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Altus Strategies granted exploration licences in Egypt

Published by
Global Mining Review,


Altus Strategies Plc has announced the granting of four gold exploration licences, comprising nine licence blocks, totalling 1565 km2 located in the Eastern Desert of Egypt, to the company's 100% owned subsidiary Akh Gold Ltd, by the Egyptian Mineral Resource Authority (EMRA). A signing ceremony with EMRA is expected to be held shortly.

Highlights

  • Four gold licences across nine blocks totalling 1565 km2 granted in eastern Egypt.
  • Licences target potential historic workings as defined by in-house satellite data review.
  • Eastern Desert hosts the world class Sukari gold mine operated by Centamin Plc.
  • Licences awarded as part of a competitive international bidding process.
  • First phase exploration programmes are currently being planned.

Steven Poulton, Chief Executive of Altus, commented: "We are delighted and honoured to announce that our subsidiary, Akh Gold, has been awarded four gold exploration licences, comprising nine licence blocks that total 1586 km2, within the highly prospective geology of the Eastern Desert of Egypt. The licences were selected based on our systematic in-house mineral prospectivity mapping programme, which incorporated satellite image interpretation and historic exploration data. All four licence areas host numerous priority targets, including areas with apparent historic artisanal gold workings.

"The award of the licences follows a competitive international bid-ding process in which a number of major gold mining groups participated. Our decision to expand our activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act. It also reflects our belief in the substantial investment opportunity present in the country and is in line with our strategy to continue to grow our diversified portfolio of projects and royalties.

"The gold potential of Egypt and that of the wider Arabian-Nubian shield is world-renowned; from the Pharaonic era to the modern multi-million ounce gold mine at Sukari, operated by London and Toronto-listed Centamin Plc. Our technical team will commence the planned first phase gold exploration programmes at the earliest opportunity, and we look forward to updating shareholders as these programmes progress."

Project overviews

Wadi Jundi

The Wadi Jundi project consists of four licence blocks, covering a total area of 696 km2. The project is located approximately 40 km south of the historic El Sid gold mine, which reportedly contributed around 45% of Egypt's gold production during the 20th century, and is 115 km north-west of the Sukari gold mine, which produces approximately 400 000 oz/y of gold. Mineralisation hosted at El Sid and Sukari is not necessarily indicative of mineralisation hosted at the Wadi Jundi project. Wadi Jundi is directly accessible by secondary tracks from the Al Kosair-Qena asphalt highway, which runs along the licence's northern boundary and connects the city of Luxor and coastal town of Quseer. Altus believes Wadi Jundi is prospective for orogenic gold mineralisation related to deformed volcanic sequences proximal to granite intrusions, as well as VMS deposits.

Bakriyah

The Bakriyah project consists of two licence blocks, covering a total area of 348 km2. The project is located approximately 60 km south of the historic El Sid gold mine, and 115 km north-west of the Sukari gold mine. Mineralisation hosted at El Sid and Sukari is not necessarily indicative of mineralisation hosted at the Bakriyah project. Bakriyah is accessible by secondary tracks from a major E-W asphalt road 30 km to the south, which connects to the Red Sea coastal town of Marsa Alam. Altus believes Bakriyah is prospective for orogenic gold mineralisation related to granite intrusions.

Abu Diwan

The Abu Diwan project consists of two licence blocks, covering a total area of 346 km2. The project is located approximately 30 km north-east of the historic El Sid gold mine, and 160 km north-west of the Sukari gold mine. Mineralisation hosted at El Sid and Sukari is not necessarily indicative of mineralisation hosted at the Abu Diwan project. Abu Diwan is directly accessible by asphalt road from the Red Sea coastal city of El Quseir, located 30 km to the south-east. Altus believes Abu Diwan is prospective for orogenic gold mineralisation hosted in an ophiolite belt proximal to a granite intrusion.

Wadi Dubur

The Wadi Dubur project consists of one licence block, covering a total area of 175 km2. The project is located 5 km west of the historic Atud gold mine and approximately 40 km north-west of the Sukari gold mine. Mineralisation hosted at Atud and Sukari is not necessarily indicative of mineralisation hosted at the Wadi Dubar project. Wadi Dubur is directly accessible by asphalt road from the Red Sea coastal town of Marsa Alam, 60 km to the east. Altus believes Wadi Dubur is prospective for orogenic gold mineralisation hosted in a north-west trending ophiolite belt.

Read the article online at: https://www.globalminingreview.com/exploration-development/09022021/altus-strategies-granted-exploration-licences-in-egypt/

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