Altus Strategies Plc has announced the signing of an amended joint venture and earn-in agreement (JVA) with Marvel Gold. The JVA replaces the original joint venture agreement entered into on 17 June 2020. The JVA now comprises the Tabakorole gold project and two contiguous gold licences for a total of 292 km2) (together the JVA licences) located in southern Mali. Marvel holds a 70% equity interest in the JVA licences and retains the right to increase their holding to 80% by sole funding a definitive feasibility study (DFS) on the JVA licences. Altus retains a 30% equity interest in the JVA licences and holds a 2.5% net smelter return (NSR) royalty on these licences. Exploration activities under the JVA are currently being sole funded by Marvel.
Altus now holds, following signature of the JVA, a 100% interest in the highly prospective Lakanfla gold project in western Mali. Lakanfla is strategically located approximately 5 km east of the Company's 100% owned Diba gold project, which is currently subject to a resource expansion drilling programme by the company.
- Amendment to JVA between Altus and Marvel on gold projects in Mali.
- JVA now applies to the Tabakorole licence and two contiguous licences in southern Mali.
- Marvel's interest in the JVA Licences is now 70%, which can be increased to:
- 75% by sole funding US$5 million on exploration by 17 December 2023.
- 80% by sole funding a DFS.
- Tabakorole hosts a mineral deposit for which a mineral resource estimate (MRE) has been generated comprising:
- 17 300 000 t at 1.2 g/t gold (Au) for 665 000 oz in the inferred category.
- 9 200 000 t at 1.2 g/t Au for 360 000 oz in the indicated category.
- The deposit subject to the MRE is open in parallel zones and at depth, with 70% situated within 150 m of surface.
- Preliminary high metallurgical recoveries indicate a simple processing flowsheet.
- Altus retains a 2.5% NSR royalty on the JVA licences.
- Marvel has the right to buy back up to 1.5% of the NSR royalty for up to US$15 million.
- Altus now holds a 100% interest in Lakanfla gold project in western Mali.
- Historic drilling at Lakanfla includes 9.78 g/t Au over 12 m (not true width).
- Lakanfla is strategically located approximately:
- 5 km east of the company's Diba gold project which is currently being drilled.
- 6.5 km southeast of the multi-million ounce Sadiola gold mine (mineralisation hosted at Diba and Sadiola is not necessarily indicative of mineralisation hosted at Lakanfla).
- Altus plans to commence exploration at the Lakanfla project imminently.
Steven Poulton, Chief Executive of Altus, commented: “We are excited to retain a 100% interest in the highly prospective Lakanfla gold project, from which historic drill intersects include 9.78 g/t Au over 12 m and 5.2 g/t Au over 16 m (not true widths). Lakanfla is strategically located in a world renowned gold belt in western Mali, approximately 5 km east of our 100% owned Diba gold project, which is currently the subject of a resource expansion drilling programme, and 6.5 km southeast of the multi-million ounce Sadiola gold mine. Our field teams will be commencing a high priority exploration programme at Lakanfla imminently, as the combination of the Diba and Lakanfla assets has the potential to form part of a significant gold mining camp.
“We are also delighted to confirm that two licences contiguous with the Tabakorole gold project have been formally incorporated into the JVA, creating a consolidated JVA landholding of 292km2. Marvel has an excellent track record in advancing the Tabakorole project and we believe it is very likely to increase the project's resources. We look forward to updating the market on Marvel's progress.”
Read the article online at: https://www.globalminingreview.com/finance-business/20012022/altus-strategies-provides-marvel-gold-jv-update/