TIDMALS
RNS Number : 8686Q
Altus Strategies PLC
01 November 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
01 November 2021
Altus Strategies Plc
("Altus" or the "Company")
Drilling Commences at Tabakorole Gold Project, Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the commencement of a combined 35,000m Reverse
Circulation ("RC"), Air Core ("AC"), and auger drilling programme
at the Tabakorole gold project ("Tabakorole" or the "Project")
located in southern Mali. Tabakorole is subject to a Joint Venture
("JV") with Marvel Gold Limited (ASX: MVL) ("Marvel"). 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.
Highlights:
-- Significant drilling programme underway at the Tabakorole gold project in southern Mali
-- 5,000m RC drilling to infill the north-west extension of the
deposit and test priority targets
-- 15,000m AC and 15,000m auger programmes to test additional targets
-- Tabakorole hosts a mineral deposit for which an MRE has been generated comprising:
o 17,300,000 tonnes at 1.2 g/t gold ("Au") for 665,000 ounces in
the Inferred category
o 9,200,000 tonnes at 1.2 g/t Au for 360,000 ounces in the
Indicated category
o 70% of the MRE is situated within 150m of the surface
o MRE remains open in parallel zones and at depth
o Preliminary high metallurgical recoveries indicate simple
processing flowsheet
-- Altus holds 49% of the Project and a 2.5% NSR royalty on Tabakorole gold production
Steven Poulton, Chief Executive of Altus, commented:
"The Tabakorole gold project in southern Mali is being advanced
aggressively by Marvel Gold, our ASX listed JV partner. A combined
35,000m RC, AC and auger drilling programme has commenced to test
the potential north-west extension to the mineral resource area as
well as numerous other targets across the Project.
"Last month we announced that the Tabakorole deposit has grown
to over a million ounces in all categories. Drilling undertaken
this year has continued to demonstrate consistent thicknesses and
grades over the Project's 3.2km strike length and also resulted in
the discovery of two shallow, higher-grade zones of mineralisation
adjacent to the existing deposit. With excellent initial
metallurgical gold recoveries averaging 97%, Tabakorole is shaping
up as a significant potential gold development project in west
Africa with substantial upside. I look forward to updating
shareholders on the outcomes of the current drill programmes in due
course".
Drilling Programmes
The planned 35,000m drilling programme comprises 5,000m of RC
drilling, 15,000m of AC drilling and 15,000m of auger drilling. The
RC drilling is designed to infill the north-west extension at the
Tabakorole deposit, as well as testing a number of priority targets
which are proximal to the deposit (see Figure 3). The AC and auger
programmes are designed to test earlier stage geochemical
anomalies, to generate tighter targets for potential deeper follow
up AC, RC or diamond drilling.
AC and auger drilling are relatively low-cost geochemical
drilling techniques, designed to sample the interface between the
overlying soil horizon and the underlying geology. As such they
represent an important first pass screening tool to test surface
geochemical anomalies. The choice between auger and AC drilling is
typically based on the anticipated depth of cover, as well as the
strength of the corresponding surface geochemical anomaly.
Tabakorole: Mineral Resource Estimate
Tabakorole hosts a deposit for which an MRE of 360,000 ounces at
1.2 g/t Au (Indicated resources) and 665,000 ounces at 1.2 g/t Au
(Inferred resources) in both oxide and fresh domains has been made
as set out in Table 1 and shown in Figure 4. The Project remains
open down-dip and along strike. Currently, 70% of the MRE is
situated within 150m of surface.
The MRE has been prepared by International Resource Solutions
Pty Ltd (Perth, Australia) under the JORC Code and is reported as
at 05 October 2021. A technical report is currently being drafted
and this will be filed under the Company's profile on SEDAR. A
Qualified Person has not undertaken sufficient work to classify the
Mineral Resource Estimate in accordance with NI 43-101, and Altus
is not treating it as such.
Table 1: Mineral Resource Estimate Summary Table (JORC Code)
Indicated Inferred
Domain Tonnes Grade Contained gold Tonnes Grade Contained gold
(t) (g/t) (oz) (t) (g/t) (oz)
---------- ------- --------------- ----------- ------- ---------------
Oxide 1,400,000 1.2 50,000 1,300,000 1.3 55,000
---------- ------- --------------- ----------- ------- ---------------
Fresh 7,800,000 1.2 310,000 16,000,000 1.2 610,000
---------- ------- --------------- ----------- ------- ---------------
Total 9,200,000 1.2 360,000 17,300,000 1.2 665,000
---------- ------- --------------- ----------- ------- ---------------
Notes:
1. Reported at a cut-off grade of 0.6 g/t Au, differences may occur due to rounding
2. MRE is shown on a gross (100%) basis of the Project
3. Marvel is the operator of the JV
The Project is currently 49% beneficially owned by Altus and 51%
beneficially owned by Marvel, which is also the operator of the JV.
Marvel is currently earning a 70% interest in the Project, through
the completion of the third phase of exploration.
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/5384/altus_nr_-_tbk_drilling-_01_nov_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
-- Map of regional targets and additional mineralised areas is shown in Figure 3
-- Tabakorole Mineral Resource Estimate (plan view) is shown in Figure 4
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% NSR 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.
Tabakorole Project: Location
Tabakorole is a 292km(2) gold project located in southern Mali,
approximately 280km south of the capital city of Bamako (see
Figures 1 & 2). 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.
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 drilling
"Au" means gold
"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
**END**
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