TIDMALS
RNS Number : 6560B
Altus Strategies PLC
15 February 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
15 February 2022
Altus Strategies Plc
("Altus" or the "Company")
Altus Intersect 1.23 g/t over 127m at Lakanfla Central Prospect
in Western Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the intersection of a significant gold ("Au") zone from
Reverse Circulation ("RC") drilling at the Lakanfla Central
prospect on the Lakanfla licence ("Lakanfla"). Lakanfla forms part
of the Company's 100% owned, 105 square kilometre ("km(2) ") Diba
& Lakanfla gold project ("Diba & Lakanfla" or the
"Project") in western Mali. Lakanfla is located approximately 5
kilometres ("km") east of the Company's Diba licence which hosts
numerous gold prospects, including a shallow-dipping, near-surface
gold deposit (the "Diba Deposit").
Highlights:
-- 3,500m RC programme underway at the 100% owned Lakanfla licence in western Mali
-- Drilling at Lakanfla Central prospect has intersected a significant gold zone including:
o 1.23 grams per tonne ("g/t") Au over 127 metres ("m") from
21m, including 2.53 g/t Au over 14m from 46m (not true widths)
-- Assays have been received from first two holes of planned 22 hole programme
-- Lakanfla drilling programme is designed to:
o test the strike and down-dip potential of the Lakanfla Central
prospect
o confirm historical drilling results from other key prospects
including (not true widths):
-- 5.10 g/t Au over 26m from 32m
-- 4.31 g/t Au over 18m from 34m
-- 1.02 g/t Au over 60m from 105m
o potentially generate a maiden Mineral Resource Estimate
("MRE") at Lakanfla
-- 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 on the outstanding intersection of
1.23 g/t Au over 127m from 21m, including 2.53 g/t Au over 14m from
46m (not true widths) from RC drilling at the Central Prospect at
Lakanfla in Western Mali. The current 3,500m drilling programme at
Lakanfla forms part of a wider 10,000m programme across the
combined Diba & Lakanfla gold project.
"Lakanfla Central is one of at least four key prospects at
Lakanfla, with gold mineralisation hosted in a number of
sub-vertical breccia zones within a significant porphyritic
granite, which has a current strike length of approximately 350m.
Lakanfla also hosts a number of widespread zones of intense hard
rock artisanal workings. Historical results from drilling at the
Lakanfla licence include 5.10 g/t Au over 26m, 4.31 g/t over 18m
and 1.02 g/t Au over 60m (not true widths).
"Lakanfla is located approximately 5km east of the Diba licence
which hosts the Diba Deposit and the Diba NW prospects. Once
completed, the results from the combined drilling programme at Diba
& Lakanfla will feed into an updated independent MRE and
preliminary economic assessment for the Project. We look forward to
updating shareholders as further results are received."
Lakanfla Licence: Drilling Programme
The drilling programme at the Project is being undertaken by
Capital Drilling Limited and comprises up to 10,000m of diamond
drilling ("DD") and RC drilling across Diba & Lakanfla.
Following completion of drilling at the Diba Deposit and the Diba
NW prospect, approximately 1,550m of RC drilling of a planned
3,500m programme has currently been completed on the Lakanfla
licence.
The drilling at Lakanfla has been designed to test a number of
targets which could potentially contribute to a maiden MRE for
Lakanfla, including:
Lakanfla Central Prospect
-- 17 holes for a total of 2,935m are planned
-- The prospect comprises a series of mineralised breccias
within an altered granodiorite host with surrounding carbonate
metasediments
-- Drilling to infill the prospect at depth as well as test potential on strike extensions
-- Previous operators reportedly intersected 1.02 g/t Au over 60m from 105m (not true width)
Zone 3 Prospect
-- Three holes for a total of 390m are planned
-- The prospect hosts mineralised breccia at surface and artisanal workings
-- Drilling to test strike potential
-- Previous operators reportedly intersected 9.78 g/t Au over
12m from 12m from a Rotary Air Blast ("RAB") hole and 23.4 g/t Au
over 3m from 113m (not true widths)
Zone 4 Prospect
-- Two holes for a total of 175m are planned (following current trenching programme)
-- The prospect hosts several high-grade gold in soil anomalies
-- Drilling to test strike potential
-- Previous operators reportedly intersected 5.20 g/t Au over 16m from 36m (not true width)
Lakanfla Licence: Initial Drilling Results
Assay results for two drill holes have been received to date
from the Lakanfla project from the current programme (see Table 1).
