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Altus Strategies reports drilling results

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Global Mining Review,

Altus Strategies Plc has announced further positive, consistent intersections from reverse circulation (RC) drilling 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 joint venture (JV) with Altus.


  • Further positive gold intersections from drilling at Tabakorole in southern Mali.
  • Intersections from eight further holes, including (down-the-hole and not true width):
    • 1 g/t over 40 m from 86 m, including 2.2 g/t over 7 m from 86 m.
    • 1.1 g/t over 33 m from 84 m, including 2.3 g/t over 10 m.
    • 1.1 g/t over 31 m from 146 m.
    • 2 g/t over 10 m from 49 m.
  • Results from remaining 20 holes (2760 m) of 6300 m RC programme expected shortly.
  • Drilling is being undertaken to test the potential to increase the mineral resource estimate.
  • 6000 m aircore drilling programme recently commenced to test potential strike extensions.
  • Project hosts a mineral deposit for which a mineral resource estimate (MRE) has been generated (see news release dated 30 September 2020), comprising:
    • 16 600 000 t at 1.2 g/t gold for 620 000 oz in the inferred category.
    • 7 300 000 tonnes at 1.2 g/t gold for 290 000 oz in the indicated category.
  • Altus holds a 2.5% NSR royalty on Tabakorole gold production.

Steven Poulton, Chief Executive of Altus, commented: "We are pleased to report that drilling at the Tabakorole gold project in southern Mali continues to deliver very encouraging results. Tabakorole hosts a significant gold resource, which is open along strike in both directions as well as at depth. These holes are expected to improve the modelled mineralised grades and widths of the current resource, in areas which had previously been sparsely drilled.

"The current programme is designed to test the potential for expanding the existing mineral resource within and along strike. Results from an additional 20 RC drill holes (2760 m) are anticipated in April. In the meantime, our JV partner, ASX-listed Marvel Gold, is undertaking a further diamond drilling programme in the southeast of the deposit and will be following up with a 6000 m aircore programme to test potential strike extensions. We look forward to updating shareholders once the next batch of results from the current programme is received."

Tabakorole resource expansion drill programme

The 6300 m RC drilling programme at Tabakorole has been undertaken by Marvel Gold as part of the JV Stage-3 earn-in. The programme is designed to increase the existing resource by extending gold mineralisation along strike in both directions (to the northwest and the southeast). There are also a number of holes within the known strike length of the FT Prospect that are designed to increase the resource confidence or further delineate interpreted high-grade plunging shoots within the orebody.

This announcement provides new results for eight further holes. The results are significant in terms of both thickness and grade, to what has been modelled to date for this portion of the FT Prospect. This portion of the FT Prospect has only been sparsely drilled historically, with only a single hole per section. Results from a further 20 RC holes (2760 m) are currently pending. Marvel Gold have recently commenced a 6000 m aircore drilling programme, to the southeast of the deposit to further target the strike potential in this area.

Marvel Gold is also currently undertaking a five hole, 750 m diamond drilling programme in the southeast of the project, which will be followed up with an aircore drilling programme in order to test the potential continuation of mineralisation along strike.

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