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 its 100% owned subsidiary Aterian Resource Ltd has been granted new exploration licences, targeting zinc and copper in Morocco.
- Ammas, Takzim Est and Arfa licences granted totalling 87.55 km2 in Morocco
- Ammas licence located 3km along strike of Hajjar VMS zinc-copper mine
- Takzim Est licence located 6km east of the Company’s Takzim zinc project
- Arfa licence located in the Oriental province of north-eastern Morocco
- Discovery of quartz stockworks and gossanous outcrops at Ammas
Steven Poulton, Chief Executive of Altus, commented:
“The award of these strategically located exploration licences in Morocco is an exciting addition to our exploration pipeline. The licence areas were selected on the basis of our remote sensing programmes across terrains considered to be prospective for zinc, copper and other base metals.
Our field team have immediately commenced exploration at Ammas, which is approximately 30km south of Marrakech and in an active mining district, which hosts numerous ‘VMS type’ deposits. These include the Hajjar zinc-copper-lead mine, located just 3km northwest of Ammas. Encouragingly our geologists are reporting the discovery of quartz stockworks and gossanous material in outcropping meta-volcanics and meta-siltstones at Ammas. Once this initial reconnaissance phase of exploration is complete, the field team will move on to Takzim Est and Arfa. We look forward to updating shareholders on the results from these programmes in due course.”
Ammas consists of two exploration licences, which cover an area of 31.75 km2 in the Guemassa Massif, 30km south of Marrakesh in northern Morocco. The licences have been granted to Azru Resources SARL.AU, a 100% owned subsidiary of Aterian Resource Ltd and are valid for base and precious metals with an initial three-year term, after which they can be renewed for a further term of four years.
Ammas was selected by Altus following an assessment of historical geological maps, mineral occurrences data and ASTER remote sensing targets. The project area is comprised of folded Carboniferous age schists and felsic metavolcanic units. Initial reconnaissance exploration by the Company has identified areas of gossanous outcrop, quartz stockworks and pyrrhotite within veinlets. VMS deposits of the region are typically formed of pyrrhotite rich lenses with zinc, copper and lead. These include the Hajjar VMS mine which is located 3km northwest of Ammas and is operated by Managem Group (the Moroccan state mining company).
About Takzim Est
Takzim Est consists of three exploration licences, which cover an area of 39.80 km2 in eastern Jebilet, 35km north of Marrakesh and 6km east of the Company’s Takzim zinc project in northern Morocco. The licences have been granted to Adrar Resources SARL.AU, a 100% owned subsidiary of Aterian Resource and are valid for base and precious metals with an initial three-year term, after which they can be renewed for a further term of four years.
Takzim Est was selected by Altus following an assessment of historical geological maps and mineral occurrences data. The project area comprises Palaeozoic metasediments, proximal to a Hercynian-age granitic intrusive and hosts historically mapped quartz-carbonate veins, regionally known to host zinc, copper, lead, cobalt and nickel mineralisation.
Arfa consists of one exploration licence, which covers an area of 16 km2 in northern Morocco. The licence has been granted to Azru Resources SARL.AU, a 100% owned subsidiary of Aterian Resource Ltd and is valid for base and precious metals with an initial three-year term, after which it can be renewed for a further term of four years.
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/4380/ammas.pdf:
- Location of the Company’s projects in Morocco is shown in Figure 1
- Overview of the Ammas and Takzim mining district is shown in Figure 2
Figure 1. Location of the Company’s projects in Morocco
Figure 2. Overview of the Ammas and Takzim mining district
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 of the Geological Society of London and 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
Tel: +44 (0) 1235 511 767
SP Angel (Nominated Adviser)
Richard Morrison / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Elizabeth Johnson / Richard Parlons
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 seventeen projects in six 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.
Glossary of Terms
The following is a glossary of technical terms:
“Gossan” means an intensely oxidized, weathered or decomposed rock, potential indicating the upper and exposed part of an ore deposit or mineral vein
“km” means kilometre
Outcrop” means a visible exposure of rock that is in-situ and has no covering of soil or vegetation
"Quartz vein” means a fracture which has been filled by quartz and other minerals which have crystallised from mineralised fluids
“VMS” means Volcanogenic Massive Sulphide
Cautionary Note Regarding Forward-Looking Statements
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.