Altus Strategies Plc has announced the discovery of multiple high grade gold prospects from reconnaissance sampling across all four of the company's current projects in Egypt, and has also announced the award of two further gold exploration licences which will increase the company's aggregate holdings in Egypt to 1914 km2. All of the company's licences in Egypt are located in the highly prospective Eastern Desert and are held by the company's 100% owned subsidiary Akh Gold Ltd.
- Multiple gold discoveries made across all four of the company's projects in Egypt.
- More than 100 hard rock artisanal gold workings mapped with grades up to 100 g/t gold (Au).
- Results indicate the potential for several multi-kilometre long prospective structures.
- Two new licences totalling 349 km2 awarded under the recent competitive bid round.
- Total land holding in Egypt will increase to 1914 km2 across six key project are-as.
- Operational team fully established including 10 Egyptian geologists and two field offices.
- Aggressive exploration campaign underway to define and prioritise potential drill targets.
Steven Poulton, Chief Executive of Altus, commented: “There are few gold opportunities globally today that are as exciting as those presented in the world-renowned Nubian Shield geology of the Eastern Desert of Egypt. I am delighted to report that Altus has not only established a robust portfolio of highly prospective projects in this province, now totalling almost 2000 km2, but that our maiden exploration results indicate that we may already be on the tail of a number of potentially significant hard rock gold discoveries:
“Key highlights from the recent programme include:
- The definition of a discontinuous 12 km long trend on the 175 km2 Wadi Dubur licence, where sampling of numerous active and historical hard rock gold workings has returned grades including 51.1 g/t Au and 17.45 g/t Au.
- Mapping of multiple hard rock gold workings within a 30 km long discontinuously mapped shear zone corridor within the 696 km2 Wadi Jundi licence, from which spoil sampling has returned grades up to 58.3 g/t Au and 20.5 g/t Au, with rock chip results including 10.2 g/t Au and 9.53 g/t Au.
- The discovery of a 2 km long discontinuous zone of hard rock artisanal workings on the 348 km2 Gabal Al Shaluhl licence, from which rock chip samples have returned grades of 14.75 g/t Au, 9.18 g/t Au and 6.16 g/t Au.
“Taken together, these results from our very first phase exploration programme in Egypt are exceptional.
“The company is also pleased to report that it has been awarded two further projects totalling 349 km2 in the Eastern Desert of Egypt. These projects were applied for based on their significant prospectivity for potential gold discoveries, as defined by the company's proprietary remote sensing and geological database. They have been granted by the Egyptian Mineral Resource Authority under Egypt's second international competitive bid round.
“We have now established our field and corporate offices in Egypt and our team has expanded to include 10 exceptional Egyptian geologists, complemented by our UK discovery team. We are now able to run multiple exploration programmes simultaneously across our extensive Egyptian licence portfolio.
“I look forward to updating shareholders on our progress in Egypt as we continue our programmes that are designed to generate new discoveries and ultimately create new royalty opportunities.”
Read the article online at: https://www.globalminingreview.com/exploration-development/31052022/altus-strategies-announces-multiple-high-grade-gold-discoveries/