Significant System Confirmed At Western Mali Gold Project
Altus Strategies Plc (AIM:ALS, TSXV:ALTS) has completed the stage-1 Reverse Circulation (RC) drilling programme and associated passive seismic surveys at its Lakanfla gold project in western Mali.
The exploration activities at Lakanfla are being funded by Marvel Gold Limited (ASX: MVL) under its joint venture (JV) with Altus.
Highlights:
- Results of 3,800m RC drilling programme at Lakanfla have confirmed significant karst-style system along six km margin of granite intrusion
- Widespread low-grade gold mineralisation and unconsolidated karst material intersected
- Granite margin target zone has yet to be systematically intersected
- Historic drilling into granite intersected 44m at 1.3 g/t Au and 72m at 1.0 g/t Au (intersections are down-the-hole and not true widths)
- Licence-wide soil geochemistry programme has defined several new potential drill targets
- Marvel has earned a 33% interest in the Project and commenced JV stage-2, to earn an aggregate 51% of the Project
- Altus holds a 2.5% Net Smelter Return (NSR) gold production royalty on Lakanfla
“The drilling programme and seismic surveys at the Lakanfla project in western Mali have successfully proven the existence of a karst style system,” Chief Executive, Steven Poulton, said.
“While a potential supergene enriched blanket has not yet been intersected, the presence of significant low-grade gold intercepts as well as unconsolidated material at depth, are encouraging and provide a valuable framework for future drill targeting around the combined 6km long margin of the granite intrusion.
“Historic drilling undertaken by previous operators directly into the granite reportedly intersected 44m at 1.3 g/t Au and 72m at 1.0g/t Au (intersections are down-the-hole and not true widths).
“Soil geochemistry completed in tandem with the drilling programme has defined a number of highly encouraging targets, with peak values of 39.1 g/t Au and 4.2 g/t Au in soils.
“The first of these samples were located in a new area in the north of the Lakanfla licence, approximately four km from the former (karst-style) open pits of the Sadiola gold mine. These targets do not appear to have any associated artisanal workings and as such represent new targets.
“Our ASX-listed JV partner Marvel Gold has now completed the stage-1 commitments of the JV, and has earned a 33% interest in Lakanfla. Marvel has already commenced stage-2 of the JV at Lakanfla.
“We look forward to updating shareholders on the next stage of exploration at Lakanfla.”
