Altus Strategies: Drilling hits 4.9 g/t gold over 14m at Tabakorole

26th April 2022 | Altus Strategies PLC

Drilling hits 4.9 g/t Gold over 14m at Tabakorole Royalty & JV Project, Southern Mali

Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) announces highly encouraging Reverse Circulation (“RC”) drilling results from the Lone Wolf prospect at the Tabakorole gold project (“Tabakorole” or the “Project”), located in southern Mali. Altus holds a 2.5% Net Smelter Return (“NSR”) royalty and a 30% equity interest in the Project. Exploration activities at Tabakorole are being funded by Marvel Gold Limited (ASX: MVL) under its Joint Venture (“JV”) with Altus. The drilling was designed to test the potential to extend the Tabakorole deposit on which a Mineral Resource Estimate (“MRE”) has been modelled.

Highlights:

  • Encouraging gold results from RC drilling at the Tabakorole gold project in Southern Mali
  • Altus holds a 2.5% NSR royalty on gold production and a 30% equity interest in the Project
  • Results from five RC drill holes received with intersections (not true widths) including:
    • 14m at 4.9 grams per tonne (“g/t”) gold (“Au”) from 33m and
    • 10m at 1.9 g/t Au from 55m
  • Mineralisation at the Lone Wolf prospect remains open along strike and at depth
  • Tabakorole hosts a mineral deposit for which an MRE has been generated (see Altus’ news release “Gold Resource Exceeds One Million Ounces at Tabakorole in Southern Mali” dated 05 October 2021) comprising:
    • 17,300,000 tonnes at 1.2 g/t Au for 665,000 ounces in the Inferred category
    • 9,200,000 tonnes at 1.2 g/t Au for 360,000 ounces in the Indicated category
    • 70% of the deposit subject to the MRE is situated within 150m of the surface
    • Deposit remains open in parallel zones and at depth
    • Preliminary high metallurgical recoveries indicate simple processing flowsheet

Steven Poulton, Chief Executive of Altus, commented:

“We are delighted with the progress being made by Marvel at our Tabakorole gold royalty and JV project in Mali. The recent RC drilling results are highly encouraging including a wide, high grade and shallow intersection of 14m at 4.9 g/t from 33m. A follow up geophysical survey is now being planned ahead of further drilling. Altus holds a 2.5% NSR royalty on gold production from Tabakorole and our 30% interest is free-carried until Marvel completes US$5 million of expenditure by December 2023. Marvel may then earn up to an 80% interest in the project by sole funding a definitive feasibility study. I look forward to updating shareholders on progress in due course.”

News in full

In the TV clip, CEO Steve Poulton provides an overview Altus and its unique strategy

Altus investor videos

Altus Strategies Investor Video on Five Minute Pitch TV

Click here to view LON: ALS videos