at 1.1g/t
----- ----- ------------- ---------- ---------------
21TBKDD008 10.7 17 6.3 1.7 6.3m at 1.7g/t
----- ----- ------------- ---------- ---------------
21TBKDD008 29 33 4 2.8 4m at 2.8g/t
----- ----- ------------- ---------- ---------------
21TBKDD008 41 46 5 0.7 5m at 0.7g/t
----- ----- ------------- ---------- ---------------
21TBKDD008 56 60 4 0.8 4m at 0.8g/t
----- ----- ------------- ---------- ---------------
21TBKDD008 65 73 8 1 8m at 1g/t
----- ----- ------------- ---------- ---------------
21TBKDD008 105 109 4 0.6 4m at 0.6g/t
----- ----- ------------- ---------- ---------------
21TBKDD009 34 38 4 0.9 4m at 0.9g/t
----- ----- ------------- ---------- ---------------
21TBKDD010 174 187 13 2 13m at 2g/t
----- ----- ------------- ---------- ---------------
21TBKDD011 169 183 14 0.7 14m at 0.7g/t
----- ----- ------------- ---------- ---------------
Notes:
1. Based on 0.5 g/t Au cut off, minimum length of 3m and 5m maximum internal waste
2. Intersections are down-the-hole and do not represent true widths of mineralisation
3. No grade capping has been applied
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/5319/altus_nr_-_tbk-_08_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.
-- Diamond drill results from the 'Central Zone' at Tabakorole are shown in Figure 3.
-- AC results in relation to Tabakorole deposit and regional
multi-element soil geochemistry are shown in Figure 4.
-- A photo of hard rock artisanal workings in vicinity of new AC discovery is shown in Figure 5.
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 2 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 2: 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**
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