TIDMALS
RNS Number : 2243B
Altus Strategies PLC
29 January 2020
Altus Strategies Plc / Index (EPIC): AIM (ALS) & TSX-V
(ALTS) / Sector: Mining
29 January 2020
Altus Strategies Plc
("Altus" or the "Company")
Aircore Drilling at Tabakorole Gold Project, Southern Mali
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa
focused project and royalty generator, announces the commencement
of a 2,000m aircore ("AC") drilling programme at the Company's
Tabakorole gold project ("Tabakorole" or the "Project") located on
the Massagui gold belt in southern Mali, approximately 100 km
southwest of the formerly multi-million ounce Morila gold mine
owned by Barrick Gold Corporation. The drilling is being completed
by Glomin Services Ltd ('Glomin') under the joint venture ("JV")
between Glomin and Altus, as previously announced by the Company on
02 December 2019.
Highlights:
-- JV financed 2,000m AC drill programme at Tabakorole gold project in southern Mali
-- Historic drilling of 9.31 g/t Au over 16m, 9.84 g/t Au over 14m and 2.91 g/t Au over 60m
-- Tabakorole project is a 2.7 km long shear-zone hosted orogenic gold deposit
-- Historical near surface resource at Tabakorole's FT prospect comprised of:
o 7,880,000 tonnes at 0.94 g/t Au for 240,000 ounces in the
Indicated category
o 10,550,000 tonnes at 1.03 g/t Au for 350,000 ounces in the
Inferred category
o Based on a 0.5 g/t cut off
o See "Tabakorole Project: Historical resource" and "Cautionary
note regarding historical data"
-- High grade intercepts including 6.05 g/t Au over 18m from 12m
(10FLRC-12A) and 2.63 g/t Au over 38m from 4m (10FLRC-07) were not
incorporated in the historical resource estimate
-- Programme designed to generate targets for follow up diamond drilling
Steven Poulton, Chief Executive of Altus, commented:
"We are delighted to announce the commencement of the maiden JV
drill programme at the Company's Tabakorole gold project in
southern Mali. The programme is being undertaken by Glomin, as part
of our JV on Tabakorole as announced in December 2019. The JV also
incorporates the Lakanfla gold project, which is contiguous with
the Sadiola gold mine in western Mali. The initial 2,000m of AC
drilling at Tabakorole will test a number of priority targets
adjacent to the historic 590,000 ounce resource. These targets were
defined by previous operators which, due to the cyclical downturn
in the sector, have yet to be systematically tested. We look
forward to updating shareholders on the results from Tabakorole in
due course."
Tabakorole Project: Aircore Drilling Programme
A 2,000m, 30 hole aircore drilling programme at Tabakorole has
commenced. The programme has been designed to test surface soil
geochemical anomalies and areas where historic drilling generated
encouraging results. These include RC hole 14TKRC10 at the
north-western end of the FT historic resource area which returned
1.85 g/t Au over 16m from a depth of 1m and AC hole 05TKAC-097 500m
north of the FT historic resource area which returned 1.41g/t Au
over 10m from 26m. The AC holes will be terminated at the point of
drill bit refusal and drilled 'heel to toe' along drill lines. The
results from this programme will be used to refine targets for
follow up drilling.
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:
http://altus-strategies.com/site/assets/files/4729/altus_nr_-_tbk_ac_-_29_jan_2020.pdf
-- Location of the Tabakorole project with Altus' other projects in Mali is shown in Figure 1.
-- Location of Tabakorole project in southern Mali is shown in Figure 2.
-- Prospects within the Tabakorole project are shown in Figure 3.
-- Planned AC programme with historic soil and termite data is shown in Figure 4.
-- Planned AC programme with historic AC & auger locations is shown in Figure 5.
-- A selection of photographs from the Project is shown in Figure 6.
