Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector: Mining
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Altus Strategies Plc
("Altus" or the "Company")
Altus Strategies Plc (AIM: ALS), the Africa focused exploration project generator (''Altus'' or the ''Company''), provides an update on exploration activities at its 100% owned Agdz copper-silver project (''Agdz'' or the ''Project'') in the eastern Anti-Atlas, Morocco.
- 10 parallel mine workings have been mapped and sampled at the Minière Prospect
- Rock chip and spoil samples include 13.0% Cu, 6.0% Cu & 5.0% Cu
- Mining complex exploits multiple sub-parallel alteration zones within 2.8km long zone
- Agdz project is located 14km from the Bouskour copper mine operated by Managem
- Outcrop samples from Amzwaro Prospect include 1.88% Cu & 140g/t Ag
- Float sample from Makarn North prospect include 26.50% Cu & 158g/t Ag
Steven Poulton, Chief Executive of Altus, commented:
"We are encouraged by the copper grades returned from sampling of the former mine workings discovered on the Agdz Licence in Morocco. Both oxide and sulphide sources were sampled and results included 13.05% Cu, 6.01% Cu & 5.00% Cu. The Minière prospect, which contains the historical mine complex, extends for at least 2.3km and is proximal to a regional structure which in places has an alteration halo that is up to 90m wide based on mapping carried out by the Company.
Our optimism is reinforced by the float sample collected from the Makarn North prospect, which assayed 26.5% Cu and 158g/t Ag. Our follow up programmes will prioritise on the mapping and sampling of the Minière Prospect and locating the source of the high grade copper at Makarn North. These recent results from Agdz support our belief that the licence has the potential to host a significant copper-silver system. We look forward to keeping shareholders informed of our progress."
Agdz Exploration Programme
A mapping and prospecting programme has been undertaken at the Minière copper and silver prospect. The mining complex has been mapped to date across an area which is 150m long by 90m wide, striking north-eastwards within the 2.3km long Minière Prospect. The complex is comprised of 10 individual open stopes, and a number of underground developments. Sampling of spoil surrounding the workings, carried out by the Company, has returned grades including13.05% Cu, 12.90g/t Ag and 0.42g/t Au from both oxide and sulphide material. The workings indicate the presence of a leached low-grade to barren surface cap existing above the mineralised zones. The mine workings target multiple steeply dipping altered, brecciated and highly fractured zones, as well as veins within metavolcanic host lithologies. Alteration locally is dominated by variable chlorite-magnetite-haematite +/- silica-barite with a relatively clay rich hanging wall. Iron alteration +/- chlorite is traceable for 500m to the SW.
Separately sampling at the Makarn North Prospect has returned 26.05% Cu & 158g/t Ag, associated with copper sulphides hosted in quartz vein material. Sampling of outcrop at the Amzwaro Prospect has returned 1.88% Cu and 140g/t Ag, proximal to an approximately 1km long interpreted rhyolite dome.
The following figures have been prepared and 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 using the following link: http://altus-strategies.com/site/assets/files/4359/high_grade_results_agdz.pdf
- Location of Agdz Licence in Morocco is shown in Figure 1.
- Prospects at the Agdz Licence are shown in Figure 2.
- Conceptual Agdz Mineralisation Model is shown in Figure 3.
- Minière Prospect Hosting a Historic Mining Complex is shown in Figure 4.
- Photos from the Agdz Project are shown in Figure 5.
Figure 1. Location of Agdz Licence in Morocco
Figure 2. Prospects at the Agdz Licence
Figure 3. Conceptual Agdz Mineralisation Model
Figure 4. Minière Prospect Hosting a Historic Mining Complex
Figure 5. Agdz Project Photos
|Float sample grading 26.50% Cu & 158g/t Ag||Trenching adjacent to artisanal working|
|Minière Prospect open stope||Spoil sample grading 13.05 % Cu|
Agdz Project: Location
The Company’s wholly owned subsidiary, Aterian Resources Limited, has a 100 per cent interest in the 59.7km2 Agdz Project. The Project comprises four contiguous licence blocks in the Souss-Massa-Drâa region of the Anti-Atlas mountains of central Morocco, approximately 350km south of the capital Rabat and approximately 14km southwest of the Bouskour copper mine. Bouskour is operated by the Moroccan mining group Managem and has a reported (non-JORC and not in accordance with NI43-101) resource of 20Mt at 1.6% Cu and 20 g/t Ag. The project is located approximately 35 km east south east of the city of Ouarzazate, where infrastructure and services are of a high standard, including a regional airport. Agdz is located approximately 40 km south east of the ‘Noor 1’ solar power plant, the world's largest concentrated solar power plant with planned output of 580 MW. The project is accessed via a paved road and there is a network of vehicle tracks within the licence.
