Skip to main content

Altus Strategies announces Lone Wolf drill results

Published by
Global Mining Review,


Altus Strategies Plc has announced highly encouraging reverse circulation (RC) drilling results from the Lone Wolf prospect at the Tabakorole gold project, located in southern Mali. Altus holds a 2.5% net smelter return (NSR) royalty and a 30% equity interest in the project. Exploration activities at Tabakorole are being funded by Marvel Gold Ltd under its joint venture (JV) with Altus. The drilling was designed to test the potential to extend the Tabakorole deposit on which a mineral resource estimate (MRE) has been modelled.

Highlights

  • Encouraging gold results from RC drilling at the Tabakorole gold project in Southern Mali.
  • Altus holds a 2.5% NSR royalty on gold production and a 30% equity interest in the project.
  • Results from five RC drill holes received with intersections (not true widths), including:
    • 14 m at 4.9 g/t gold (Au) from 33 m.
    • 10 m at 1.9 g/t Au from 55 m.
  • Mineralisation at the Lone Wolf prospect remains open along strike and at depth.
  • Tabakorole hosts a mineral deposit for which an MRE has been generated, comprising:
    • 17.3 million t at 1.2 g/t Au for 665 000 oz in the inferred category.
    • 9.2 million t at 1.2 g/t Au for 360 000 oz in the indicated category.
  • 70% of the deposit subject to the MRE is situated within 150 m of the surface.
  • Deposit remains open in parallel zones and at depth.
  • Preliminary high metallurgical recoveries indicate simple processing flowsheet.

Steven Poulton, Chief Executive of Altus, commented: “We are delighted with the progress being made by Marvel at our Tabakorole gold royalty and JV project in Mali. The recent RC drilling results are highly encouraging including a wide, high grade and shallow intersection of 14 m at 4.9 g/t from 33 m. A follow up geophysical survey is now being planned ahead of further drilling. Altus holds a 2.5% NSR royalty on gold production from Tabakorole, and our 30% interest is free-carried until Marvel completes US$5 million of expenditure by December 2023. Marvel may then earn up to an 80% interest in the project by sole funding a definitive feasibility study. I look forward to updating shareholders on progress in due course.”

Marvel Gold drilling programme at Tabakorole

Marvel has reported on a further 415 m of drilling from five RC holes to test the Lone Wolf prospect at Tabakorole. The programme successfully intersected gold mineralisation in three out of five holes, with the highest-grade intercepts recorded in hole 22TBKRC021, including 14 m at 4.9 g/t Au from 33 m. The RC programme has shown that the highest-grade intercepts occur within a granitic host rock associated with the contact with a metagreywacke (metamorphosed mudstone). Gold mineralisation is associated with sulfides (pyrite and pyrrhotite) with visual estimates of up to 10% in RC chips. This suggests that an induced polarity (IP) survey would aid in the definition of the sulfide mineralisation at Lone Wolf. Marvel plans to undertake IP geophysics prior to further drilling this year.

Marvel also reported on a series of Aircore drill holes undertaken along strike from artisanal workings at the Lone Wolf prospect. A number of these holes intersected anomalous gold, ranging from 30 parts per billion (ppb) to 100 ppb. Marvel intends to send the end-of-hole samples for multi-element analysis to enable further geochemical assessment using pathfinder elements.

Read the article online at: https://www.globalminingreview.com/exploration-development/26042022/altus-strategies-announces-lone-wolf-drill-results/

You might also like

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

African mining news Gold mining news