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 the definition of a new 2.3km long gold prospect ("Soa" or the "Prospect") within its 100% owned Sebessounkoto Sud Licence (''Sebessounkoto Sud'' or the ''Licence'') in western Mali, West Africa. The Licence targets shear hosted gold in Birimian age metasediments.
- Exploration defines a 2.3km long gold prospect at Soa in western Mali
- Historic channel sample results of 0.68 g/t Au over 61.4m reported from weathered saprolite
- Numerous hard rock workings with the largest being 150m long with shafts up to 40m deep
- Sampling of mining waste has returned grades of 5.18 g/t, 3.98g/t & 2.4g/t Au
- Previous sampling by Legend Gold included 18.5g/t & 12g/t Au from outcrop
- The Soa prospect is parallel to a strong 6.3km long geophysical feature
- Follow up exploration programme now planned
Steven Poulton, Chief Executive of Altus, commented:
"Results from the first phase of prospecting at Soa has defined a 2.3km long NE trending target within the Sebessounkoto Sud Licence in western Mali. The Prospect is located approximately 22km from AngloGold Ashanti and IamGold’s Sadiola gold mine.
"Mapping, outcrop and sampling of artisanal spoil coincident with an historic 2km long gold in soil anomaly has yielded results including 5.18 g/t, 3.98g/t & 2.4g/t Au. From this first programme, tens of artisanal mining pits and shafts have been mapped within Soa. The largest working observed to date has been mapped along 150m of strike and has shafts which reportedly extend to 40m in depth. Historic rock chip samples from Soa include 18.5 g/t Au and 12g/t Au with channel sample results of 61.4m @ 0.68 g/t Au (including 17.6m @ 1.38g/t Au).
''The newly defined Prospect is one of four prospects defined to date in our western Mali licence cluster. We look forward to updating shareholders on further results from our first phase of exploration in Mali 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/4358/soa_gold_prospect.pdf
- Western Mali Gold Province Map is shown in Figure 1.
- The Soa Prospect Overview Map is shown in Figure 2.
- Photos of Artisanal Gold workings at the Soa Prospect are shown in Figure 3.
Figure 1. Western Mali Gold Province
Figure 2. Soa Prospect Overview Map
Figure 3. Photos of Artisanal Gold Workings at the Soa Prospect
|130m long artisanal working||Location of channel (61.4m @ 0.68 g/t Au)|
|Side wall of artisanal working||150m long artisanal working|
Soa Prospect Exploration Programme
The recent exploration programme undertaken by Altus at the Soa Prospect, within the Sebessounkoto Sud licence has included comprehensive mapping, prospecting, spoil and termite mound sampling and investigation of recently opened artisanal workings. This has been completed in parallel with a detailed review and target definition from the comprehensive historic database that the Company has on the area.
A significant area of artisanal workings has now been mapped including numerous and often interlinked vertical shafts as well as open pits excavations. The largest open pit observed to date is approximately 150m long and 40m deep. Sampling by Altus of the spoil (waste material) from these artisanal pits has yielded values of 5.18g/t, 3.98g/t & 2.4g/t Au.
Artisanal mining was observed to focus on saprolite along a NNE striking, near vertical to shallow west dipping, brittle-ductile shear zone. Artisanal mining has exposed multiple alteration zones typically associated with shallow dipping en-echelon shear zones and stockworks, comprised of ‘smoky quartz’.
A review of historical data by the Company’s technical team has established that an approximately 6.3 km long NNE striking geophysical (VTEM) anomaly exists roughly 850m west of the Soa Prospect.
Altus is now planning a second phase of exploration to commence over the Soa Prospect. This programme will include pitting and trenching to better define the interpreted 2.3km trend observed to date. The Company will also undertake surface mapping and sampling along the geophysical target, which may have an association with the gold mineralisation occurring at the Soa Prospect.
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:
"Artisanal" means local people conducting mining, often with rudimentary equipment
"Au" means gold
"Birimian" means an early part of geological time dating from 2,200 to 2,100 million years ago
"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