TIDMALS
RNS Number : 2822J
Altus Strategies PLC
26 April 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
26 April 2022
Altus Strategies Plc
("Altus" or the "Company")
Drilling hits 4.9 g/t Gold over 14m at Tabakorole Royalty &
JV Project, Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces highly encouraging Reverse Circulation ("RC") drilling
results from the Lone Wolf prospect at the Tabakorole gold project
("Tabakorole" or the "Project"), located in southern Mali. Altus
holds a 2.5% Net Smelter Return (" NSR ") royalty and a 30% equity
interest in the Project. Exploration activities at Tabakorole are
being funded by Marvel Gold Limited (ASX: MVL) under its Joint
Venture ("JV") with Altus. The drilling was designed to test the
potential to extend the Tabakorole deposit on which a Mineral
Resource Estimate (" MRE ") has been modelled.
Highlights:
-- Encouraging gold results from RC drilling at the Tabakorole gold project in Southern Mali
-- Altus holds a 2.5% NSR royalty on gold production and a 30% equity interest in the Project
-- Results from five RC drill holes received with intersections (not true widths) including:
o 14m at 4.9 grams per tonne ("g/t") gold ("Au") from 33m
and
o 10m at 1.9 g/t Au from 55m
-- Mineralisation at the Lone Wolf prospect remains open along strike and at depth
-- Tabakorole hosts a mineral deposit for which an MRE has been
generated (see Altus' news release "Gold Resource Exceeds One
Million Ounces at Tabakorole in Southern Mali" dated 05 October
2021) comprising:
o 17,300,000 tonnes at 1.2 g/t 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 deposit subject to the MRE is situated within 150m
of the surface
o Deposit remains open in parallel zones and at depth
o Preliminary high metallurgical recoveries indicate simple
processing flowsheet
Steven Poulton, Chief Executive of Altus, commented:
"We are delighted with the progress being made by Marvel at our
Tabakorole gold royalty and JV project in Mali. The recent RC
drilling results are highly encouraging including a wide, high
grade and shallow intersection of 14m at 4.9 g/t from 33m. A follow
up geophysical survey is now being planned ahead of further
drilling. Altus holds a 2.5% NSR royalty on gold production from
Tabakorole and our 30% interest is free-carried until Marvel
completes US$5 million of expenditure by December 2023. Marvel may
then earn up to an 80% interest in the project by sole funding a
definitive feasibility study. I look forward to updating
shareholders on progress in due course."
Marvel Gold drilling programme at Tabakorole
Marvel has reported on a further 415m of drilling from five RC
holes to test the Lone Wolf prospect at Tabakorole. The programme
successfully intersected gold mineralisation in three out of five
holes, with the highest-grade intercepts recorded in hole
22TBKRC021, including 14m at 4.9 g/t Au from 33m (as set out in
Table 1). The RC programme has shown that the highest-grade
intercepts occur within a granitic host rock associated with the
contact with a metagreywacke (metamorphosed mudstone). Gold
mineralisation is associated with sulphides (pyrite and pyrrhotite)
with visual estimates of up to 10% in RC chips. This suggests that
an Induced Polarity (IP) survey would aid in the definition of the
sulphide mineralisation at Lone Wolf. Marvel plans to undertake IP
geophysics prior to further drilling this year.
Marvel also reported on a series of Aircore drill holes
undertaken along strike from artisanal workings at the Lone Wolf
prospect. A number of these holes intersected anomalous gold,
ranging from 30 parts per billion ("ppb") to 100ppb (as set out in
Table 2). Marvel intends to send the end-of-hole samples for
multi-element analysis to enable further geochemical assessment
using pathfinder elements.
