(via TheNewswire)
TheNewswire - 20 January2022 -
Altus now holds, following signature of the JVA, a 100% interest in the highly prospective Lakanfla gold project (“Lakanfla”) in western
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:
75% by sole funding
US$5 million on exploration by17 December 2023 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:
17,300,000 tonnes at 1.2 g/t gold (Au”) for 665,000 ounces in the Inferred category
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(“”) 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 locatedapproximately
5.0km east of the Company’s Diba gold project which is currently being drilled
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
“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 truewidths). Lakanfla is strategically located in a world renowned gold belt in western
“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 292km2. 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.”
The 24km2Lakanfla 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
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
Qualified Person
The technical disclosure in this regulatory announcement has been approved by
For further information you are invited to visit the Company’s websitewww.altus-strategies.comor contact:
Tel:+44 (0) 1235 511 767 E-mail:info@altus-strategies.com | |
Tel:+44 (0) 20 3470 0470 | |
Tel:+44 (0) 20 3470 0471 Tel:+44 (0) 20 3470 0535 | |
Tel:+44 (0) 20 7186 9927 | |
Yellow Jersey PR (Financial PR & IR) | Tel:+44 (0) 20 3004 9512 E-mail:altus@yellowjerseypr.com |
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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.
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