Significant Increase In Landholding At Tabakorole Gold Project
Altus Strategies Plc (AIM: ALS, TSXV: ALTS, OTCQX: ALTUF) has made a significant increase in the Joint Venture (JV) landholding at the Tabakorole gold project located in southern Mali, West Africa.
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.
· JV landholding increased by 56% to 292km2 at Tabakorole gold project in southern Mali
· 100 sq. km Sirakoroble Sud JV licence is on strike of 5km long mineralised ‘Asgard Trend’
· Multi-element soil survey will now be undertaken to generate potential drill targets
· The Project hosts a mineral deposit for which a Mineral Resource Estimate (MRE) has been generated (see Altus’ news release “Substantial Increase in Gold Resource at Tabakorole Project, Southern Mali” dated 30 September 2020), comprising:
o 16,600,000 tonnes at 1.2 g/t gold (“Au”) for 620,000 ounces in the Inferred category
o 7,300,000 tonnes at 1.2 g/t Au for 290,000 ounces in the Indicated category
· MRE to be updated with the results from the recent and planned drilling programmes
· Altus holds 49% of the Project and a 2.5% NSR royalty on Tabakorole gold production
Chief Executive, Steven Poulton, said Tabakorole is shaping up to be a significant gold discovery not just in southern Mali, but in the west African context.
“This 100 sq. km increase in the JV Project area is strategically significant as the new licence area hosts a potential north-westerly extension of the 5km long ‘Asgard trend’, which is defined by strong, and often coincident, geochemical and geophysical anomalies.
“Marvel Gold, our ASX listed JV partner, is aggressively advancing the Project, with drilling currently targeting near-surface, high-grade intercepts which fall outside of the previously modelled mineralisation, as well as undertaking regional surveys to define further drill targets.
“These programmes are expected to contribute to an updated MRE later this year. We look forward to updating shareholders with the results from the current programmes when they are received.”
Meanwhile, Marvel Gold expects to have completed approximately 9,000m of reverse circulation (RC) drilling and diamond drilling (DD) by August 2021.
Assay results are pending from the current 3,000m DD programme. Altus understands that Marvel Gold expects to release an upgraded resource statement in accordance with the JORC code at Tabakorole later this year.
Marvel Gold has the right to earn up to an 80% interest in Tabakorole by sole funding four stages of exploration, culminating in a definitive feasibility study, and by making certain cash (or cash plus Marvel Gold shares) payments to Altus.
Thereafter, Altus has the right to co-finance or dilute its 20% interest in the Project. Altus also retains a 2.5% NSR royalty on the Project. Marvel Gold will have the right to reduce the royalty to 1.0% for a payment to Altus of between US$9.99 million and US$15.00 million (depending on the size of the resource at Tabakorole). Marvel Gold has currently earned a 51% interest in the Project.
For further information please visit: https://www.altus-strategies.com/