TIDMALS
RNS Number : 2773O
Altus Strategies PLC
07 October 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
07 October 2021
Altus Strategies Plc
("Altus" or the "Company")
Drilling Underway at Diba Gold Project, Western Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces that a 10,000m Reverse Circulation ("RC") and 1,300m
Diamond Drilling ("DD") programme is underway at the Company's 100%
owned Diba gold project ("Diba" or the "Project") in western Mali.
Diba hosts a shallow-dipping, near-surface gold deposit (the "Diba
Deposit") and a number of other prospective targets.
Highlights:
-- Combined 11,300m DD & RC drilling programme at the Diba gold project in western Mali
-- Previous intersections from the Diba Deposit include (down-the-hole and not true widths):
o 3.34 grams per tonne ("g/t") gold ("Au") over 60m from 17m
o 8.50 g/t Au over 24m from 20m (including 26.45 g/t Au over
7m)
o 43.83 g/t Au over 5m from surface
-- Results returned from Diba NW prospect, where previous
intersections include (down-the-hole and not true widths):
o 1.45 g/t Au over 22m from 55m
o 1.87 g/t Au over 10m from 8m
-- Drilling programme designed to:
o expand the current Mineral Resource Estimate ("MRE") of the
Diba deposit
o test the strike and down dip potential of the Diba NW
discovery
o test the extent of the high-grade zone within the Diba
deposit
-- Additional 7,500m Air Core ("AC") drilling programme to test undrilled satellite targets
-- 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 that drilling has recommenced at the
Diba gold project in western Mali, following the end of the rainy
season. A significant 11,300m combined DD and RC programme is now
underway, which is being supplemented by up to 7,500m of AC
drilling. The drilling programme has been designed to expand and
infill the existing Diba Deposit and define a maiden resource at
the 900m-long Diba NW discovery. The AC programme will be used to
test numerous, as yet undrilled, satellite targets which are
proximal to the Diba Deposit.
"Recent drilling from Diba NW has established a series of
consistent shallow-dipping zones of gold mineralisation. Previous
exploration drilling at Diba NW has returned an intersection of
1.45 g/t Au over 22m from 55m. The programme at Diba NW will focus
on testing potential extensions to the mineralisation along strike
and down dip, culminating in the completion of a maiden resource
estimate for the prospect. We look forward to updating shareholders
on the results of this programme when they are received."
Diba Project: Drilling Programme
The drilling programmes are being undertaken by Capital Drilling
Limited and comprise approximately nine DD holes to an average
depth of 150m for a total of approximately 1,300m and approximately
60 RC drill holes to an average depth of 150m for approximately
10,000m.
The DD programme will primarily test the extent of the
high-grade zone within the current MRE as well as the down-dip
extension of mineralised lenses. In addition, the DD programme will
produce orientated core to enable a better structural understanding
of the Diba Deposit, and density measurement will increase
knowledge of variations between the oxide, transitional and fresh
rock domains.
The RC programme will primarily target expansion of the known
lenses of mineralisation at both the Diba deposit and Diba NW
prospect. The holes will target the along strike and down-dip
extension to previously defined mineralisation. In addition, drill
holes will test the potential for further lenses of mineralisation
to occur beneath the currently modelled lenses.
Diba NW: RC Drilling Results
Assay results for the final 11 RC drill holes (totalling 1,769m)
which were completed at the Diba NW prospect before the rainy
season have been received and are summarised in Table 1 below. The
holes were drilled at -60 degrees inclination and ranged between
78m to 138m in length. The drilling was orientated perpendicular to
the interpreted structural orientation of the Diba NW prospect.
