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Altus Strategies announces significant increase in landholding at Tabakorole Gold Project

Published by
Global Mining Review,


Altus Strategies Plc has announced a significant increase in the joint venture (JV) landholding at 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 Ltd under its JV with Altus.

Highlights

  • JV landholding increased by 56% to 292 km2 at Tabakorole gold project in southern Mali.
  • 100km2 Sirakoroble Sud JV licence is on strike of 5 km long mineralised 'Asgard Trend'.
  • Multi-element soil survey will now be undertaken to generate potential drill targets.
  • The project hosts a mineral deposit for which a mineral resource estimate (MRE) has been generated (see Altus' news release dated 30 September 2020), comprising:
    • 16.6 million t at 1.2 g/t gold (Au) for 620 000 oz in the inferred category.
    • 7.3 t at 1.2 g/t Au for 290 000 oz in the indicated category.
  • MRE 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.

Steven Poulton, Chief Executive of Altus, commented: “Tabakorole is shaping up to be a significant gold discovery not just in southern Mali, but in the west African context. This 100 km2 increase in the JV project area is strategically significant as the new licence area hosts a potential north-westerly extension of the 5 km long 'Asgard trend', which is defined by strong, and often coincident, geochemical and geophysical anomalies. Marvel Gold, our ASX listed JV partner, is aggressively advancing the project, with drilling currently targeting near-surface, high-grade intercepts which fall outside of the previously modelled mineralisation, as well as undertaking regional surveys to define further drill targets. These programmes are expected to contribute to an updated MRE later this year. We look forward to updating shareholders with the results from the current programmes when they are received.”

Update on drill programmes

Marvel Gold expects to have completed approximately 9000 m of reverse circulation (RC) drilling and diamond drilling (DD) by August 2021. Assay results are pending from the current 3000 m DD programme. Altus understands that Marvel Gold expects to release an upgraded resource statement in accordance with the JORC code at Tabakorole later this year.

Read the article online at: https://www.globalminingreview.com/exploration-development/07072021/altus-strategies-announces-significant-increase-in-landholding-at-tabakorole-gold-project/

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African mining news Gold mining news