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Altus Strategies completes stage 1 drilling programme

Published by
Global Mining Review,


ltus Strategies Plc has announced the completion of the stage-1 reverse circulation (RC) drilling programme and associated passive seismic surveys at its Lakanfla gold project located in western Mali. Exploration activities at Lakanfla are being funded by Marvel Gold Ltd under its joint venture (JV) with Altus.

Highlights

  • Completion of 3800 m RC drilling programme at Lakanfla gold project in western Mali.
  • Results confirm significant karst-style system along 6 km margin of granite intrusion.
  • Widespread low-grade gold mineralisation and unconsolidated karst material intersected.
  • Granite margin target zone has yet to be systematically intersected.
  • Historic drilling into granite intersected 44 m at 1.3 g/t gold (Au) and 72 m at 1 g/t Au (intersections are down-the-hole and not true widths).
  • Licence-wide soil geochemistry programme has defined several new potential drill targets.
  • Marvel has earned a 33% interest in the project and commenced JV stage-2, to earn an aggregate 51% of the project.
  • Altus holds a 2.5% net smelter return (NSR) gold production royalty on Lakanfla.

Steven Poulton, Chief Executive of Altus, commented: “The drilling programme and seismic surveys at the Lakanfla project in western Mali have successfully proven the existence of a karst style system. While a potential supergene enriched blanket has not yet been intersected, the presence of significant low-grade gold intercepts as well as unconsolidated material at depth, are encouraging and provide a valuable framework for future drill targeting around the combined 6 km long margin of the granite intrusion. Historic drilling undertaken by previous operators directly into the granite reportedly intersected 44 m at 1.3 g/t Au and 72 m at 1 g/t Au (intersections are down-the-hole and not true widths).

“Soil geochemistry completed in tandem with the drilling programme has defined a number of highly encouraging targets, with peak values of 39.1 g/t Au and 4.2 g/t Au in soils. The first of these samples were located in a new area in the north of the Lakanfla licence, approximately 4 km from the former (karst-style) open pits of the Sadiola gold mine. These targets do not appear to have any associated artisanal workings and as such represent new targets.

“Our ASX-listed JV partner Marvel Gold has now completed the stage-1 commitments of the JV, and has earned a 33% interest in Lakanfla. Marvel has already commenced stage-2 of the JV at Lakanfla.

“We look forward to updating shareholders on the next stage of exploration at Lakanfla.”

Stage-2 lakanfla exploration programme

The next stage of exploration at Lakanfla will focus on three key areas:

  • Refining the karst model and associated targeting of gold mineralisation.
  • Delineation and development of existing gold mineralisation within the granodiorite intrusion.
  • Systematic exploration across the project (outside of the karst target and granite intrusion).

Lakanfla has significant inherent value from existing near-surface gold mineralisation that has already been defined by historical drilling and significant hard rock artisanal gold workings within and around the central granodiorite intrusion. A work programme is being developed to convert the known mineralisation within the granite intrusion to a JORC Code resource. This programme is expected to include diamond drilling for the purposes of establishing the density and metallurgical characteristics of the deposit and to expand the area of mineralisation.

Read the article online at: https://www.globalminingreview.com/exploration-development/28012021/altus-strategies-completes-stage-1-drilling-programme/

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