Table 1: Diba drill intersections from current programme
Intersection Grade (g/t
Hole ID Prospect From (m) To (m) (m) Au)
21KSRC-115 Diba NW 28.00 29.00 1.00 0.65
---------- --------- ------- ------------- -----------
21KSRC-115 35.00 51.00 16.00 0.78
--------- ------- ------------- -----------
21KSRC-115 56.00 66.00 10.00 1.09
--------- ------- ------------- -----------
21KSRC-115 87.00 88.00 1.00 1.08
--------- ------- ------------- -----------
21KSRC-115 98.00 99.00 1.00 0.76
--------- ------- ------------- -----------
21KSRC-115 128.00 130.00 2.00 0.45
--------- ------- ------------- -----------
21KSRC-116 Diba NW 3.00 5.00 2.00 1.08
---------- --------- ------- ------------- -----------
21KSRC-116 9.00 10.00 1.00 0.64
--------- ------- ------------- -----------
21KSRC-116 35.00 36.00 1.00 0.83
--------- ------- ------------- -----------
21KSRC-116 66.00 69.00 3.00 0.93
--------- ------- ------------- -----------
21KSRC-117 Diba NW 39.00 43.00 4.00 0.67
---------- --------- ------- ------------- -----------
21KSRC-117 60.00 62.00 2.00 0.58
--------- ------- ------------- -----------
21KSRC-117 81.00 82.00 1.00 0.82
--------- ------- ------------- -----------
21KSRC-118 Diba NW 69.00 80.00 11.00 0.65
---------- --------- ------- ------------- -----------
Including: 73.00 76.00 3.00 1.57
--------- ------- ------------- -----------
21KSRC-118 85.00 95.00 10.00 0.79
--------- ------- ------------- -----------
Including: 90.00 95.00 5.00 1.07
--------- ------- ------------- -----------
21KSRC-119 Diba NW 14.00 18.00 4.00 0.61
---------- --------- ------- ------------- -----------
21KSRC-119 23.00 27.00 4.00 1.22
--------- ------- ------------- -----------
21KSRC-119 35.00 47.00 12.00 0.91
--------- ------- ------------- -----------
Including: 44.00 47.00 3.00 1.57
--------- ------- ------------- -----------
21KSRC-119 62.00 63.00 1.00 0.68
--------- ------- ------------- -----------
21KSRC-119 99.00 100.00 1.00 2.29
--------- ------- ------------- -----------
21KSRC-120 Diba NW 75.00 76.00 1.00 0.64
---------- --------- ------- ------------- -----------
21KSRC-120 89.00 94.00 5.00 0.57
--------- ------- ------------- -----------
21KSRC-121 Diba NW 50.00 51.00 1.00 0.71
---------- --------- ------- ------------- -----------
21KSRC-121 62.00 63.00 1.00 0.96
--------- ------- ------------- -----------
21KSRC-121 75.00 76.00 1.00 0.90
--------- ------- ------------- -----------
21KSRC-121 108.00 109.00 1.00 0.60
--------- ------- ------------- -----------
21KSRC-122 Diba NW 36.00 37.00 1.00 0.53
---------- --------- ------- ------------- -----------
21KSRC-122 102.00 104.00 2.00 0.55
--------- ------- ------------- -----------
21KSRC-130 Diba NW 61.00 68.00 7.00 0.73
---------- --------- ------- ------------- -----------
21KSRC-131 Diba NW No significant intersections
---------- ----------------------------------------------
21KSRC-132 Diba NW 10.00 11.00 1.00 0.57
---------- --------- ------- ------------- -----------
21KSRC-132 48.00 49.00 1.00 0.61
--------- ------- ------------- -----------
21KSRC-132 57.00 58.00 1.00 0.61
--------- ------- ------------- -----------
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 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/5372/altus_nr_-_diba-_07_oct_2021.pdf
-- Location of the Diba gold project in western Mali is shown in Figure 1.
-- Plan of drill holes with assay results returned from Diba Deposit is shown in Figure 2.
-- Plan of Diba Deposit and Diba NW Prospect is shown in Figure 3.
-- Selection of photos from the latest drilling programme is shown in Figure 4.
Diba Project: Location
The 81km(2) Diba project (Korali Sud licence) 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 contiguous with the Sadiola permit on its
northern and eastern boundaries. Mineralisation hosted on these
properties is not necessarily indicative of mineralisation hosted
at Diba.
Diba Mineral Resource Estimate
Diba hosts a deposit for which 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 has been made, as set out in Table 2.
The MRE was previously reported by the Company on 6 July 2020 (see
Altus' news release titled "Significant Gold Resource at Diba
Project, Western Mali"). The Diba Deposit remains open down
dip.
Table 2: Diba Mineral Resource Estimate
Domain Indicated Inferred
Tonnes Grade Contained Tonnes Grade Contained
(t) (g/t) gold (t) (g/t) gold
(oz) (oz)
------------ --------- ------------ ------------ --------- ------------
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:
-- The MRE has an effective date of 6 July 2020.
-- 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.
-- Mineral Resources are reported within a pit shell and are
reported to a base-case cut-off grade of 0.5 g/t gold.
-- The quantity and grade of Inferred Resources in the MRE are
uncertain in nature and there has been insufficient exploration to
define these Inferred Resources as an Indicated or Measured
Resource and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured Resource category.
-- Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The MRE may be materially affected
by environmental, permitting, legal, marketing, or other relevant
issues.
-- All tonnages reported are dry metric tonnes. Minor
discrepancies may occur due to rounding to appropriate significant
figures.
-- Tonnages are rounded to 1,000t and gold to 1,000oz as this is an estimate .
-- Altus is the operator and 100% owner of Diba .
Diba Deposit: Geology and Mineralisation
Mineralisation at Diba 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 the Diba
deposit is predominantly found in saprolite within 50m of surface
and across a compact 700m x 700m area.
QAQC
All drilling samples are collected by the Company 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. RC samples are
collected at 1m intervals with representative samples split at the
site. Half core DD samples are collected at between 0.5 and 1.5m
intervals based on lithological and mineralisation boundaries.
Samples from Diba are sent for analysis at SGS SARL (Bamako, Mali)
by fire assay technique FAE505. All standard, blanks and duplicates
from results discussed in this release 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-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
"AC" means air core
"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
"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
"QAQC" means Quality Assurance Quality Control
"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
"t" means a metric tonne
**END**
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