Tabakorole Project: Location
The 100 km(2) Tabakorole project is located in southern Mali,
approximately 280 km south of the capital city of Bamako. The
Project sits on the Massagui Belt which hosts the Morila gold mine
(operated by Barrick NYSE:GOLD, TSX:ABX), located approximately 100
km to the north. The Project is 125 km southeast of the Yanfolila
gold mine (operated by Hummingbird AIM:HUM) and 100 km east of the
Kalana gold project (operated by Endeavour Mining TSX:EDV).
Tabakorole Project: Geology
Tabakorole comprises a 2.7 km 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 which is 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. Gold
mineralisation within the FT prospect is typically associated with
3-5% disseminated sulphides, notably pyrite, arsenopyrite,
pyrrhotite and locally chalcopyrite. Mineralisation is locally most
favourably associated where structures cut gabbro and along
lithological contacts with gabbro.
Tabakorole Project: Historical exploration
The Project was discovered by a regional soil sampling programme
completed on a 500m x 100m grid by BHP in the early 1990s. Since
2003, a total of 28,912m of diamond drilling, 31,943m of RC
drilling, 6,577m of auger drilling and 60,676m of air core drilling
have been completed, in addition to 1,400 line km of airborne
geophysics. A selection of drill intersects from Tabakorole is
shown in Table 2.
Following the completion of the 2007 historical mineral resource
estimate, 58 RC holes (5,492 m) were completed within and along
strike of the FT prospect in 2010. Results included 6.05 g/t Au
over 18m from 12m (10FLRC-12A) and 2.53 g/t Au over 24m from 48m
(10FLRC-01A).
Table 1: Tabakorole selected drill intersections
Hole ID From To (m) Intersection Grade (g/t Au)
(m) (m)
10FLRC-12A 12.00 30.00 18.00 6.05
------- ------- ------------- ---------------
05TKRC-18 24.00 68.00 44.00 3.29
------- ------- ------------- ---------------
10FLRC-07 4.00 42.00 38.00 2.63
------- ------- ------------- ---------------
10FLRC-01A 48.00 72.00 24.00 2.53
------- ------- ------------- ---------------
05FLRC-51 80.00 96.00 16.00 9.31
------- ------- ------------- ---------------
06TKDDH-008 179.00 190.00 11.00 5.64
------- ------- ------------- ---------------
05FLRC-11 14.00 74.00 60.00 2.91
------- ------- ------------- ---------------
05TKRC-52 2.00 18.00 16.00 2.33
------- ------- ------------- ---------------
05FLRC-12 2.00 12.00 10.00 3.36
------- ------- ------------- ---------------
Intersections based on 0.5g/t Au cut off and <= 2m internal
waste
Tabakorole Project: Historical resource
The Tabakorole project hosts a historical mineral resource
comprised of 240,000 oz Au (7.88 million tonnes at 0.94 g/t) in the
Indicated category and 350,000 oz Au (10.55 million tonnes at 1.03
g/t) in the Inferred category. The key assumptions, parameters and
methods used to prepare this historical estimate are:
-- A block model constructed using the Inverse Distance Squared method
-- Block sizes of 10m X 25m X 5m in the easting, northing and RL directions
-- The block model was estimated in 6 passes at 25m, 50m and 100m ranges
-- Pass 1 & 2 represent spacing of 25m X 50m used to
determine the Indicated portion of the resource
-- Pass 2, 3, 4, 5 and 6 were used to estimate the Inferred portion of the resource
-- 3 samples minimum were used to estimate any one single block
-- Sample hierarchy:
o Bulk screen assays took precedent over regular assays
o Diamond drilling assays took precedent over Reverse
Circulation drilling assays
o Air Core drilling was not used in the resource estimation
-- Assays were top cut to 10 g/t gold (based on 99.5% on the cumulative frequency curve)
-- Resources were reported at a 0.5 g/t gold cut off
The resource was prepared in accordance with NI 43-101 by H.
