Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector: Mining
Altus Strategies Plc
(“Altus” or the “Company”)
Altus Strategies Plc (AIM: ALS), the Africa focused exploration project generator, announces the discovery of multiple high grade gold bearing quartz veins at the Company’s Laboum gold project (“Laboum” or the "Project") in northern Cameroon.
- 995m of quartz veins mapped to date with veins up to 250m long and 40m wide
- Grab samples including elevated gold grades of 24.50 g/t, 16.15 g/t and 3.04 g/t Au
- Hosted within silicified and sheared metasedimentary rocks with grades up to 6.86 g/t Au
- High resolution ground magnetic data indicates potential for further vein discoveries
- Systematic channel sampling programme to commence in October
Steven Poulton, Chief Executive of Altus, commented:
“The discovery of this quartz vein system with grades up to 24.5 g/t gold from reconnaissance grab sampling is encouraging given its potential scale. Approximately 1km of outcropping veins has been mapped to date with exposed widths varying between 1m and 40m. Prior to this discovery, the primary gold target at Laboum has been the highly sheared and silicified metasedimentary units, which host a number of kilometre scale gold in soil anomalies and hard rock artisanal workings. Grab samples from the sheared host rocks have returned grades up to 6.86 g/t Au."
“The discovery was made by our field teams while undertaking the recent 1,028 line km high resolution ground magnetic survey. Interpretation of the ground magnetic data indicates that a number of the veins potentially continue beneath soil cover and form part of one or more connected veins extending along a strike length of approximately 2.8 km, as well as the potential existence of further veins that have yet to be discovered. In addition to mapping, we will now undertake a systematic channel and grab sampling programme across the veins to determine the gold grade distribution within individual veins and across the system.”
Gold bearing quartz vein discovery
Coincident with the ground magnetic and infill soil sampling programmes, the Company undertook a programme of geological mapping and reconnaissance sampling on a series of quartz veins discovered across a portion of the Landou prospect. A total of 24 veins have been mapped, cropping out along a discontinuous strike length of approximately 3km within a 750m wide corridor. Individual veins have mapped strike lengths of up to 250m and exposed widths of between 1m to 40m.
Fifty reconnaissance vein samples were collected from the quartz veins (as set out in Table 1) and the highest three returned elevated gold grades of 24.5 g/t, 16.15 g/t and 3.04 g/t. The gold-bearing veins are typically milky-white in colour, contain weakly disseminated pyrite and exhibit varying degrees of weathering in the form of box-works and secondary iron oxide surface staining. The veins dip sub-vertically and are orientated broadly parallel to the overall NE-SW trend of the Laboum shear zone. They are hosted within a sequence of silicified metasedimentary rocks and situated proximal to a sheared contact with a granitic unit which has been mapped for over 4km. The lithological competency contrast between the two rock types is considered to represent a prospective target with veins occurring within dilational structures. The veins occur approximately 3km along strike from a previously sampled highly sheared and silicified metasedimentary host rock, where grab samples graded up to 6.86 g/t Au.
Laboum Project: Next phase of work
The next phase of exploration will commence immediately and include a systematic channel sampling programme across the veins and further mapping to discover potential new veins, guided by the ground geophysical survey data. The channels will be cut at regularly spaced intervals of between 25m and 50m along the strike length of the veins, with 1m composite samples being collected. Further grab samples will also be collected from previously sampled quartz veins and any new veins that are discovered, to assess the grade distribution and variability across each target.
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 clicking the following link: http://altus-strategies.com/site/assets/files/4237/high_grade_gold_bearing_quartz_veins_at_laboum_project-_cameroon.pdf:
- The location of the Laboum gold project in northern Cameroon is shown in Figure 1.
- The location of the Landou prospect and quartz veins (area of interest) is shown in Figure 2.
- A geophysics map showing the quartz veins and grab sample results is shown in Figure 3.
- Photographs of veins and gold bearing grab samples are shown in Figure 4.
|Vein #8 (sample graded 24.50 g/t)||Quartz vein outcrop|
|Grab sample grading 24.50 g/t Au (vein #8)||Grab sample grading 16.15 g/t Au (vein #10)|
|Grab sample grading 3.04 g/t Au (vein #2)||Previously sampled metasedimentary host (6.86 g/t Au)|
Laboum Project: Location
The 189km2 Laboum exploration licence is held by Auramin Ltd, the Company’s 99% owned West Africa focused gold exploration subsidiary. The project is located in the north east of Cameroon, approximately 110km southeast of the provincial capital of Garoua which is served by a regional airport, and 600km northeast of the Cameroonian capital, Yaoundé. Year-round access to the licence area is provided by a network of maintained laterite roads.
Laboum Project: Geological setting
The Laboum area was selected by the Company due to the presence of a major northeast-southwest striking regional shear zone, which in places is up to 5km wide and coincident with numerous gold anomalies defined by the Bureau de Recherches Geologiques et Mines (“BRGM”) in the 1990s. The shear is considered to be a splay of the Central African Shear Zone. The geology of the project area comprises highly prospective Birimian metavolcanic and metasedimentary rocks which have been intruded by synkinematic late Pan-African granites. Dilational and fold structures which exist along and within the shear zone are considered to be excellent targets to explore for potentially economic mesothermal gold deposits.
