TIDMALS
RNS Number : 0244Z
Altus Strategies PLC
20 January 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
20 January 2022
Altus Strategies Plc
("Altus" or the "Company")
Update on Joint Venture with Marvel Gold in Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the signing of an amended Joint Venture and Earn-In
Agreement ("JVA") with Marvel Gold ("Marvel") (ASX: MVL). The JVA
replaces the original joint venture agreement entered into on 17
June 2020. The JVA now comprises the Tabakorole gold project
("Tabakorole") and two contiguous gold licences for a total of 292
square kilometres ("km(2) ") (together the "JVA Licences") located
in southern Mali. Marvel holds a 70% equity interest in the JVA
Licences and retains the right to increase their holding to 80% by
sole funding a Definitive Feasibility Study ("DFS") on the JVA
Licences. Altus retains a 30% equity interest in the JVA Licences
and holds a 2.5% Net Smelter Return (" NSR ") royalty on these
licences. Exploration activities under the JVA are currently being
sole funded by Marvel.
Altus now holds, following signature of the JVA, a 100% interest
in the highly prospective Lakanfla gold project ("Lakanfla") in
western Mali. Lakanfla is strategically located approximately 5
kilometres ("km") east of the Company's 100% owned Diba gold
project, which is currently subject to a resource expansion
drilling programme by the Company.
Highlights:
-- Amendment to JVA between Altus and Marvel on gold projects in Mali
-- JVA now applies to the Tabakorole licence and two contiguous licences in southern Mali
-- Marvel's interest in the JVA Licences is now 70%, which can be increased to:
o 75% by sole funding US$5 million on exploration by 17 December
2023
o 80% by sole funding a Definitive Feasibility Study ("DFS")
-- Tabakorole hosts a mineral deposit for which a Mineral
Resource Estimate ("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
-- The deposit subject to the MRE is open in parallel zones and
at depth, with 70% situated within 150 metres ("m") of surface
-- Preliminary high metallurgical recoveries indicate a simple processing flowsheet
-- Altus retains a 2.5% NSR royalty on the JVA Licences
-- Marvel has the right to buy back up to 1.5% of the NSR royalty for up to US$15 million
-- Altus now holds a 100% interest in Lakanfla gold project in western Mali
-- Historic drilling at Lakanfla includes 9.78 g/t Au over 12m ( not true width )
-- Lakanfla is strategically located approximately:
o 5.0km east of the Company's Diba gold project which is
currently being drilled
o 6.5km southeast of the multi-million ounce Sadiola gold mine
(mineralisation hosted at Diba and Sadiola is not necessarily
indicative of mineralisation hosted at Lakanfla)
-- Altus plans to commence exploration at the Lakanfla project imminently
Steven Poulton, Chief Executive of Altus, commented:
"We are excited to retain a 100% interest in the highly
prospective Lakanfla gold project, from which historic drill
intersects include 9.78 g/t Au over 12m and 5.20 g/t Au over 16m
(not true widths). Lakanfla is strategically located in a world
renowned gold belt in western Mali, approximately 5km east of our
100% owned Diba gold project, which is currently the subject of a
resource expansion drilling programme, and 6.5km southeast of the
multi-million ounce Sadiola gold mine. Our field teams will be
commencing a high priority exploration programme at Lakanfla
imminently, as the combination of the Diba and Lakanfla assets has
the potential to form part of a significant gold mining camp.
"We are also delighted to confirm that two licences contiguous
with the Tabakorole gold project have been formally incorporated
into the JVA, creating a consolidated JVA landholding of 292km(2) .
Marvel has an excellent track record in advancing the Tabakorole
project and we believe it is very likely to increase the project's
resources. We look forward to updating the market on Marvel's
progress."
Lakanfla Project: Location
The 24km(2) Lakanfla gold project is located 5km east of the
Company's Diba ('Korali Sud') oxide gold project and approximately
6.5km southeast of the karst-type FE3 and FE4 open pits of the
multi-million ounce Sadiola gold mine and 30km southeast of the
former multi-million ounce Yatela karst-type gold mine. Lakanfla is
bounded by the Sadiola permit area on its north, west and southern
boundaries. Sadiola and Yatela have been acquired by Allied Gold
Corporation from the previous operators AngloGold Ashanti (JSE:
ANG, NYSE: AU and ASX: AGG) and IAMGOLD Corporation (TSX: IMG and
NYSE: IAG). Mineralisation hosted on these mines is not necessarily
indicative of mineralisation hosted at Lakanfla.
Lakanfla Project: Geology
The Lakanfla project hosts a significant number of active and
historic artisanal gold workings coincident with major geochemical
and gravity anomalies. These workings surround the Kantela
granodiorite intrusion and cover an area of approximately 900m x
500m. Significantly, there is evidence of ground collapse at
surface, indicative of karst style voids at depth within carbonate
rock units. The gold mineralisation at Lakanfla is hosted within
breccia zones which cut the granodiorite and surrounding carbonate
metasediments. Historic drilling has returned encouraging
intersections including 9.78 g/t Au over 12m and 5.20 g/t Au over
16m (not true widths) as well as having intersected voids and
unconsolidated sand from 165-171m depth. The Company has not
verified the historic drilling data at the Lakanfla project.
Summary of JVA with Marvel Gold
The JVA comprises three contiguous gold exploration licences in
southern Mali, namely the 100km(2) Tabakorole licence, the 100km(2)
Npanyala licence and the 92km(2) Sirakoroble Sud licence. Marvel
has currently earned a 70% interest in the JVA and has the right to
earn a 75% interest by sole funding US$5 million on exploration by
17 December 2023 and thereafter an 80% interest by completing a
DFS, as well as 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 JVA. Altus retains a 2.5% NSR
royalty on the JVA Licences. Marvel will have the right to reduce
the royalty to a 1.0% NSR royalty for a payment to Altus of between
US$9.99 million and US$15.00 million (depending on the size of the
resource on the JVA Licences).
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 Corporate Finance LLP (Nominated
Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Adam Cowl
SP Angel Corporate Finance LLP (Broker)
Grant Barker Tel: +44 (0) 20 3470 0471
Rob Rees Tel: +44 (0) 20 3470 0535
Shard Capital Partners LLP (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 Organization 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.
**END**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
JVEEADFNFAFAEAA
(END) Dow Jones Newswires
January 20, 2022 02:00 ET (07:00 GMT)
Altus Strategies (LSE:ALS)
Historical Stock Chart
From Feb 2024 to Mar 2024
Altus Strategies (LSE:ALS)
Historical Stock Chart
From Mar 2023 to Mar 2024