Altus Strategies Plc: Drilling Commences at Tabakorole Gold Project, Mali
01 November 2021 - Altus Strategies Plc (AIM:ALS), (TSXV:ALTS), (OTC:ALTUF) announces the commencement of a combined 35,000m Reverse Circulation ("RC"), Air Core (''AC''), and auger drilling programme at the Tabakorole gold project ("Tabakorole" or the "Project") located in southern Mali. Tabakorole is subject to a Joint Venture ("JV") with Marvel Gold Limited (ASX: MVL) ("Marvel"). 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. Highlights:
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- Significant drilling programme underway at the Tabakorole gold project in southern Mali
- 5,000m RC drilling to infill the north-west extension of the deposit and test priority targets
- 15,000m AC and 15,000m auger programmes to test additional targets
- Tabakorole hosts a mineral deposit for which an MRE has been generated comprising:
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- 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
- 70% of the MRE is situated within 150m of the surface
- MRE remains open in parallel zones and at depth
- Preliminary high metallurgical recoveries indicate simple processing flowsheet
- Altus holds 49% of the Project and a 2.5% NSR royalty on Tabakorole gold production
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Steven Poulton, Chief Executive of Altus, commented:
"The Tabakorole gold project in southern Mali is being advanced aggressively by Marvel Gold, our ASX listed JV partner. A combined 35,000m RC, AC and auger drilling programme has commenced to test the potential north-west extension to the mineral resource area as well as numerous other targets across the Project.
"Last month we announced that the Tabakorole deposit has grown to over a million ounces in all categories. Drilling undertaken this year has continued to demonstrate consistent thicknesses and grades over the Project's 3.2km strike length and also resulted in the discovery of two shallow, higher-grade zones of mineralisation adjacent to the existing deposit. With excellent initial metallurgical gold recoveries averaging 97%, Tabakorole is shaping up as a significant potential gold development project in west Africa with substantial upside. I look forward to updating shareholders on the outcomes of the current drill programmes in due course".
Drilling Programmes
The planned 35,000m drilling programme comprises 5,000m of RC drilling, 15,000m of AC drilling and 15,000m of auger drilling. The RC drilling is designed to infill the north-west extension at the Tabakorole deposit, as well as testing a number of priority targets which are proximal to the deposit (see Figure 3). The AC and auger programmes are designed to test earlier stage geochemical anomalies, to generate tighter targets for potential deeper follow up AC, RC or diamond drilling.
AC and auger drilling are relatively low-cost geochemical drilling techniques, designed to sample the interface between the overlying soil horizon and the underlying geology. As such they represent an important first pass screening tool to test surface geochemical anomalies. The choice between auger and AC drilling is typically based on the anticipated depth of cover, as well as the strength of the corresponding surface geochemical anomaly.
Tabakorole: Mineral Resource Estimate
Tabakorole hosts a deposit for which an MRE of 360,000 ounces at 1.2 g/t Au (Indicated resources) and 665,000 ounces at 1.2 g/t Au (Inferred resources) in both oxide and fresh domains has been made as set out in Table 1 and shown in Figure 4. The Project remains open down-dip and along strike. Currently, 70% of the MRE is situated within 150m of surface.
The MRE has been prepared by International Resource Solutions Pty Ltd (Perth, Australia) under the JORC Code and is reported as at 05 October 2021. A technical report is currently being drafted and this will be filed under the Company's profile on SEDAR. A Qualified Person has not undertaken sufficient work to classify the Mineral Resource Estimate in accordance with NI 43-101, and Altus is not treating it as such.
Table 1: Mineral Resource Estimate Summary Table (JORC Code)
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| |Indicated |Inferred |
|-----------------------------------------------------------|
|Domain|Tonnes |Grade|Contained|Tonnes |Grade|Contained|
| |(t) |(g/t)|gold (oz)|(t) |(g/t)|gold (oz)|
|-----------------------------------------------------------|
|Oxide |1,400,000|1.2 |50,000 |1,300,000 |1.3 |55,000 |
|-----------------------------------------------------------|
|Fresh |7,800,000|1.2 |310,000 |16,000,000|1.2 |610,000 |
|-----------------------------------------------------------|
|Total |9,200,000|1.2 |360,000 |17,300,000|1.2 |665,000 |
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Notes:
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1.Reported at a cut-off grade of 0.6 g/t Au, differences may occur due to rounding
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2.MRE is shown on a gross (100%) basis of the Project
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3.Marvel is the operator of the JV
The Project is currently 49% beneficially owned by Altus and 51% beneficially owned by Marvel, which is also the operator of the JV. Marvel is currently earning a 70% interest in the Project, through the completion of the third phase of exploration.