The holes were drilled at -60 degrees inclination and range between
approximately 130m to 165m in length. The drilling was orientated
perpendicular to the interpreted structural orientation of the
Lakanfla Central prospect.
Table 1: Drill intersections from current programme at Lakanfla
Licence
Hole ID Target End of From To Intersection Grade
Hole (m) (m) (m) (m) (g/t Au)
Lakanfla
Central 165.00 4.00 15.00 11.00 0.67
----------------------- ---------- ------ ------- ------------- ----------
22LKRC-001 21.00 148.00 127.00 1.23
---------- ------ ------- ------------- ----------
Including: 46.00 60.00 14.00 2.53
---------- ------ ------- ------------- ----------
22LKRC-002 Zone 3 130.00 No Significant intersection
---------- ---------- ------------------------------------------
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
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/5436/altus_nr_-_lakanfla-_15_feb_2022.pdf
-- Location of the Diba & Lakanfla gold project in western Mali is shown in Figure 1.
-- Location of the key prospects at the Diba & Lakanfla gold project is shown in Figure 2.
-- Plan of the Lakanfla licence is shown in Figure 3.
-- Cross section of the Lakanfla Central prospect is shown in Figure 4.
-- Selection of photos from the Lakanfla licence is shown in Figure 5.
Diba Deposit Mineral Resource Estimate
The Diba licence forms part of the Diba & Lakanfla project
and 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 Deposit 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. Altus is
not currently aware of any such 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 in the totals as this is an estimate .
-- Altus is the operator and 100% owner of the Diba licence .
Diba & Lakanfla: Location
The 81km(2) Diba licence (Korali Sud) and the 24km(2) Lakanfla
licence are located 5km apart in the Kayes region of western Mali,
approximately 450km northwest of the capital city of Bamako. Diba
& Lakanfla is located adjacent to the multi-million ounce
Sadiola gold mine licence and 35km south of the multi-million ounce
Yatela former gold mine, both 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 Diba & Lakanfla.
Diba & Lakanfla: Geology & Mineralisation
Diba Licence
Mineralisation at Diba Deposit on the Diba licence is
sediment-hosted within a series of stacked quartz 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 the Diba Deposit is
typically albite-hematite+/-pyrite, although pyrite content is
generally very low (<1 %). The weathering profile at the Diba
Deposit 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.
Lakanfla Licence
The Lakanfla project hosts a significant number of active and
historic artisanal gold workings coincident with significant
geochemical and gravity anomalies. The workings surround the
Kantela granodiorite intrusion and cover an area of approximately
900m x 500m. The gold mineralisation at Lakanfla is typically
hosted within breccia zones which cut the granodiorite and
surrounding carbonate metasediments. Drilling by the Company has
intersected 1.23 g/t Au over 127m (not true widths) at the Lakanfla
Central prospect, while historic intersections by previous
operators include 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 licence.
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 Quality Assurance Quality Control
"QAQC" regime. RC samples are collected at 1m intervals with
representative samples split at the site. Half core DD samples are
collected at between 0.5m and 1.5m intervals based on lithological
and mineralisation boundaries. Samples from the Project 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 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 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
"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
"PEA" means Preliminary Economic Assessment
"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
"RAB" means rotary air blast drilling
"RC" means reverse circulation drilling
"t" means a metric tonne
**END**
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