Andrew Daniels, Consulting Geologist, P.Geo in a report entitled
"Technical Report on the Mineral Resource Update, June 2007 FT
Project Mali, West Africa", dated July 27, 2007 and filed on SEDAR
on July 27, 2007 by North Atlantic Resources Ltd. A Qualified
Person has not done sufficient work to classify this historical
estimate as current mineral resources and Altus is not, therefore,
treating this historical estimate as a current mineral resource.
However, it remains relevant to the Project and Altus believes it
is also reliable. To verify this historical estimate so that the
resource can be considered current, Altus would be required to
contract a qualified and independent consultant to review
historical drilling data and prepare a resource estimate in
accordance with NI 43-101.
Table 2: Tabakorole Resource
Category Tonnes (t) Grade (g/t Au) Metal (Oz Au)
Oxide Indicated 1,040,000 1.01 34,000
----------- ----------- --------------- --------------
Inferred 960,000 1.11 35,000
---------------------- ----------- --------------- --------------
Sulphide Indicated 6,840,000 0.94 207,000
----------- ----------- --------------- --------------
Inferred 9,590,000 1.03 318,000
---------------------- ----------- --------------- --------------
Tabakorole Project: New targets defined from historical data
The Company has completed a comprehensive review of the
historical exploration data on the Project. A number of priority
drill targets have been defined both within the main NW-SE trend of
the existing FT prospect as well as potential extensions to the
northeast. Several historical drill holes intersected
mineralisation off the main trend of the FT prospect, including 12m
at 3.40 g/t Au (06FLRC-01) and 28m at 1.01 g/t Au (06FLRC-04) which
represent priority areas for follow up.
Six hundred metres to the south of and parallel to the FT
prospect, a new prospect which is approximately 2.5 km long has
been defined from historical airborne magnetic data. Elsewhere on
the Tabakorole licence a number of priority targets for follow up
trenching and auger drilling have been defined by the historical
geophysical and surface geochemical data. The next phase of work at
Tabakorole is expected to include drilling across new targets, as
well as further resource definition drilling.
Cautionary note regarding historic data
Readers are cautioned that the data on Tabakorole as referred to
in this written disclosure is historical exploration data that has
not been verified by a Qualified Person. Not all historical samples
are available and Altus does not have complete information on the
quality assurance or quality control measures taken in connection
with the exploration results, or other exploration or testing
details regarding these results.
The potential tonnages and grades described in this release are
conceptual in nature and are based on previous drill results that
defined the approximate length, thickness, depth and grade of the
portion of the historical resource estimate. There has been
insufficient exploration to define a current resource and the
Company cautions that there is a risk further exploration will not
result in the delineation of a current mineral resource.
The historical data should therefore not be relied upon until
the Company can confirm them.
Qualified Person
The technical disclosure in this regulatory announcement has
been read and approved by Steven Poulton, Chief Executive of Altus.
A graduate of the University of Southampton in Geology (Hons),
Steven Poulton 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 National Instrument 43-101
Standards of Disclosure of Mineral Projects of the Canadian
Securities Administrators.
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 / Soltan Tagiev
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Abigail Wayne / Richard Parlons
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed
project and royalty generator in the mining sector with a focus on
Africa. Our team creates value by making mineral discoveries across
multiple licences. We enter joint ventures with respected groups
and our partners earn interest in these discoveries by advancing
them toward production. Project milestone payments we receive are
reinvested to extend our portfolio, accelerating our growth. The
portfolio model reduces risk as our interests are diversified by
commodity and by country. The royalties generated from our
portfolio of projects are designed to yield sustainable long-term
income. We engage constructively with all our stakeholders, working
diligently to minimise our environmental impact and to promote
positive economic and social outcomes in the communities where we
operate.
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.
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 Aircore drilling
"Au" means gold
"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
"NI 43-101" means National Instrument 43-101 Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators
"ppb" means parts per billion
"Qualified Person" means a person that has the education, skills
and professional credentials to qualify as a qualified person under
NI 43-101
"RC" means Reverse Circulation drilling
**END**
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END
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