TIDMALS
RNS Number : 3155N
Altus Strategies PLC
31 May 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
31 May 2022
Altus Strategies Plc
("Altus" or the "Company")
Multiple High Grade Gold Discoveries in Egypt & Further
Licences Awarded
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces the discovery of multiple high grade gold prospects from
reconnaissance sampling across all four of the Company's current
projects in Egypt ("Projects"), and also announces the award of two
further gold ("Au") exploration licences which will increase the
Company's aggregate holdings in Egypt to 1,914 km(2) . 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 ("Akh Gold").
Highlights:
-- 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
-- Results indicate the potential for several multi-kilometre long prospective structures
-- Two new licences totalling 349 km(2) awarded under the recent competitive bid round
-- Total land holding in Egypt will increase to 1,914 km(2) across six key project areas
-- 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 2,000
km(2) , 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
km(2) Wadi Dubur licence, where sampling of numerous active and
historical hard rock gold workings has returned grades including
51.10 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
km(2) Wadi Jundi licence, from which spoil sampling has returned
grades up to 58.30 g/t Au and 20.50 g/t Au, with rock chip results
including 10.20 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 km(2) 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 km(2) 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 u nder
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 ten 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."
Illustrations
The following figures have been prepared by Altus and relate to
the disclosures in this announcement and are visible in the version
of this announcement on the Company's website (
www.altus-strategies.com ) or in PDF format by following this link:
https://altus-strategies.com/site/assets/files/5706/altus_nr_-_egypt_31_may_2022.pdf
-- Location of the Projects in the Eastern Desert of Egypt are shown in Figure 1
-- Regional shear zone target of the Wadi Dubur Project is shown in Figure 2
-- Prospecting results from the Wadi Dubur Project are shown in Figure 3
-- Prospecting results from the Gabal Al-Shaluhl Project are shown in Figure 4
-- Prospecting results from the Wadi Jundi Project are shown in Figure 5
-- Prospecting results from the Gabal Om Ourada Project are shown in Figure 6
-- A selection of photos from the Projects in Egypt are shown in Figure 7
Projects: Background & Exploration Results
The Projects were awarded to Akh Gold, as part of Egypt's
inaugural and competitive international exploration licence bid
round initiated by the Egyptian Mineral Resources Authority
("EMRA") in 2020. All four current Projects, which comprise nine
licence blocks and cover 1,565 km(2) , are situated in the eastern
desert of Egypt, between 30 km and 100 km west of the Red Sea
coast. The Projects have been awarded for an initial two-year term,
with each licence renewable for up to two further periods, each of
two years duration.
Project Overview: Wadi Dubur (175 km(2) )
The Wadi Dubur project consists of one licence block, covering a
total area of 175 km(2) . The Project area contains a north-west to
west trending 12 km curvilinear east-west fault belt which is up to
3 km wide and is comprised of regionally mapped thrust faults and
strike-slip flexures. The (standalone) project block consists of an
ophiolite melange, minor schists, syn- to late- tectonic gabbro and
diorite intrusives on the flank of a major 25 km x 28 km syn- to
late-tectonic granitic body. Altus believes Wadi Dubur is
prospective for orogenic gold mineralisation hosted in a north-west
trending ophiolite belt. The Project hosts the Urf El Fahad
prospect, represented by a 1.5 km(2) area containing multiple
sub-parallel alteration zones coincident with intense and active
hard rock gold workings.
The Project is located 5 km west of the historic Atud gold mine
and approximately 40 km north-west of the Sukari gold mine
(operated by LSE and TSX listed Centamin Plc), which produces
approximately 400,000 ounces of gold per year. Mineralisation
hosted at Atud and Sukari is not necessarily indicative of
mineralisation hosted at the Wadi Dubar project. Wadi Dubur is
directly accessible by asphalt road from the Red Sea coastal town
of Marsa Alam, 60 km to the east.
Highlights from the most recent exploration programme at the
Wadi Dubar Project include:
-- Rock chip samples of 17.45 g/t Au and 14.71 g/t Au within schists and intrusives
-- Spoil samples from workings have returned grades up to 51.10 g/t Au and 14.40 g/t Au
-- Initial chip channel samples include 2.10 g/t Au over 6.7 m and 13.40 g/t Au over 2.0 m
-- Further worked drainages and apparent hard rock workings are yet to be explored
Project Overview: Gabal Al-Shaluhl (348 km(2) )
The Gabal Al-Shaluhl Project consists of two licence blocks,
covering a total area of 348 km(2) . The Project area is dominated
by volcanic and sedimentary formations and a 13 km long northwest
striking serpentinised ophiolitic melange intruded by syn- to late-
tectonic gabbro intrusives and major late- to post-tectonic
granodiorite and granite intrusions. The geology is structurally
complex, located near the boundary between two separate regional
structural domains with a large number of intersections between
regional-trending faults and fold hinges, interpreted as favourable
sites for orogenic gold style mineral occurrences. Altus believes
Gabal Al-Shaluhl is prospective for orogenic gold mineralisation
related to syn- to late- tectonic intrusions. The Project hosts a
priority 2 km long target as defined by multiple hard rock gold
workings within a granitoid.
