TIDMALS
RNS Number : 7266R
Altus Strategies PLC
09 November 2021
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
09 November 2021
Altus Strategies Plc
("Altus" or the "Company")
Further Hard Rock Gold Workings Discovered on Egyptian
Projects
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the discovery of further hard rock artisanal gold
workings from field reconnaissance at the Company's 100% owned
Gabal Al-Shaluhl (348 km(2) ) and Wadi Jundi (696 km(2) ) projects,
located in the Eastern Desert of Egypt. The Company's 100% owned
subsidiary, Akh Gold Ltd ("Akh Gold"), holds four gold exploration
projects ("Projects") totalling 1,565 km(2) in Egypt. The Projects
were granted this year as part of a competitive international bid
round undertaken by the Egyptian Mineral Resources Authority
("EMRA").
Highlights:
-- Fourteen hard rock artisanal gold workings discovered across two Projects in Egypt
-- Workings are up to 30m wide and 100m long with several mechanically excavated
-- More than 50 hard rock gold workings now confirmed across the Projects to date
-- At least 35 further remote sensing targets remaining to be assessed
-- Discoveries validate the Company's target generation process in Egypt
Steven Poulton, Chief Executive of Altus, commented:
"We are pleased to report that, following recent reconnaissance
exploration by the Company's Egyptian field team, 14 hard rock gold
workings have been discovered at the Gabal Al-Shaluhl and Wadi
Jundi projects, with an additional 35 targets still to be visited.
These two projects comprise 1,044 km(2) of our total landholding of
1,565 km(2) in the highly prospective Eastern Desert of Egypt.
"Individual hard rock workings are up to 30m wide and 100m long
and the presence of mechanised machinery at some of these suggests
significant gold potential exists. In September, we announced the
discovery of 37 hard rock workings across our Gabal om Ourada and
Wadi Dubur gold projects. These recent discoveries increase the
total number of hard rock gold workings discovered to date on our
Projects in Egypt to 50.
"Our initial reconnaissance has underscored the significant
prospectivity of the licence areas that Altus has selected and been
awarded. We have recently established a high calibre technical and
operational team in Egypt, which means we are in a strong position
to aggressively advance exploration. I look forward to updating
shareholders on the results of this work in due course."
Hard Rock Workings: Gabal Al-Shaluhl Licence (348 km(2) )
-- Three of 15 high priority targets (as defined by desktop studies) have been visited
-- Numerous historical, artisanal hard rock workings (mechanised and smaller scale)
-- Workings traced for up to 100m, associated with shear zones and around granite margins
-- Quartz-vein style gold mineralisation (orogenic gold), both fault and intrusion hosted
-- Hydrothermal alteration (silica, carbonate and iron oxide)
and visible sulphide mineralisation observed
-- Priority targets for follow-up work delineated with numerous other targets to be assessed
Hard Rock Workings: Wadi Jundi Licence (696 km(2) )
-- Seven of 35 high priority targets (as defined by desktop studies) have been visited
-- Numerous historical artisanal hard rock workings (mechanised and smaller scale)
-- Workings targeting sheeted systems associated with granitoid intrusions
-- Quartz-vein style gold mineralisation (orogenic gold), both fault and intrusion hosted
-- Hydrothermal alteration with silica and clay alteration and sulphide (pyrite)
-- Priority targets for follow-up work delineated with numerous other targets to be assessed
Next Phase of exploration
Systematic target evaluation and ranking will commence shortly
at the Projects. Ground work will include reconnaissance mapping as
well as detailed structural, alteration and mineralisation mapping,
along with grab and channel sampling.
Projects: Background (1,565 km(2) )
The Projects were awarded to Akh Gold, as part of Egypt's
inaugural competitive international exploration licence bid round,
initiated by EMRA in 2020. All four Projects, which together
comprise nine licence blocks covering 1,565 km(2) , are situated in
eastern Egypt, between 30 km and 100 km from the Red Sea coast. The
Projects have been awarded for an initial two-year term, with each
Project renewable for up to two further periods, each of two years
duration.
Illustrations
The following figures have been prepared by Altus and relate to
the disclosures in this announcement. They 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/5388/altus_nr_-_egypt-_09_nov_2021.pdf
-- Location of the Projects in the Eastern Desert of Egypt is shown in Figure 1
-- Location of key deposits within the Arabian Nubian Shield is shown in Figure 2
-- Location of priority targets within Gabal Al-Shaluhl is shown in Figure 3
-- A selection of photos of gold workings at Gabal Al-Shaluhl is shown in Figure 4
-- Location of priority targets within Wadi Jundi is shown in Figure 5
-- A selection of photos of gold workings at Wadi Jundi is shown in Figure 6
Project Overview: Wadi Jundi (696 km(2) )
The Wadi Jundi Project consists of four licence blocks, covering
a total area of 696 km(2) . The Project area hosts a 10 km long,
north-west trending ophiolite belt comprising a basal serpentinite
melange overlain by calc-alkaline basic to acidic volcanics, capped
by volcaniclastics, and sediments (schists). The sequence is
interpreted to represent a preserved seafloor sequence and is
considered highly prospective for volcanogenic massive sulphide
("VMS") mineralisation. The entire sequence is intruded by syn- to
late-tectonic mafic intrusives and late- to post- tectonic
granodiorite, granite and monzogranite intrusions and is located
just south of the major north-west trending regional crustal scale
>1,100 km Najd Fault corridor. Altus believes Wadi Jundi is
prospective for orogenic gold mineralisation related to deformed
volcanic sequences proximal to granite intrusions, as well as VMS
deposits.
