The 106km2 Pitiangoma Est project is located on the Syama shear zone in southern Mali, approximately 300km southeast of the capital Bamako. The project is 15km south of the Tabakoroni deposit (610koz Au) and approximately 40km south of the 8Moz Syama gold mine; both owned by ASX listed Resolute Mining Limited (“Resolute”).
Resolute have the right to earn up to a 70% interest in the Pitiangoma Est project by funding US$3M in exploration and completing a feasibility study. Thereafter Altus may elect to co-fund its 30% interest on a pro rata basis, or exchanging its interest for a 2% Net Smelter Royalty.
Prior to the joint venture with Resolute, exploration included regolith sampling (6,930 soil and 1,230 auger samples), lithological mapping, airborne geophysics (VTEM), BLEG stream sediment sampling and RC drilling (2,160m) as well as diamond drilling (6,450m). These work programmes were completed by Endeavour prior to the project being acquired by Legend.
Resolute has reportedly completed 110 air core drill holes for a total of 4,869m and a gradient array IP survey focussed on the Misseni Prospect in 2016 and this has reportedly been followed up by a 7 hole (3,167m) RC drilling programme in 2017.