The following figures relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website (www.altus-strategies.com) or in PDF format by following this link: https://altus-strategies.com/site/assets/files/5384/altus_nr_-_tbk_drilling-_01_nov_2021.pdf
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- Location of Tabakorole and Altus' other projects in Mali are shown in Figure 1
- Location of Tabakorole in southern Mali is shown in Figure 2
- Map of regional targets and additional mineralised areas is shown in Figure 3
- Tabakorole Mineral Resource Estimate (plan view) is shown in Figure 4
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Figure 1: Location of Tabakorole and Altus' other projects in Mali
Figure 2: Location of Tabakorole in southern Mali
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Figure 3: Map of regional targets and additional mineralised areas
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Figure 4: Tabakorole Mineral Resource Estimate (plan view)
Summary of Joint Venture with Marvel Gold
Marvel 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 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 will have the right to reduce the royalty to 1.0% NSR 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 has currently earned a 51% interest in the Project.
Tabakorole Project: Location
Tabakorole is a 292km2 gold project located in southern Mali, approximately 280km south of the capital city of Bamako (see Figures 1 & 2). The Project sits on the Massagui Belt, which hosts the Morila gold mine (operated by Firefinch Limited, ASX: FFX), located approximately 100km to the north. The Project is 125km southeast of the Yanfolila gold mine (operated by Hummingbird Resources Plc, AIM: HUM) and 100km east of the Kalana gold project (operated by Endeavour Mining Plc, LSE and TSX: EDV). Mineralisation hosted on these properties is not necessarily indicative of mineralisation hosted at Tabakorole.
Tabakorole Project: Geology
Tabakorole comprises a 3.2km long shear zone which is up to 200m wide, hosted in the Archaean and Birimian aged Bougouni Basin of the Man Shield of southern Mali. The geology is dominated by clastic sediments, cut by northwest trending deformation zones which host gold mineralisation. At least two, possibly three, Eburnean deformation events are believed to have affected the geology of Tabakorole. The Project hosts the FT Prospect, comprised of mylonites, sheared diorite, gabbro, mafic dykes and late stage felsic dykes, within a folded and deformed metasedimentary package of meta-siltstone, meta-wacke and meta-sandstone. Mineralisation is locally most favourably associated where structures cut gabbro and along lithological contacts with gabbro.
Qualified Person
The technical disclosure in this regulatory announcement has been approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.
For further information you are invited to visit the Company's website www.altus-strategies.com or contact:
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| |Indicated |Inferred |
|-----------------------------------------------------------|
|Domain|Tonnes |Grade|Contained|Tonnes |Grade|Contained|
| |(t) |(g/t)|gold (oz)|(t) |(g/t)|gold (oz)|
|-----------------------------------------------------------|
|Oxide |1,400,000|1.2 |50,000 |1,300,000 |1.3 |55,000 |
|-----------------------------------------------------------|
|Fresh |7,800,000|1.2 |310,000 |16,000,000|1.2 |610,000 |
|-----------------------------------------------------------|
|Total |9,200,000|1.2 |360,000 |17,300,000|1.2 |665,000 |
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About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. The Company's differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. The Company engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.
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.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Glossary of Terms
"AC" means Air-Core drilling
"Au" means gold
"g" means grams
"g/t" means grams per tonne
"grade(s)" means the quantity of ore or metal in a specified quantity of rock
"JORC Code" means the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. The JORC Code is an acceptable foreign code for purposes of NI 43-101
"JV" means Joint Venture
"km" means kilometres
"m" means metres
"MRE" means Mineral Resource Estimate
"NI 43-101" means National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators
"Oz" means ounces
"Qualified Person" means a person that has the education, skills and professional credentials to qualify as a qualified person under NI 43-101
"NSR" means net smelter return
"RC" means reverse circulation
"t" means a metric tonne