The Project is located approximately 40 km south of the historic
El Sid gold mine, which reportedly contributed around 45% of
Egypt's gold production during the 20th century, and is 115 km
north-west of the Sukari gold mine, which produces approximately
400,000 ounces of gold per year. Mineralisation hosted at El Sid
and Sukari is not necessarily indicative of mineralisation hosted
at the Wadi Jundi Project. Wadi Jundi is directly accessible by
secondary tracks from the Al Kosair-Qena asphalt highway, which
runs along the Project's northern boundary and connects the city of
Luxor and coastal town of Quseer.
Project Overview: Gabal Al-Shaluhl (formerly Bakriyah) (348
km(2) )
The Gabal Al-Shaluhl Project consists of two licence blocks,
covering a total area of 348 km(2) . The Project area is dominated
sedimentary formations and a 13 km long northwest striking
ophiolitic serpentinite melange, intruded by syn- to late-tectonic
gabbro intrusives and major late- to post-tectonic granodiorite and
granite intrusions. The geology is structurally complex, located
near the boundary between two separate structural blocks with a
large number of intersections between regional-trending faults and
fold hinges, interpreted as favourable sites for orogenic gold
style mineral occurrences. Altus believes Gabal Al-Shaluhl is
prospective for orogenic gold mineralisation related to granite
intrusions.
The Project is located approximately 60 km south of the historic
El Sid gold mine, and 115 km north-west of the Sukari gold mine.
Mineralisation hosted at El Sid and Sukari is not necessarily
indicative of mineralisation hosted at the Gabal Al-Shaluhl
Project. Gabal Al-Shaluhl is accessible by secondary tracks from a
major E-W asphalt road 30 km to the south, which connects to the
Red Sea coastal town of Marsa Alam.
Project Overview: Gabal Om Ourada (formerly Abu Diwan) (346
km(2) )
The Gabal Om Ourada Project consists of two licence blocks,
covering a total area of 346 km(2) . The Project area hosts a
north-west trending belt of serpentinised ophiolite and associated
tectonic melange, schists, andesite and porhyryitic subvolcanic
rocks, intruded by multiple syn- to late-tectonic granodiorite and
late- to post-tectonic granite intrusions. Basement gneisses and
mylonitic schists of the Meatiq Dome, a metamorphic core complex,
outcrop in the south-west of the area and are separated from the
younger rocks by a series of deep-seated north-west trending
sinistral shear zones and north-east trending thrusts that are part
of the crustal scale (>1,100 km long) Najd Fault Corridor. Altus
believes Gabal Om Ourada is prospective for orogenic gold
mineralisation hosted in an ophiolite belt proximal to a granite
intrusion.
The Project is located approximately 30 km north-east of the
historic El Sid gold mine, and 160 km north-west of the Sukari gold
mine. Mineralisation hosted at El Sid and Sukari is not necessarily
indicative of mineralisation hosted at the Gabal Om Ourada. Gabal
Om Ourada is directly accessible by asphalt road from the Red Sea
coastal city of El Quseir, located 30 km to the south-east.
Project Overview: Wadi Dubur (175 km(2) )
The Wadi Dubur Project consists of one licence block, covering a
total area of 175 km(2) . The Project area contains a north-west to
west trending curvilinear fault belt comprised of regionally mapped
thrust faults and strike-slip flexures. The (standalone) Project
block consists of an ophiolite melange, minor schists, syn- to
late-tectonic gabbro and diorite intrusives on the flank of a major
25 km x 28 km syn- to late-tectonic granitic body. Altus believes
Wadi Dubur is prospective for orogenic gold mineralisation hosted
in a north-west trending ophiolite belt.
The Project is located 5 km west of the historic Atud gold mine
and approximately 40 km north-west of the Sukari gold mine
(operated by LSE and TSX listed Centamin Plc). Mineralisation
hosted at Atud and Sukari is not necessarily indicative of
mineralisation hosted at the Wadi Dubar Project. Wadi Dubur is
directly accessible by asphalt road from the Red Sea coastal town
of Marsa Alam, 60 km to the east.
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 and
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:
"EMRA" means the Egyptian Mineral Resources Authority
"km" means kilometres
"m" means metres
"NI 43-01" means National Instrument 43-101 Standards of
Disclosure of Mineral Projects of the Canadian Securities
Administrators
"Qualified Person" means a person that has the education, skills
and professional credentials to act as a qualified person under NI
43-101
"VMS" means Volcanogenic Massive Sulphide
**END**
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