TIDMALS
RNS Number : 1370R
Altus Strategies PLC
03 November 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
03 November 2021
Altus Strategies Plc
("Altus" or the "Company")
Drilling Intersects 21.9 g/t over 10.2m at Diba Gold Project,
Western Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the intersection of high grades from Diamond Drilling
("DD") 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:
-- Shallow high-grade DD intersections from Diba gold project in western Mali
-- Intersections from the Diba Deposit (down-the-hole and not true widths) include:
o 21.9 grams per tonne ("g/t") gold ("Au") over 10.2m from 28m
(including 72.2 g/t over 3.0m from 31.0m)
o 2.0 g/t Au over 25.4m from 43.4m (including 3.2 g/t Au over
12.3m from 56.5m)
o 1.4 g/t Au over 26.7m from 17.3m (including 4.1 g/t Au over
3.0m from 32.2m)
-- Combined 10,100m DD & Reverse Circulation ("RC") drilling is underway, 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
-- Current programme will be supplemented by up to 2,500m of Air Core ("AC") drilling
-- Diba is strategically located in a world-famous gold belt that hosts numerous open-pit mines
Steven Poulton, Chief Executive of Altus, commented:
"A near-surface intersection of 21.9 g/t over 10.2m represents
an outstanding start to the current drilling campaign at the Diba
gold project in western Mali. The drilling will comprise up to
10,100m of DD and RC and will be supplemented by up to 2,500m of AC
drilling. These programmes are designed to test the potential
down-dip and along-strike extensions of the Diba Deposit, as well
as increase the resource confidence. At the Diba NW discovery, the
drilling will test the strike extent and down dip continuation of
the mineralisation. We look forward to updating shareholders on the
results of this programme when they are received."
Diba Project: Drilling Programme
The drilling is being undertaken by Capital Drilling Limited and
will comprise up to seven DD holes to an average depth of 150m for
a total of approximately 1,100m and up to 60 RC drill holes to an
average depth of 150m for approximately 9,000m.
The DD programme will primarily test the extent of the
high-grade zone within the mineralization subject to the current
MRE as well as the down-dip extension of the mineralised lenses. In
addition, the DD programme will produce orientated core to enable a
better structural understanding of the Diba Deposit, as well as
density measurements to understand any variations between 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 Resource: Initial DD Drilling Results
Assay results for the first two DD drill holes have been
received from the Diba Deposit (see Table 1), as part of a seven
hole programme for a total of 1,100m. The holes are being drilled
at -60 degrees inclination and ranged between 69m to 200m in
length. The drilling was orientated perpendicular to the
interpreted structural orientation of the Diba Deposit.
Table 1: Diba drill intersections from current programme
Hole ID Prospect End of From To Intersection Grade Capped Grade
Hole (m) (m) (m) (g/t Au) (g/t Au)
Depth
Diba Deposit
21KSDD-001 (within MRE) 78.4m 16.30 22.60 6.30 2.11 2.11
-------------- ------ ----- ----- ------------ --------- ------------
21KSDD-001 28.00 38.20 10.20 21.93 8.20
------ ----- ----- ------------ --------- ------------
Including: 31.00 34.00 3.00 72.16 25.49
----- ----- ------------ --------- ------------
21KSDD-001 43.40 68.80 25.40 2.03 2.03
----- ----- ------------ --------- ------------
Including: 56.50 68.80 12.30 3.23 3.23
----- ----- ------------ --------- ------------
21KSDD-001 72.00 74.30 2.30 1.23 1.23
------ ----- ----- ------------ --------- ------------
Diba Deposit
21KSDD-002 (within MRE) 69.0m 17.30 44.00 26.70 1.43 1.43
-------------- ------ ----- ----- ------------ --------- ------------
Including: 29.00 31.10 2.10 4.38 4.38
------ ----- ----- ------------ --------- ------------
Including: 32.20 36.30 4.10 2.97 2.97
------ ----- ----- ------------ --------- ------------
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. Table shows uncapped grades as well as grades capped at 67 g/t Au
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/5385/altus_nr_-_diba-_03_nov_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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