The Project is located approximately 60 km south of the historic
El Sid gold mine, which reportedly contributed around 45% of
Egypt's gold production during the 20th century, and 115 km
north-west of the Sukari gold mine. Mineralisation hosted at El Sid
and Sukari is not necessarily indicative of mineralisation hosted
at the Gabal Al-Shaluhl Project. Gabal Al-Shaluhl is accessible by
secondary tracks from a major E-W asphalt road 30 km to the south,
which connects to the Red Sea coastal town of Marsa Alam.
Highlights from the most recent exploration programme at the
Gabal Al-Shaluhl Project include:
-- Rock chip samples of 14.75 g/t Au, 9.18 g/t Au and 6.16 g/t Au
-- One hard rock working mapped for over 300 m with grades up to 2.35 g/t Au
-- Numerous active and historical hard rock gold workings mapped
-- To date only 2 of the 24 priority targets have been mapped and sampled
Project Overview: Wadi Jundi (696 km(2) )
The Wadi Jundi Project consists of four licence blocks, covering
a total area of 696 km(2) . The Project area hosts a potential 30
km long shear corridor including a potential 12 km long north-west
trending ophiolite belt comprising a basal serpentinite melange
overlain by calc-alkaline basic to acidic volcanics, capped by
volcaniclastics, and sediments (schists). The sequence is
interpreted to represent a preserved seafloor sequence and is
considered highly prospective for volcanogenic massive sulphide
("VMS") mineralisation. The entire sequence is intruded by syn- to
late- tectonic mafic intrusives and late- to post- tectonic
granodiorite, granite and monzogranite intrusions and is located
just south of the major north-west trending regional crustal scale
>1,100 km Najd Fault corridor. Altus believes Wadi Jundi is
prospective for orogenic gold mineralisation related to deformed
volcanic sequences proximal to granite intrusions, as well as VMS
mineralisation.
The Project is located approximately 40 km south of the historic
El Sid gold mine, and is 115 km north-west of the Sukari gold mine.
Mineralisation hosted at El Sid and Sukari is not necessarily
indicative of mineralisation hosted at the Wadi Jundi Project. Wadi
Jundi is directly accessible by secondary tracks from the Al
Kosair-Qena asphalt highway, which runs along the Licence's
northern boundary and connects the city of Luxor and coastal town
of Quseir.
Highlights from the most recent exploration programme at the
Wadi Jundi Project include:
-- Rock chip samples of 10.20 g/t Au, 9.53 g/t Au and 5.69 g/t Au
-- Spoil samples from workings have returned grades up to 58.30 g/t Au and 20.50 g/t Au
-- Numerous active and historical hard rock gold workings mapped
-- To date only 4 of 32 priority targets have been mapped and sampled
Project Overview: Gabal Om Ourada (346 km(2) )
The Gabal Om Ourada Project consists of two licence blocks,
covering a total area of 346 km(2) . The Project area hosts a
north-west trending belt of serpentinised ophiolite and associated
tectonic melange, schists, andesite and porphyryitic subvolcanic
rocks, intruded by multiple syn- to late-tectonic granodiorite and
late- to post-tectonic granite intrusions. Basement gneisses and
mylonitic schists of the Meatiq Dome, a metamorphic core complex,
outcrop in the south-west of the area and are separated from the
younger rocks by a series of deep-seated north-west trending
sinistral shear zones and north-east trending thrusts that are part
of the crustal scale (>1,100 km long) Najd Fault corridor. Altus
believes Gabal Om Ourada is prospective for orogenic gold
mineralisation hosted in an ophiolite belt proximal to a granite
intrusion.
The Project is located approximately 30 km north-east of the
historic El Sid gold mine, and 160 km north-west of the Sukari gold
mine. Mineralisation hosted at El Sid and Sukari is not necessarily
indicative of mineralisation hosted at the Gabal Om Ourada project.
Gabal Om Ourada is directly accessible by asphalt road from the Red
Sea coastal city of El Quseir, located 30 km to the south-east.
Highlights from the most recent exploration programme at the
Gabal Om Ourada Project include:
-- Rock chip samples of 3.44 g/t Au, 2.65 g/t Au and 2.44 g/t Au
-- Spoil samples from workings (up to 375 m long) have returned grades up to 6.78 g/t Au
-- Numerous active and historical hard rock gold workings mapped
-- Ongoing ground truthing of numerous remote sensing targets
Next Phase of Exploration
Detailed exploration programmes are currently ongoing across the
Projects, including rock chip sampling, channel sampling and
geological mapping.
Two Further Licences Awarded to Akh Gold
EMRA have announced two new licences have been granted to Akh
Gold, as part of Egypt's second competitive international
exploration licence bid round. The process was administered by EMRA
and commenced in 2021. The two new licences comprise two blocks
covering 349 km(2) and are situated in eastern Egypt approximately
4 km and 35 km west of the Red Sea coast respectively. The Company
is working with EMRA in respect of entering into a definitive
exploration licence agreement and will provide an update on this
process in due course.