Laboum Project: Exploration history
Exploration in the area was first undertaken by the BRGM in the late 1980s, including mapping, drainage, soil, termite-mound and rock chip sampling. The work successfully identified several prospective areas. A stream and pan-concentrate sampling programme completed by the Company defined a 20km long northeast-southwest striking zone of gold bearing streams and the presence of artisanal alluvial gold workings coincident with the core of the shear zone. The analysis of ASTER and LANDSAT satellite imagery, alongside aerial photos, has been employed by the Company to define alteration patterns and interpret structural associations. Soil surveying, rock chip sampling and reconnaissance trenching to bedrock by the Company, has further confirmed the association of primary gold mineralisation with the regional shearing, with grades up to 6.86 g/t Au returned from sheared silicified metasedimentary rocks.
A regional soil sampling programme has been completed by the Company over the 15km long by 5km wide target area. The survey generated numerous targets with over 2,200 samples collected on 100m intervals along 400m spaced lines. Subsequently the Company has undertaken a 1,028 line kilometre high resolution ground magnetic geophysical survey. The magnetic data has defined numerous potential lithological and structural targets coincident with regional soil anomalies and areas of mapped silicification. As a result of undertaking the ground magnetic survey the Company’s has discovered and mapped 995m of quartz veins to date, with exposed widths of between 1m and 40m. Grab samples from these veins has returned grades of 24.50 g/t, 16.15 g/t and 3.04 g/t Au. These veins are the subject of a follow up exploration programme. A 218 line kilometre infill soil sampling programme, with samples being collected at 50m spaced intervals along 100m lines is also underway. The results of these programmes will be used to guide a systematic trenching programme in order to generate potential drill targets.
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. .
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
Notes to editors:
About Altus Strategies Plc
Altus is a diversified and Africa focused project generator in the natural resource sector. 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 which is diversified by commodity and by country. 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.
The following is a summary of the Company’s key projects:
Cameroon - Gold
The Company holds the 189km2 Laboum gold exploration licence in northern Cameroon through its 99% owned subsidiary Auramin Ltd. At Laboum an approximately 18km and 5km wide long gold-bearing shear zone has been discovered. In addition close to 1km of quartz veins have been discovered with exposed widths of between 1m and 40m. High resolution ground geophysics and a concurrent gold in soil survey are defining priority targets for a systematic trenching programme. The Laboum licence hosts a number of artisanal gold mining sites and grab samples have returned grades up to 24.50 g/t Au from quartz veins and 6.86 g/t Au from the sheared metasedimentary rocks respectively.
Morocco - Copper
The Company holds the 60km2 Agdz copper-silver exploration licence in central Morocco through its 100% owned subsidiary Aterian Resources Ltd. Five prospects have been defined to date, the best of which retuned grades up to 8% Cu, 448 g/t Ag and 3.74 g/t Au. The project is located close to a number of operating mines, notably the recently commissioned Bouskour Cu-Ag mine located 14km NE of Agdz.
Ethiopia - Copper
The Company holds the 322km2 Tigray-Afar and Negash copper-silver exploration licences (‘Tigray-Afar’) in northern Ethiopia through its 100% owned subsidiary Altau Resources Ltd. Tigray-Afar is subject to a memorandum of agreement with Japan Oil Gas and Metals Corporation and comprises manto style copper-silver mineralisation, forming lenses, pipes or veins.
Cameroon - Bauxite
The Company holds the 601km2 Birsok & Mandoum bauxite exploration licences in central Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The Birsok & Mandoum licences are subject to a joint venture agreement with ASX-listed Canyon Resources Ltd. The project is within 10km of an operating rail line to the port of Douala on the Atlantic Ocean.
Liberia - Gold
The Company holds the 639.6km2 Bella Yella gold exploration licence in western Liberia through its 99% owned subsidiary Auramin Ltd. At Bella Yella a 7.5km NE-SW striking gold in soil anomaly has been defined. A number of artisanal gold workings have been discovered, from which rock chip assay results have returned grades up to 233 g/t Au.
Cameroon - Iron Ore
The Company holds the 400km2 Bikoula & Ndjele iron ore exploration licences in southern Cameroon through its 97.3% owned subsidiary Aluvance Ltd. An independent (JORC 2012 compliant), inferred mineral resource estimate comprising 46Mt @ 44% Fe has been completed. The resource estimate is from less than 25% of the 17km long target as identified from airborne geophysics.
Morocco - Other
The Company holds 226km2 across five exploration licence throughout Morocco through its 100% owned subsidiary Aterian Resources Ltd. The licences areas are prospective for zinc, lead, copper, tin, tungsten and gold. Grades from these licences include 8.15% Pb, 4.48% Zn, 9.18% Cu and 9.61 g/t Au.
Glossary of Technical Terms
The following is a glossary of technical terms:
"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
“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
“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
“Zn” means zinc