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Altus Strategies provides Tabakorole exploration update

Published by
Global Mining Review,


Altus Strategies Plc has provided an exploration update on the Tabakorole gold project located 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 its joint venture (JV) with Altus.

Highlights

  • Diamond drilling (DD) at Tabakorole gold project in southern Mali extends strike by 150 m.
  • Intersections from six DD holes (950 m) include (down-the-hole and not true width):
    • 1.8 g/t gold over 29 m from 178 m (hole 21TBKRCDD001).
    • 1.22 g/t gold over 12 m from 167 m (hole 21TBKDD002).
    • 0.90 g/t gold over 39 m from 111 m (composite of hole 21TBKDD004 intersections).
  • 87% increase in Tabakorole JV landholding with the award of two new contiguous licences.
  • 3545 line-km of high-resolution ground magnetics completed across project.
  • Results of 5100 m aircore (AC) drilling programme testing strike extension are pending.
  • Project hosts a mineral deposit for which a mineral resource estimate (MRE) has been generated, comprising:
    • 6.6 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.
  • Altus holds 49% of the project and a 2.5% NSR royalty on Tabakorole gold production.

Steven Poulton, Chief Executive of Altus, commented: "The potential of the Tabakorole gold project in southern Mali continues to grow. These latest drilling results increase the strike length of the deposit to at least 3.2 km. Marvel Gold, our ASX listed JV partner, is aggressively advancing the project, with further drilling already underway targeting near-surface, high-grade intercepts that fall outside of the previously modelled mineralisation. These drilling programmes are expected to contribute to an updated MRE in 3Q21. In the meantime, a 5100 m AC drilling programme is also underway, testing the potential for further strike extensions to the south.

"Separately, two new contiguous licences totalling 87 km2 have been awarded and added to the Tabakorole JV. Marvel Gold has already commenced exploration across these two licenses, with soil surveys and ground magnetics underway, to discover potential satellite deposits. Tabakorole hosts a significant gold resource, which remains open along strike in both directions as well as at depth. We look forward to updating shareholders with the results from the current programmes when they are received."

Tabakorole resource expansion drill programme

The 950 m DD programme, comprising six diamond holes (including a diamond tail of a previously drilled reverse circulation [RC] hole) at the southern end of the Tabakorole deposit, has been completed by Marvel Gold, as part of the JV Stage-3 earn-in. The programme was designed primarily to potentially increase the current MRE, by extending gold mineralisation to the south. This drilling has added approximately 150 m of strike length to the known mineralisation.

Separately, a 5100 m AC drilling programme is underway, also in the southeast of the project, to test the potential for further strike extensions in this area. Marvel Gold has also commenced a DD programme, to follow up on previous promising RC results in the central and north-west areas of the Tabakorole deposit. These holes target newly discovered shallow, high-grade zones that are outside of the previously modelled MRE. Marvel Gold anticipates that the results of these programmes will be incorporated into an upgraded MRE in 3Q21.

New licences added to JV

The JV has increased the size of the Tabakorole land position to 187 km2 following the grant of two new exploration licences at Npanyala and Npanyala West, which are contiguous to Tabakorole. These licences form part of the JV and are being explored by Marvel Gold to see if they may host potential satellite gold deposits.

Ground magnetic survey

Marvel Gold has completed a ground magnetic survey covering the Tabakorole licence, as well as multi-element soil geochemistry, the results of which are pending. These programmes will provide the JV with a robust dataset for a regional exploration programme to target potential satellite deposits to Tabakorole during 2021. The ground magnetic survey is currently focused on the Npanyala and Npanyala West licences.

Read the article online at: https://www.globalminingreview.com/exploration-development/03062021/altus-strategies-provides-tabakorole-exploration-update/

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