Altus Strategies Plc (AIM: ALS, TSXV: ALTS, OTCQX: ALTUF) has discovered further hard rock artisanal gold workings from field reconnaissance at the company’s 100% owned Gabal Al-Shaluhl (348 sq. km) and Wadi Jundi (696 sq. km) projects, located in the Eastern Desert of Egypt.
The company’s 100% owned subsidiary, Akh Gold Ltd, holds four gold exploration projects totalling 1,565 sq. km in Egypt. The Projects were granted this year as part of a competitive international bid round undertaken by the Egyptian Mineral Resources Authority (EMRA).
Highlights:
- Fourteen hard rock artisanal gold workings discovered across two Projects in Egypt
- Workings are up to 30m wide and 100m long with several mechanically excavated
- More than 50 hard rock gold workings now confirmed across the Projects to date
- At least 35 further remote sensing targets remaining to be assessed
- Discoveries validate the company’s target generation process in Egypt
“We are pleased to report that, following recent reconnaissance exploration by the Company’s Egyptian field team, 14 hard rock gold workings have been discovered at the Gabal Al-Shaluhl and Wadi Jundi projects, with an additional 35 targets still to be visited. These two projects comprise 1,044 sq. km of our total landholding of 1,565 sq. kmin the highly prospective Eastern Desert of Egypt,” Chief Executive, Steven Poulton, said.
“Individual hard rock workings are up to 30m wide and 100m long and the presence of mechanised machinery at some of these suggests significant gold potential exists. In September, we announced the discovery of 37 hard rock workings across our Gabal om Ourada and Wadi Dubur gold projects. These recent discoveries increase the total number of hard rock gold workings discovered to date on our Projects in Egypt to 50.
“Our initial reconnaissance has underscored the significant prospectivity of the licence areas that Altus has selected and been awarded. We have recently established a high calibre technical and operational team in Egypt, which means we are in a strong position to aggressively advance exploration. I look forward to updating shareholders on the results of this work in due course.”
Hard Rock Workings: Gabal Al-Shaluhl Licence (348 sq. km)
- Three of 15 high priority targets (as defined by desktop studies) have been visited
- Numerous historical, artisanal hard rock workings (mechanised and smaller scale)
- Workings traced for up to 100m, associated with shear zones and around granite margins
- Quartz-vein style gold mineralisation (orogenic gold), both fault and intrusion hosted
- Hydrothermal alteration (silica, carbonate and iron oxide) and visible sulphide mineralisation observed
- Priority targets for follow-up work delineated with numerous other targets to be assessed
Hard Rock Workings: Wadi Jundi Licence (696 sq. km)
- Seven of 35 high priority targets (as defined by desktop studies) have been visited
- Numerous historical artisanal hard rock workings (mechanised and smaller scale)
- Workings targeting sheeted systems associated with granitoid intrusions
- Quartz-vein style gold mineralisation (orogenic gold), both fault and intrusion hosted
- Hydrothermal alteration with silica and clay alteration and sulphide (pyrite)
- Priority targets for follow-up work delineated with numerous other targets to be assessed
Next Phase of exploration
Systematic target evaluation and ranking will commence shortly at the Projects. Ground-work will include reconnaissance mapping as well as detailed structural, alteration and mineralisation mapping, along with grab and channel sampling.
Projects: Background (1,565 sq. km)
The Projects were awarded to Akh Gold, as part of Egypt’s inaugural competitive international exploration licence bid round, initiated by EMRA in 2020. All four Projects, which together comprise nine licence blocks covering 1,565 sq. km, are situated in eastern Egypt, between 30 km and 100 km from the Red Sea coast. The Projects have been awarded for an initial two-year term, with each Project renewable for up to two further periods, each of two years duration.
For further information please visit: https://www.altus-strategies.com/
