Altus Strategies Plc has announced the results of a mineral resource estimate (MRE) at the company's Tabakorole gold project in southern Mali. The MRE was prepared in accordance with the JORC Code, an acceptable foreign code for the purposes of NI 43-101, and was commissioned by Marvel Gold Ltd under the joint venture (JV) with Altus.
Highlights:
- FT Prospect at Tabakorole hosts a MRE comprising:
- 16.6 million t at 1.2 g/t Au for 620 000 oz in the inferred category.
- 7.3 million t at 1.2 g/t Au for 290 000 oz in the indicated category.
- 54% increase in ounces and 20% increase in grade from historical mineral resource.
- 43% of the MRE situated within 100 m of the surface.
- Gold mineralisation remains open along strike and at depth.
- Preliminary metallurgical studies to be undertaken.
- Drilling to test multiple resource expansion targets to commence in 4Q20.
- Marvel is earning an initial 33% interest in the project under the JV.
- Altus holds a 2.5% NSR gold royalty on Tabakorole.
Steven Poulton, Chief Executive of Altus, commented: "We are delighted to announce this substantial gold resource at the Tabakorole gold project in southern Mali. The recent drilling undertaken by Marvel, as part of their phase-1 earn-in on the project, has resulted in a 54% increase in gold ounces and a 20% higher grade than the previous historical resource.
"The MRE is located on the 2.9 km long FT Prospect, which remains open along strike and at depth. Recently reported aircore drill results, including 6.2 g/t over 6 m from 14 m indicate the clear potential for the strike length of the FT Prospect to be extended and for the resource to grow. Marvel have advised that they intend to drill these and other targets as the JV moves in to phase-2 in 4Q20.
"Tabakorole represents a significant regional gold discovery and we look forward to updating shareholders with further news as the JV progresses."