Table 1. Significant RC Intercepts from the Lone Wolf prospect
at Tabakorole
Hole Depth From To Width Au
Prospect Hole ID (m) (m) (m) (m) (g/t)
Lone Wolf 22TBKRC017 85.0 1.0 7.0 6.0 1.0
------------ ----------- ------ ------ ------- -------
Lone Wolf 22TBKRC017 85.0 64.0 75.0 11.0 0.9
------------ ----------- ------ ------ ------- -------
Lone Wolf 22TBKRC018 85.0 No significant Intercepts
------------ ----------- --------------------------------
Lone Wolf 22TBKRC019 85.0 63.0 67.0 4.0 0.9
------------ ----------- ------ ------ ------- -------
Lone Wolf 22TBKRC020 80.0 No significant Intercepts
------------ ----------- --------------------------------
Lone Wolf 22TBKRC021 80.0 16.0 24.0 8.0 1.8
------------ ----------- ------ ------ ------- -------
Lone Wolf 22TBKRC021 80.0 33.0 47.0 14.0 4.9
------------ ----------- ------ ------ ------- -------
Lone Wolf 22TBKRC021 80.0 55.0 65.0 10.0 1.9
------------ ----------- ------ ------ ------- -------
Notes:
1. Based on 0.5 g/t Au cut off, minimum length of 3m and 5m maximum internal waste
2. Intersections are down-the-hole and do not represent true widths of mineralisation
3. No grade capping has been applied
Table 2: Reconnaissance Aircore and Auger drilling details from
the Tabakorole project
Hole
Depth From To Width Max
Prospect Hole ID (m) (m) (m) (m) Au (g/t)
TBK Deposit 22TBKAC0323 43.0 2.0 4.0 2.0 0.12
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0326 30.0 18.0 20.0 2.0 0.65
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0332 30.0 24.0 26.0 2.0 0.11
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0343 18.0 10.0 12.0 2.0 0.14
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0344 23.0 20.0 22.0 2.0 0.15
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0349 15.0 2.0 4.0 2.0 0.18
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0350 14.0 0.0 2.0 2.0 0.17
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0358 24.0 12.0 14.0 2.0 0.13
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0481 28.0 24.0 26.0 2.0 0.55
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0483 30.0 22.0 24.0 2.0 0.17
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0485 23.0 4.0 6.0 2.0 0.11
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAC0486 26.0 18.0 20.0 2.0 0.41
------------- ------- ----- ----- ------ ----------
Napanyala 22TBKAC0499 60.0 8.0 10.0 2.0 0.33
------------- ------- ----- ----- ------ ----------
Napanyala 22TBKAC0504 34.0 30.0 32.0 2.0 5.24
------------- ------- ----- ----- ------ ----------
Napanyala 22TBKAC0546 41.0 16.0 18.0 2.0 0.49
------------- ------- ----- ----- ------ ----------
Sirakourou 22TBKAC0603 32.0 24.0 26.0 2.0 0.21
------------- ------- ----- ----- ------ ----------
Sirakourou 22TBKAC0605 28.0 10.0 12.0 2.0 0.11
------------- ------- ----- ----- ------ ----------
Sirakourou 22TBKAC0609 34.0 22.0 24.0 2.0 0.16
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAG0346 9.0 8.0 9.0 1.0 0.64
------------- ------- ----- ----- ------ ----------
TBK Deposit 22TBKAG0397 11.0 10.0 11.0 1.0 0.13
------------- ------- ----- ----- ------ ----------
Sirakoroble 22TBKAG2435 7.0 6.0 7.0 1.0 0.12
------------- ------- ----- ----- ------ ----------
Sirakourou 22TBKAG2465 8.0 7.0 8.0 1.0 0.31
------------- ------- ----- ----- ------ ----------
Notes:
1. Significant results in reconnaissance drilling defined as Max Au >0.1g/t Au.
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/5613/altus_nr_-_tbk_26_apr_2022.pdf
-- Location of Tabakorole and Altus' other projects in Mali is shown in Figure 1.
-- Location of the Tabakorole gold project in Southern Mali is shown in Fgure 2.
-- Location of drillholes relative to granite contact at Lone
Wolf prospect is shown in Figure 3.
-- Location of drillholes relative to workings at Lone Wolf prospect is shown in Figure 4.
-- Location of Auger and Aircore drillholes at Tabakorole gold project is shown in Figure 5.
Figure 1 : Location of Tabakorole and Altus' other projects in
Mali
Figure 2: Location of the Tabakorole gold project in Southern
Mali
Figure 3: Location of drillholes relative to granite contact at
Lone Wolf prospect
Figure 4: Location of drillholes relative to workings at Lone
Wolf prospect
Figure 5: Location of Auger and Aircore drillholes at Tabakorole
gold project
Tabakorole Project: Location
Tabakorole is a 292km(2) gold project located in southern Mali,
approximately 280km south of the capital city of Bamako. 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.
Summary of JV with Marvel Gold
The JV 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 JV 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
definitive feasibility study (see Altus announcement dated 20
January 2022), 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 JV. Altus retains a
2.5% NSR royalty on the JV 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 JV 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. Its 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. Altus
has established a global portfolio comprising 33 royalty interests
and 27 project interests across nine countries and nine metals. The
Company continues to assess royalty acquisition opportunities as
well as actively advancing its portfolio of gold and base metal
projects across Africa, as part of its 'boots on the ground'
royalty generation strategy. Altus 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 Company
or estimates of future performance, may 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 Aircore 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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