Sampling Methodology & Analysis
- Wadi Dubur Project : 478 grab samples were collected as rock
chips from outcrop and float from the programmes described in this
release. Assayed grades range from <0.01 g/t Au to 100 g/t Au
(one sample graded more than 100 g/t but there was insufficient
residual sample to determine the final value) with 105 assaying
above 0.5 g/t Au.
- Gabal Al-Shaluhl Project: 63 grab samples were collected as
rock chips from outcrop and float from the programmes described in
this release. Assayed grades range from <0.01 g/t Au to 14.75
g/t Au, with 21 assayed above 0.5 g/t Au.
- Wadi Jundi Project: 85 grab samples were collected as rock
chips from outcrop and float from the programmes described in this
release. Assayed grades range from <0.01 g/t Au to 58.30 g/t Au,
with 36 assayed above 0.5 g/t Au.
- Gabal Om Ourada Project: 194 grab samples were collected as
rock chips from outcrop and float from the programmes described in
this release. Assayed grades range from <0.01 g/t Au to 6.78 g/t
Au , with 16 assayed above 0.5 g/t Au.
All sample preparation and assaying was undertaken by ALS Global
at its laboratories in Marsa Alam (Egypt), Rosia Montana (Romania)
and Loughrea (Ireland) respectively. Given the early stage nature
of these programmes, no Quality Assurance and Quality Control
("QAQC") samples have been sent for assay.
Rock samples were crushed with 70% passing -2 mm. The less than
2 mm fraction was pulverized with 85% of the sample passing <75
microns. All samples were analysed for their Au content by 50 g
Fire Assay method. Samples with more than 100 g/t Au were
resubmitted for Fire Assay with a gravimetric finish. Selected
samples underwent a four-acid digestion with ICP-AES analysis for a
suite of 33 elements.
Qualified Person
The technical disclosure in this regulatory announcement has
been approved by Steven Poulton, Chief Executive of Altus. A
graduate of the University of Southampton in Geology (Hons), he
also holds a Master's degree from the Camborne School of Mines
(Exeter University) in Mining Geology. He is a Fellow of the
Institute of Materials, Minerals and Mining and has over 20 years
of experience in mineral exploration and is a Qualified Person
under the AIM rules and NI 43-101.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E-mail: info@altus-strategies.com
SP Angel (Nominated Adviser)
Richard Morrison / Adam Cowl Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Grant Barker Tel: +44 (0) 20 3470 0471
Rob Rees Tel: +44 (0) 20 3470 0535
Shard Capital (Broker)
Isabella Pierre / Damon Heath Tel: +44 (0) 20 7186 9927
Yellow Jersey PR (Financial PR & Tel: +44 (0) 20 3004 9512
IR) E-mail: altus@yellowjerseypr.com
Charles Goodwin / Henry Wilkinson
About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is
an income generating mining royalty company, with a diversified
portfolio of production, pre-production and discovery stage assets.
The Company's differentiated approach of generating royalties on
its own discoveries in Africa and acquiring royalties globally
through financings and acquisitions with third parties has
attracted key institutional investor backing. Altus has established
a global portfolio comprising 33 royalty interests and 27 project
interests across nine countries and nine metals. The Company
engages constructively with all stakeholders, working diligently to
minimise its environmental impact and to promote positive economic
and social outcomes in the communities where it operates. For
further information, please visit www.altus-strategies.com .
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this announcement, including
information relating to future financial or operating performance
and other statements that express the expectations of the Directors
or estimates of future performance constitute "forward-looking
statements". These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, without limitation, the completion of planned
expenditures, the ability to complete exploration programmes on
schedule and the success of exploration programmes. Readers are
cautioned not to place undue reliance on the forward-looking
information, which speak only as of the date of this announcement
and the forward-looking statements contained in this announcement
are expressly qualified in their entirety by this cautionary
statement.
Where the Company expresses or implies an expectation or belief
as to future events or results, such expectation or belief is based
on assumptions made in good faith and believed to have a reasonable
basis. The forward-looking statements contained in this
announcement are made as at the date hereof and the Company assumes
no obligation to publicly update or revise any forward-looking
information or any forward-looking statements contained in any
other announcements whether as a result of new information, future
events or otherwise, except as required under applicable law or
regulations.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organisation of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Glossary of Terms
The following is a glossary of technical terms:
"Au" means gold
"EMRA" means the Egyptian Mineral Resources Authority
"g" means gram
"g/t" means grams per tonne
"grade(s)" means the quantity of ore or metal in a specified
quantity of rock
"km" means kilometre
"km(2) " means square kilometre
"m" means metre
"mm" means millimetre
"NI 43-101" means National Instrument 43-101 Standards of
Disclosure of Mineral Projects of the Canadian Securities
Administrators"
"QAQC" means Quality Assurance Quality Control
"Qualified Person" means a person that has the education, skills
and professional credentials to act as a qualified person under NI
43-101
"VMS" means Volcanogenic Massive Sulphide
**END**
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