Expands Gold Project In Southern Mali
Altus Strategies Plc (AIM: ALS, TSXV: ALTS) has obtained further encouraging drilling results from its Joint Venture (JV) at the Tabakorole gold project in southern Mali.
Altus holds a 49% equity interest and 2.5% Net Smelter Return (NSR) royalty on the Project. Exploration activities at Tabakorole are being funded by Marvel Gold Limited under the JV.
Highlights:
- Further encouraging drilling results from the Tabakorole gold project in southern Mali
- 19 hole diamond drilling (“DD”) programme, totalling 3,400m, is underway
- Results from first six holes received to date for 1,126m include; 2.0 g/t gold (Au) over 13m from 174m, 3.9 g/t Au over 4m from 110m, and 2.8 g/t Au over 4m from 29m
- 177 hole air core drilling (AC) programme completed, totalling 5,148m
- Results from AC drilling include (not true width of intervals): 2.7 g/t over 4m from 20m, and 1.3 g/t Au over 4m from 8m
- AC holes drilled approximately 3km southeast of the main Tabakorole deposit
The Project hosts a mineral deposit for which a Mineral Resource Estimate (MRE) has been generated (see Altus’ news release “Substantial Increase in Gold Resource at Tabakorole Project, Southern Mali” dated 30 September 2020), comprising:
- 16,600,000 tonnes at 1.2 g/t Au for 620,000 ounces in the Inferred category
- 7,300,000 tonnes at 1.2 g/t Au for 290,000 ounces in the Indicated category
The MRE is to be updated with the results from the recent and planned drilling programmes.
Altus holds 49% of the Project and a 2.5% NSR royalty on Tabakorole gold production
“We are delighted to announce further drill holes returning encouraging grades over good widths within the main deposit of the Tabakorole gold project in southern Mali,” Chief Executive, Steven Poulton, said.
“Of particular significance, is the discovery of a new zone of mineralisation 3km to the southeast of the main deposit. This discovery represents just one of numerous targets that have been defined to date, based on soil and geophysical anomalies, and underscores our confidence that the deposit at Tabakorole will continue to grow.
“Marvel Gold, our ASX-listed JV partner, is aggressively advancing the Project through a number of drilling programmes and these are expected to contribute to an updated MRE later in the year. We look forward to keeping shareholders up to date with further results as they are received.”
Marvel Gold expects to have completed approximately 9,000m of DD and reverse circulation drilling (RC) at the Project by August 2021. A 3,400m DD programme is currently in process. This programme is designed to infill mineralisation in the central zone of the deposit and provide further definition in the northwest zone. Altus understands that Marvel Gold expects to incorporate the results from this programme and the previous 5,400m RC drilling and 900m DD programmes into an updated resource statement.
Marvel Gold has also completed a 5,148m AC programme, to test potential extensions to the Tabakorole deposit, as well as potential satellite targets as defined by historical soil geochemistry and ground magnetic anomalies. This programme has confirmed mineralisation approximately 3km southeast of the main deposit.
The area hosts a number of hard rock artisanal gold workings and a historic drill hole (2005) undertaken by a previous operator, which intersected 1.2 g/t Au over 12m (not true width of interval). Results from the AC programme completed by Marvel Gold include 1.3 g/t Au over 4m at (from 8m) and 2.7g/t Au over 4m (from 20m) with the hole ending in mineralisation (not true width of intervals).
The artisanal workings reinforce the potential prospectivity of this target. It is also noted that numerous additional targets exist within the licence that have even stronger multi-element signatures than this discovery area. Significant intersections from the current DD and AC programmes.
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