New Discovery At JV Project In Southern Mali
Altus Strategies Plc (AIM: ALS, TSXV: ALTS, OTCQX: ALTUF) has confirmed the discovery of a significant new parallel zone of gold mineralisation from its Joint Venture (JV) at the Tabakorole gold project located in southern Mali.
Altus holds a 49% equity interest and 2.5% Net Smelter Return (NSR) royalty on the Project. Exploration activities at Tabakorole are being funded by Marvel Gold Limited under its JV with Altus. The current drilling programme is designed to test the potential to expand the Tabakorole deposit on which a Mineral Resource Estimate (MRE) has been modelled.
Highlights:
- Further highly encouraging drilling results from the Tabakorole gold project in southern Mali
- Results from 8 diamond drill (“DD”) holes (1,296m) from Northwest Zone and Parallel Zone
- Multiple, shallow and high-grade intersections include (not true width of intervals):
- Northwest Zone: 3.6 g/t gold (“Au”) over 16.5m from 3.2m
- Parallel Zone: 2.4 g/t Au over 24m from 35m & 1.5 g/t Au over 20.6m from 26.4m
- Parallel Zone is outside of deposit and remains open beyond 120m strike and at depth
- Results are expected to increase the volume and grade of the MRE
- Upgraded MRE for Tabakorole expected to be prepared in September 2021
Tabakorole hosts a mineral deposit for which an MRE has been generated (see Altus’ news release “Substantial Increase in Gold Resource at Tabakorole Project, Southern Mali” dated 30 September 2020), comprising:
- 16,600,000 tonnes at 1.2 g/t Au for 620,000 ounces in the Inferred category
- 7,300,000 tonnes at 1.2 g/t Au for 290,000 ounces in the Indicated category
Steven Poulton, Chief Executive of Altus, commented:
“The discovery of this parallel, shallow and high-grade gold zone has significant implications for the potential of the Tabakorole gold project in southern Mali,” Chief Executive, Steven Poulton, said.
“Drilling results of 2.4 g/t Au over 24m from 35m depth in the Parallel Zone and 3.6 g/t Au over 16.5m from 3.2m depth from the Northwest Zone are excellent. Marvel Gold, our ASX-listed JV partner, has been aggressively advancing Tabakorole through its drilling programmes in 2021.
“These programmes have successfully extended the deposit’s strike length to the northwest and southeast and intersected new shallow and high-grade mineralisation outside of the current deposit model. The results are anticipated to contribute to an updated Mineral Resource Estimate, expected later this month. We look forward to updating shareholders on the results of this work in due course.”
Results from drilling programmes
Marvel have recently completed 3,240m of DD designed to expand the current MRE in the Northwest Zone, define the Parallel Zone and as previously reported, infill the Central Zone. The targets in the Northwest Zone were designed to follow up on Reverse Circulation (RC) drill results from earlier in the year, which included 2.0 g/t Au over 16m from 75m and 5.8 g/t Au over 6m from 61m.
The best new intersection from the current DD programme in the Northwest Zone is 3.6 g/t Au over 16.5m from 3.2m. Previous drilling in the Northwest Zone indicated the likelihood that the Parallel Zone existed. Drilling in the current programme has confirmed the presence of this new zone with results including 2.4 g/t Au over 24m from 35m and in the adjacent section 1.5 g/t Au over 21m from 26m (up dip from 2.0 g/t Au over 16m). The Parallel Zone is currently 120m long and remains open along strike and at depth.
MRE to be updated
A total of 4,140m of DD and 5,400m of RC drilling has been undertaken by Marvel in 2021. The results of these programmes will feed into an updated resource statement (in accordance with the JORC code), which is expected to be completed in late September 2021. Key highlights from the 2021 drilling programmes are:
Northwest Zone: Potential increase in strike length by 150m with potential improvement of grade in this zone;
- Parallel Zone: Discovery of shallow, high-grade mineralisation outside of the existing deposit;
- Central Zone: Discovery of further mineralisation outside of the existing deposit with potential improvement of grade in this zone; and
- Southeast Zone: Potential increase in strike length by 150m.
For further information please visit: https://www.altus-strategies.com/
