TIDMALS
RNS Number : 3546K
Altus Strategies PLC
01 September 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
01 September 2021
Altus Strategies Plc
("Altus" or the "Company")
New Parallel Gold Zone Confirmed at Tabakorole JV Project,
Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces that drilling has confirmed the discovery of a
significant new parallel zone of gold mineralisation ("Parallel
Zone") 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") under its
JV with Altus. The current drilling programme is designed to test
the potential to expand the Tabakorole deposit on which a Mineral
Resource Estimate ("MRE") has been modelled.
Highlights:
-- Further highly encouraging drilling results from the Tabakorole gold project in southern Mali
-- Results from 8 diamond drill ("DD") holes (1,296m) from Northwest Zone and Parallel Zone
-- Multiple, shallow and high-grade intersections include (not true width of intervals):
o Northwest Zone: 3.6 g/t gold ("Au") over 16.5m from 3.2m
o Parallel Zone: 2.4 g/t Au over 24m from 35m & 1.5 g/t Au
over 20.6m from 26.4m
-- Parallel Zone is outside of deposit and remains open beyond 120m strike and at depth
-- Results are expected to increase the volume and grade of the MRE
-- Upgraded MRE for Tabakorole expected to be prepared in September 2021
-- Tabakorole hosts a mineral deposit for which an 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
-- Altus holds 49% of the Project and a 2.5% NSR royalty on Tabakorole gold production
Steven Poulton, Chief Executive of Altus, commented:
"The discovery of this parallel, shallow and high-grade gold
zone has significant implications for the potential of the
Tabakorole gold project in southern Mali. Drilling results of 2.4
g/t Au over 24m from 35m depth in the Parallel Zone and 3.6 g/t Au
over 16.5m from 3.2m depth from the Northwest Zone are excellent.
Marvel Gold, our ASX-listed JV partner, has been aggressively
advancing Tabakorole through its drilling programmes in 2021. These
programmes have successfully extended the deposit's strike length
to the northwest and southeast and intersected new shallow and
high-grade mineralisation outside of the current deposit model. The
results are anticipated to contribute to an updated Mineral
Resource Estimate, expected later this month. We look forward to
updating shareholders on the results of this work in due
course."
Results from drilling programmes
Marvel have recently completed 3,240m of DD designed to expand
the current MRE in the Northwest Zone, define the Parallel Zone and
as previously reported, infill the Central Zone. The targets in the
Northwest Zone were designed to follow up on Reverse Circulation
("RC") drill results from earlier in the year, which included 2.0
g/t Au over 16m from 75m and 5.8 g/t Au over 6m from 61m. The best
new intersection from the current DD programme in the Northwest
Zone is 3.6 g/t Au over 16.5m from 3.2m. Previous drilling in the
Northwest Zone indicated the likelihood that the Parallel Zone
existed. Drilling in the current programme has confirmed the
presence of this new zone with results including 2.4 g/t Au over
24m from 35m and in the adjacent section 1.5 g/t Au over 21m from
26m (up dip from 2.0 g/t Au over 16m). The Parallel Zone is
currently 120m long and remains open along strike and at depth. A
summary of the results from the current drilling programme is set
out in Table 1 below.
MRE to be updated
A total of 4,140m of DD and 5,400m of RC drilling has been
undertaken by Marvel in 2021. The results of these programmes will
feed into an updated resource statement (in accordance with the
JORC code), which is expected to be completed in late September
2021. Key highlights from the 2021 drilling programmes are:
-- Northwest Zone: Potential increase in strike length by 150m
with potential improvement of grade in this zone;
-- Parallel Zone: Discovery of shallow, high-grade
mineralisation outside of the existing deposit;
-- Central Zone: Discovery of further mineralisation outside of
the existing deposit with potential improvement of grade in this
zone; and
-- Southeast Zone: Potential increase in strike length by 150m.
With the strike length of the deposit increased by a total of
300m (to 3.2km) to the southeast and northwest, and with multiple
shallow intercepts having been made outside of the previously
modelled deposit, the updated MRE is expected to see enhancements
to both the volume and grade of the deposit.
Table 1. Significant drilling intersections from current
drilling programme
End of
From To Intersection Grade Hole
Hole ID (m) (m) (m) (g/t Au) Summary (m)
21.0m at 0.9
21TBKDD017 4.7 25.7 21.0 0.9 g/t 185.3
----- ------ ------------- ---------- ------------- -------
6.6m at 1.6
31.7 38.3 6.6 1.6 g/t
----- ------ ------------- ---------- ------------- -------
16.5m at 3.6
21TBKDD018 3.2 19.7 16.5 3.6 g/t 180.0
----- ------ ------------- ---------- ------------- -------
3.0m at 0.6
96.0 99.0 3.0 0.6 g/t
----- ------ ------------- ---------- ------------- -------
6.0m at 1.0
107 113.0 6.0 1.0 g/t
----- ------ ------------- ---------- ------------- -------
12.0m at 1.4
21TBKDD019 9.0 21.0 12.0 1.4 g/t 154.2
----- ------ ------------- ---------- ------------- -------
4.0m at 0.9
90.0 94.0 4.0 0.9 g/t
----- ------ ------------- ---------- ------------- -------
20.6m at 1.5
21TBKDD020 26.4 47.0 20.6 1.5 g/t 102.2
----- ------ ------------- ---------- ------------- -------
24.0m at 2.4
21TBKDD021 35.0 59.0 24.0 2.4 g/t 159.6
----- ------ ------------- ---------- ------------- -------
14.1m at 1.5
21TBKDD022 19.9 34.0 14.1 1.5 g/t 153.2
----- ------ ------------- ---------- ------------- -------
14.0m at 1.0
41.0 55.0 14.0 1.0 g/t
----- ------ ------------- ---------- ------------- -------
4.0m at 0.8
87.0 91.0 4.0 0.8 g/t
----- ------ ------------- ---------- ------------- -------
21TBKDD023 0.0 181.0 No significant intercept 181.0
----- ------ ---------------------------------------- -------
5.0m at 1
21TBKDD024 27.0 32.0 5.0 1.0 g/t 180.6
----- ------ ------------- ---------- ------------- -------
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 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 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 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 has currently earned a
51% interest in the Project.
The following figures 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/5349/altus_nr_-_tabakorole-_01_sept_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 Northwest Zone at Tabakorole are shown in Figure 3.
-- Cross-section (21TBKDD020) of Parallel Zone at Tabakorole is shown in Figure 4.
-- Summary plan of 2021 drilling results at Tabakorole 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
Plc, LSE and 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 down-dip 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 holds a 51% equity interest
in the Project.
3. Marvel is the operator of the JV.
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-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 differentiated approach
of generating royalties on its own discoveries in Africa and
acquiring royalties globally 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
"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
"Oz" means ounces
"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
****
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