Altus Strategies Plc has announced the commencement of a 6300 m reverse circulation drilling programme at its Tabakorole gold project located in southern Mali. The programme is being funded by Marvel Gold Ltd under its joint venture (JV) with Altus.
- JV-financed 6300 m RC drilling programme (44 holes) at Tabakorole, southern Mali.
- FT Prospect at Tabakorole hosts a mineral deposit for which a mineral resource estimate (MRE) has been generated comprising:
- 16.6 million t at 1.2 g/t gold (Au) for 620 000 oz in the inferred category.
- 7.3 million t at 1.2 g/t Au for 290 000 oz in the indicated category.
- 43% of the MRE is situated within 100 m of surface.
- MRE is in accordance with the JORC Code, an acceptable foreign code for the purposes of NI 43-101.
- Drilling undertaken by Marvel Gold to test potential strike extensions and infill the MRE.
- Altus has recently announced 20 000 m of drilling across three gold projects in Mali.
- Altus holds a 2.5% net smelter return (NSR) gold production royalty on Tabakorole.
Steven Poulton, Chief Executive of Altus, commented: "Few companies provide as much exposure to the 'drill bit' and discovery upside for their shareholders as we currently do at Altus. We have recently announced almost 20 000 m of drilling across three separate gold projects, being undertaken almost simultaneously. The commencement of this 6300 m programme at Tabakorole in southern Mali, by our JV partner Marvel Gold, follows the recent completion of an initial 3880 m JV-funded programme at Lakanfla in western Mali and the commencement of a 10 000 m programme by Altus at our 100% owned Diba gold project located close to Lakanfla and the world famous Sadiola gold mine.
This programme at Tabakorole is designed to test the potential strike extension of the deposit as well as infill the current MRE. We look forward to updating shareholders on progress from Tabakorole as results are received."
Tabakorole resource expansion potential
The company announced the MRE on the Tabakorole deposit in its news release on 30 September 2020.
Recent air-core (AC) and diamond drilling (DD) undertaken by Marvel as part of the JV Stage 1 earn-in at Tabakorole confirmed that gold mineralisation continues for at least 600 m to the north-west along strike of the 2.9 km long FT Prospect. The deposit also remains open at depth.
There are areas throughout the deposit for which the existing MRE was generated that are constrained due to a lack of drilling data, with 43% of the ounces in the MRE located within approximately 100 m of surface. Mineralisation in the south-eastern segment of the deposit appears more consistent than in the north-western segment and is considered to represent a significant resource expansion target.
Summary of JV with Marvel Gold
Marvel have the right to earn up to an 80% interest in Tabakorole by sole funding four stages of exploration, culminating in a definitive feasibility study, and by making certain cash (or cash plus Marvel equity) payments to Altus. Thereafter, Altus has the right to co-fund or dilute its 20% interest in the project. Altus will retain a 2.5% NSR royalty on the project and Marvel will have the right to reduce the NSR to 1.0% for a payment to Altus of between US$9.99 million and US$15 million (subject to the size of the resource at Tabakorole).
Read the article online at: https://www.globalminingreview.com/exploration-development/02122020/altus-strategies-commence-drilling-programme-at-tabakorole/