Agdz Project: Geological Setting
The Agdz Project is located in the Neoproterozoic Sidi Flah-Bou Skour inlier of the Saghro Massif, located in the eastern Anti-Atlas mountains. The Saghro Massif basement comprises a volcano-sedimentary sequence, including turbidites and tholeiitic pillow basalts. The basement is discordantly overlain by Upper Neoproterozoic tuffs, conglomerates, andesites, dacites, ignimbrites and rhyolites intruded by quartz-diorites and granodiorites and a cover sequence comprising basal conglomerates, sandstones, tuffs, basalts, andesites, dacite, ignimbrites and rhyolites. The Saghro Massif was deposited in a back -arc basin type environment, which was subjected to heterogeneous deformation during the two Pan-African orogenic events between 750 and 550 Ma. The first event was collisional leading to strong folding and ophiolite emplacement (Bou Azzer inlier) with the second event causing moderate shortening, tilting and middle to upper greenschist facies metamorphism attaining amphibolite facies near intrusive rocks.
A number of major regional NE to NNE trending faults cut the Agdz Project area with alteration zones, +/- at surface mineralisation, developed generally oblique to these faults within a regionally reported extensional wrench fault system and within 4km of the Oued Dar'a caldera.
Mineralisation at Agdz is typical of the epithermal-type deposit model with strong structural controls and alteration styles where multiple, sub-parallel mineralised structures exist in relatively close proximity. Mineralisation is hosted in several different lithologies including metaconglomerates, metavolcaniclastics, rhyolites, andesite, granodiorite and dolerite dykes. Copper mineralisation is predominantly seen in oxide species as malachite with subordinate chrysocolla and azurite in veins and as fracture and clast coatings within the host rock in weathered alteration zones at surface.
The technical disclosure in this regulatory announcement has been read and 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 a Fellow of the Geological Society of London. He has over 18 years of experience in mineral exploration and is a Qualified Person under the AIM rules and National Instrument 43-101 under the rules of the TSX.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information you are invited to visit the Company’s website www.altus-strategies.com or contact:
Altus Strategies Plc
Steven Poulton, Chief Executive
Matthew Grainger, Executive Director
Greg Owen, VP Corporate Development
Tel: +44 (0) 1235 511 767
SP Angel (Nominated Adviser)
Richard Morrison / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Tel: +44 (0) 20 3470 0471
Blytheweigh (Financial PR)
Tim Blythe / Camilla Horsfall / Nick Elwes
Tel: +44 (0) 20 7138 3204
About Altus Strategies Plc
Altus is a London listed (AIM: ALS), diversified and Africa focused mineral exploration project generator. Through our subsidiaries we discover new projects and attract third party capital to fund their growth, development and ultimately exit optionality. This strategy enables Altus to remain focused on the acquisition of new opportunities to be fed into the project generation cycle and aims to minimise shareholder dilution. Our business model is designed to create a growing portfolio of well managed and high growth potential projects, diversified by commodity and by country. Altus currently has sixteen projects in eight commodities across six countries. We aim to position our shareholders at the vanguard of value creation, but with significantly reduced risks traditionally associated with investments in the mineral exploration sector.
This news release includes certain statements that may be deemed "forward looking statements" with the meaning of applicable securities laws. All statements in this news release, other than statements of historical facts, that address events or developments that Altus Strategies Plc expects to occur, are forward looking statements and involve known and unknown risks, uncertainties and other factors. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", “targets” and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. The Company believes the expectations, estimates, forecasts and projections expressed in such forward looking statements are based on reasonable assumptions. However, investors are cautioned that such statements are not guarantees of future performance and the Company cannot provide assurance that actual results or performance will not differ materially from those projected in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include changes in market prices, exploration results and the interpretation of other geological data, the ability of the Company to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the legal and regulatory frameworks in jurisdictions where the Company operates, competitive conditions in the mineral exploration sector, the activities of artisanal miners, whose activities could delay or hinder exploration or mining operations, the risk that third parties to contracts may not perform as contracted or may breach their agreements, the ability to attract and retain key management and personnel, terrorism, civil strife, or war in the jurisdictions in which the Company operates, or in neighbouring jurisdictions which could impact on the Company’s exploration, development and operating activities, unanticipated costs and expenses, the continued availability of capital and financing on acceptable terms or at all, and general economic, market or business conditions.
Any references made in this news release to historical information, including historical geologic and technical information cannot be verified. A Qualified Person has not verified the sampling, analytical, and test data underlying any such historical information. The Company has obtained historical information from sources that it believes to be reliable and assumes it is accurate and complete in all material aspects. While the Company has carefully reviewed the available historical information, it cannot guarantee its accuracy and completeness. The forward looking information and statements included in this announcement are expressly qualified by this cautionary statement and are based on the beliefs, estimates and opinions of the Company on the date of this announcement. Except as required by securities laws the Company does not undertake any obligation to publicly update or revise any forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Glossary of Terms
The following is a glossary of technical terms:
“Alteration halo” is a border of minerals produced by hydrothermal alteration
"Ag" means silver
"Cu" means copper
“km” means kilometre
"m" means metres
"Ma" means million years ago
“Moz” means millions of ounces
“Outcrop” means a visible exposure of rock that is in-situ and has no covering of soil or vegetation
“Shear zone” means a zone in which rocks have been deformed by lateral movement along parallel planes
“Quartz Vein” means a fracture which has been filled by quartz and other minerals which have crystallised from mineralised fluids