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, announces that it has been granted six permits comprising the Zaer exploration licence (''Zaer'' or the ''Licence'') in Central Morocco, targeting copper, tungsten and tin mineralisation. The Company also announces that, in line with its Project Generator model, it has also relinquished four early stage licences in Morocco.
- Six permits granted over 96km2 licence area targeting copper, tungsten, tin and lead
- Zaer licence hosts a 20km long geologically prospective metamorphic aureole
- Historic reports suggest the presence of 2.35km of copper bearing quartz veins
- Initial reconnaissance mapping and sampling to commence in March
- Four licences in Morocco also relinquished in line with Project Generator strategy
Steven Poulton, Chief Executive of Altus, commented:
“We are pleased to announce the award of the Zaer exploration licence in central Morocco. Zaer targets a 20km long metamorphic aureole on the western flank of the Hercynian age Zaer granite. The granite reportedly hosts copper, tungsten, tin and lead mineralisation, as well as 2.35km of unverified historically mapped copper bearing quartz veins. The Hercynian aged intrusions of central Morocco are highly prospective for base metals and host a number of active and historic mines and deposits. These include the Achmmach tin project of Kasbah Resources (ASX:KAS), the Sokhret-Allal tin-tungsten deposit and the Koudiat Chebia tungsten deposit located 90km east, 4km east and 6km south of the Licence respectively.
“We have also decided to relinquish four separate early stage exploration licences in Morocco. Our Project Generator business model is to acquire carefully selected prospective licences, explore them for potentially economic minerals deposits and seek Joint Venture partners to finance their further exploration. Licences that after initial exploration work are not considered likely to host an economic deposit are relinquished to ensure the firm’s capital and energy remains focused.
''Our exploration team is making preparations for the first phase programme at Zaer and we look forward to updating shareholders in due course.”
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/4348/altus_nr_zaer_26_feb_2018.pdf
- The location and infrastructure of the Zaer licence is shown in Figure 1.
- Regional setting with key mines and deposits is shown in Figure 2.
- The Zaer granite geological setting with mineral occurrences is shown in Figure 3.
Zaer Licence Overview
The Company's 100% owned subsidiary, Aterian Resources Ltd, holds a 100% interest in the Zaer Licence, which comprises six 16km2 permits totalling 96km2. Zaer is located approximately 80km south of the capital Rabat and is accessible via two asphalt roads and contains a network of tracks. The Licence was selected on the basis of the Company's substantial technical dataset on Morocco. This dataset includes geological maps, historical mineral occurrences, regional geochemical data and satellite borne remote sensing data.
Zaer is located in the Central Moroccan Hercynian Massif, which contains three large granitic plutons and several buried plutons which have been intruded into a sequence of Ordovician to Devonian aged sediments. The region hosts numerous active and historic mines and development projects for copper, tin, tungsten, lead, zinc and fluorite. The mineralisation is reportedly hosted in veins, stockworks, skarns and greisens within granites and the surrounding metamorphic aureoles. Six quartz veins hosting copper mineralisation, totalling 2.35km of combined strike have reportedly been mapped at Zaer.
The licence has been granted for an initial period of three years and can be renewed for four further one year periods.
Licence Relinquishment in Morocco
The Company business model is to acquire carefully selected prospective licences, explore them for potentially economic minerals deposits and seek Joint Venture partners to finance their further exploration. Licences that after initial exploration work are not considered likely to host an economic deposit are relinquished. In line with this strategy and following a geological assessment of all of the results to date, the Company has elected to relinquish the Oulmes, Ment, Tamatert and Ouarzazate licences in Morocco. The relinquishment of these four licences will not result in any material impairment charge against the book value of the Company’s assets.
Through Aterian Resources Ltd the Company continues to hold a 100% interest in the Agdz and Takzim exploration licences in Morocco.
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)
Ewan Leggat / Richard Morrison / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
SP Angel (Joint Broker)
Elizabeth Johnson / Richard Parlons
Tel: +44 (0) 20 3470 0471
Beaufort Securities (Joint Broker)
Tel: +44 (0) 20 7382 8300
Blytheweigh (Financial PR)
Tim Blythe / Camilla Horsfall / Nick Elwes
Tel: +44 (0) 20 7138 3204
About Altus Strategies Plc
Altus is a 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 seventeen projects in eight commodities across five 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.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Glossary of Terms
The following is a glossary of technical terms:
“Archaean” means an early part of geological time dating from <4,000 to 2,500 million years ago
“Artisanal” means local people conducting mining, often with rudimentary equipment
"Au" means gold
“Assay” or “Assay results” means the analysis of minerals, rocks and mine products to determine and quantify their constituent parts
"Ag" means silver
"Cu" means copper
“Fe” means iron
“Hercynian” means part of geological time dating from 370 to 290 million years ago
“km” means kilometre
“Pb” mean lead
"g/t" means grams per tonne
“Grade(s)” means the quantity of ore or metal in a specified quantity of rock
"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
“Sn” means tin
“W” means tungsten
“Zn” means zinc