Altus Strategies announces further Egyptian gold discoveries

Highlights

• 14 hard rock artisanal gold workings discovered across two projects in Egypt.
• Workings are up to 30 m wide and 100 m long with several mechanically excavated.
• More than 50 hard rock gold workings now confirmed across the projects to date.
• At least 35 further remote sensing targets remaining to be assessed.
• Discoveries validate the company’s target generation process in Egypt.

Steven Poulton, Chief Executive of Altus, commented: “We are pleased to report that, following recent reconnaissance exploration by the company’s Egyptian field team, 14 hard rock gold workings have been discovered at the Gabal Al-Shaluhl and Wadi Jundi projects, with an additional 35 targets still to be visited. These two projects comprise 1044 km² of our total landholding of 1565 km² in the highly prospective Eastern Desert of Egypt.

“Individual hard rock workings are up to 30 m wide and 100 m long and the presence of mechanised machinery at some of these suggests significant gold potential exists. In September, we announced the discovery of 37 hard rock workings across our Gabal om Ourada and Wadi Dubur gold projects. These recent discoveries increase the total number of hard rock gold workings discovered to date on our projects in Egypt to 50.

“Our initial reconnaissance has underscored the significant prospectivity of the licence areas that Altus has selected and been awarded. We have recently established a high calibre technical and operational team in Egypt, which means we are in a strong position to aggressively advance exploration. I look forward to updating shareholders on the results of this work in due course.”

Hard rock workings: Gabal Al-Shaluhl Licence

• Three of 15 high priority targets (as defined by desktop studies) have been visited.
• Numerous historical, artisanal hard rock workings (mechanised and smaller scale).
• Workings traced for up to 100 m, associated with shear zones and around granite margins.
• Quartz-vein style gold mineralisation (orogenic gold), both fault and intrusion hosted.
• Hydrothermal alteration (silica, carbonate and iron oxide) and visible sulfide mineralisation observed.
• Priority targets for follow-up work delineated with numerous other targets to be assessed.

Hard rock workings: Wadi Jundi Licence

• Seven of 35 high priority targets (as defined by desktop studies) have been visited.
• Numerous historical artisanal hard rock workings (mechanised and smaller scale).
• Workings targeting sheeted systems associated with granitoid intrusions.
• Quartz-vein style gold mineralisation (orogenic gold), both fault and intrusion hosted.
• Hydrothermal alteration with silica and clay alteration and sulfide (pyrite).
• Priority targets for follow-up work delineated with numerous other targets to be assessed.

Next phase of exploration

Systematic target evaluation and ranking will commence shortly at the projects. Ground work will include reconnaissance mapping as well as detailed structural, alteration and mineralisation mapping, along with grab and channel sampling.

Read the article online at: https://www.globalminingreview.com/exploration-development/09112021/altus-strategies-announces-further-egyptian-gold-discoveries/