Altus Strategies Plc (AIM: ALS, TSXV: ALTS, OTCQX: ALTUF) has signing of an amended Joint Venture and Earn-In Agreement “JVA) with Marvel Gold.
The JVA replaces the original joint venture agreement entered into in June 2020. The JVA now comprises the Tabakorole gold project and two contiguous gold licences for a total of 292 square kilometres (together the “JVA Licences”) located in southern Mali.
Marvel holds a 70% equity interest in the JVA Licences and retains the right to increase their holding to 80% by sole funding a Definitive Feasibility Study (DFS) on the JVA Licences. Altus retains a 30% equity interest in the JVA Licences and holds a 2.5% Net Smelter Return (NSR) royalty on these licences. Exploration activities under the JVA are currently being sole funded by Marvel.
Altus now holds, following signature of the JVA, a 100% interest in the highly prospective Lakanfla gold project (Lakanfla) in western Mali. Lakanfla is strategically located approximately five km east of the company’s 100% owned Diba gold project, which is currently subject to a resource expansion drilling programme by the company.
“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 true widths),” Altus CEO, Steven Poulton, said.
“Lakanfla is strategically located in a world renowned gold belt in western Mali, approximately 5km east of our 100% owned Diba gold project, which is currently the subject of a resource expansion drilling programme, and 6.5km southeast of the multi-million ounce Sadiola gold mine.
“Our field teams will be commencing a high priority exploration programme at Lakanfla imminently, as the combination of the Diba and Lakanfla assets has the potential to form part of a significant gold mining camp.
“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 JVA comprises three contiguous gold exploration licences in southern Mali, namely the 100km2 Tabakorole licence, the 100 sq. km Npanyala licence and the 92 sq. km Sirakoroble Sud licence.
Marvel has currently earned a 70% interest in the JVA 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 DFS, 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 JVA. Altus retains a 2.5% NSR royalty on the JVA 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 JVA Licences).
For further information please visit: https://altus-strategies.com/