TIDMALS
RNS Number : 2024H
Altus Strategies PLC
02 December 2020
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
02 December 2020
Altus Strategies Plc
("Altus" or the "Company")
6,300m Drilling Programme Underway at Tabakorole Gold Project,
Southern Mali
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the commencement of a 6,300 m Reverse Circulation ("RC")
drilling programme at its Tabakorole gold project ("Tabakorole" or
the "Project") located in southern Mali. The programme is being
funded by Marvel Gold Limited (ASX: MVL) ("Marvel") under its joint
venture ("JV") with Altus.
Highlights:
-- JV-financed 6,300m RC drilling programme ( 44 holes) at Tabakorole, southern Mali
-- FT Prospect at Tabakorole hosts a mineral deposit for which a
Mineral Resource Estimate ( "MRE" ) has been generated
comprising:
o 16,600,000 tonnes at 1.2 g/t Au for 620,000 ounces in the
Inferred category
o 7,300,000 tonnes at 1.2 g/t Au for 290,000 ounces in the
Indicated category
o 43% of the MRE is situated within 100m of surface
-- MRE is in accordance with the JORC Code, an acceptable
foreign code for the purposes of NI 43-101
-- Drilling undertaken by Marvel Gold to test potential strike extensions and infill the MRE
-- Altus has recently announced 20,000m of drilling across three gold projects in Mali
-- Altus holds a 2.5% Net Smelter Return (" NSR ") gold production royalty on Tabakorole
Steven Poulton, Chief Executive of Altus, commented:
"Few companies provide as much exposure to the 'drill bit' and
discovery upside for their shareholders as we currently do at
Altus. We have recently announced almost 20,000m of drilling across
three separate gold projects, being undertaken almost
simultaneously. The commencement of this 6,300m programme at
Tabakorole in southern Mali, by our JV partner Marvel Gold, follows
the recent completion of an initial 3,880m JV-funded programme at
Lakanfla in western Mali and the commencement of a 10,000m
programme by Altus at our 100% owned Diba gold project located
close to Lakanfla and the world famous Sadiola gold mine.
This programme at Tabakorole is designed to test the potential
strike extension of the deposit as well as infill the current MRE.
We look forward to updating shareholders on progress from
Tabakorole as results are received."
Tabakorole Resource Expansion Potential
The Company announced the MRE on the Tabakorole deposit on 30
September 2020 in its news release entitled "Substantial Increase
in Gold Resource at Tabakorole Project, Southern Mali".
Recent air-core ("AC") and diamond drilling ("DD") undertaken by
Marvel as part of the JV Stage 1 earn-in at Tabakorole confirmed
that gold mineralisation continues for at least 600m to the
north-west along strike of the 2.9km long FT Prospect. The deposit
also remains open at depth.
There are areas throughout the deposit for which the existing
MRE was generated that are constrained due to a lack of drilling
data, with 43% of the ounces in the MRE located within
approximately 100m of surface. Mineralisation in the south-eastern
segment of the deposit appears more consistent than in the
north-western segment and is considered to represent a significant
resource expansion target.
Summary of Joint Venture with Marvel Gold
Marvel have the right to earn up to an 80% interest in
Tabakorole by sole funding four stages of exploration, culminating
in a definitive feasibility study, and by making certain cash (or
cash plus Marvel equity) payments to Altus. Thereafter, Altus has
the right to co-fund or dilute its 20% interest in the Project.
Altus will retain a 2.5% NSR royalty on the Project and Marvel will
have the right to reduce the NSR to 1.0% for a payment to Altus of
between US$9.99M and US$15.00M (subject to the size of the resource
at Tabakorole).
The following figures have been prepared and 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/4950/altus_nr_-_tbk_drilling_nov_2020.pdf
-- Location of Tabakorole and Altus' other projects in Mali is shown in Figure 1.
-- Location of Tabakorole in southern Mali is shown in Figure 2.
-- Planned drilling programme at Tabakorole is shown in Figure 3.
Tabakorole Project: Location
The 100km(2) Tabakorole gold project is 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
Corporation, TSX: EDV). Mineralisation hosted on these properties
is not necessarily indicative of mineralisation hosted at
Tabakorole.
Tabakorole Project: Geology
Tabakorole comprises a 2.7km 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.
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: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Adam Cowl
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Abigail Wayne / Richard Parlons
Yellow Jersey PR (Financial PR & IR) Tel: +44 (0) 20 3004 9512
Georgia Colkin / Charles Goodwin / Henry E: altus@yellowjerseypr.com
Wilkinson
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 focus on Africa and
differentiated approach, of generating royalties on its own
discoveries as well as 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 Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 ("MAR") until the release of this
announcement.
Glossary of Terms
The following is a glossary of technical terms:
"AC" means Air Core drilling
"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
"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
"NSR" means net smelter return
"Qualified Person" means a person that has the education, skills
and professional credentials to act as a qualified person under NI
43-101
"RC" means Reverse Circulation Drilling
**END**
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