TIDMALS
RNS Number : 0975O
Altus Strategies PLC
16 August 2017
Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector:
Mining
16 August 2017
Altus Strategies Plc
("Altus" or the "Company")
Geophysics Defines Targets at Laboum Gold Project, Northern
Cameroon
Altus Strategies Plc (AIM: ALS), the Africa focused exploration
project generator, announces the results of a high resolution
ground magnetic survey at the Company's Laboum gold project
("Laboum") in northern Cameroon.
Highlights:
-- Geophysical survey across 17.8km long and 5km wide shear zone in northern Cameroon
-- Strong correlation between magnetic signatures and regional gold in soil anomalies
-- Multiple prospects defined at Landou (3.75km), Kalardje (2.5km) and Tapare (7km)
-- Rock chips results up to 6.86 g/t Au, visible gold from outcrop and artisanal workings
-- Survey to be extended to include new areas hosting artisanal gold workings
-- Concurrent 218 line km in-fill soil survey due to be completed in Q4 2017
Steven Poulton, Chief Executive of Altus, commented:
"The high resolution magnetic survey at Laboum has generated
encouraging results, defining multiple prospective structures
within the approximately 18km long and 5km wide shear zone target
area at Laboum. A clear correlation is apparent between these
structures, silicified lithological units, the regional gold in
soil anomalies and the presence of artisanal gold workings. In
total the defined prospects have a cumulative strike of at least
13.5km, across a number of parallel zones.
"Our geophysical field team will now extend the programme in
order to target potential strike extensions as defined by the
presence of artisanal gold workings. Concurrently our soil sampling
teams will also conclude a substantial 218 line km in-fill sampling
programme. The magnetic data will greatly assist us in prioritising
which soil samples go for assay and together these datasets will
produce an excellent guide for a systematic trenching programme to
define drill targets."
High resolution ground magnetic results
A 1,028 line km ground magnetic survey has been completed
covering an area of 10km by 5km. The survey lines were spaced at a
distance of 50m and orientated perpendicular to the northeast
striking Tchollire-Banyo shear zone, which is the target of Laboum
licence. The survey was undertaken by the Company's in-house
technical team, using the Company's Overhauser magnetometers.
Processing of the data has been performed by Terratec Geophysical
Services GmbH & Co. (Germany), who also provided technical
oversight of the design and optimisation of the programme.
The results from the survey allow for the interpretation of the
broad regional structure and lithological features, as well as
identifying potentially important localised structures within the
shear zone. These include riedel shears, dilational jogs and fold
hinges all of which are considered to be favourable settings for
hosting economic gold mineralisation. A number of the local
structures coincide with existing gold prospects, as defined by the
company's regional soil sampling programme, as well as the
occurrence of recently mapped artisanal gold workings.
The following is a summary of the ground magnetic results from
the first three key prospect areas:
1. Landou prospect
- 3.75km long NE-trending demagnetised zone containing apparent 'flexures' and 'jogs'
- Potential contact of dominant mylonitic lithology with metasedimentary units
- Grab samples up to 6.86 g/t Au from sheared metasedimentary
samples, visible gold from outcrop and artisanal workings
- 1.4km and 2.4km long ductile structures striking ENE with anomalous gold in soils
2. Tapare prospect
- 7km long NE-trending structure coincident with regional gold in soil anomalies
- Demagnetisation coincident with interpreted 'flexures' and 'jogs' within the regional shear
- On strike from the Landou prospect (4km to the NE)
- Interpreted structures remain open along strike
3. Kalardje prospect
- 2.5km long NE-trending magnetic high-low contact coincident with gold in soil anomaly
- Grab samples up to 2.03 g/t Au and gold flakes up to 3mm from reconnaissance trench
- Subordinate ENE and NW orientated structures coincident with artisanal gold workings
- Interpreted structures remain open along strike
The following figures have been prepared and relate to the
disclosures in this announcement:
- The total Magnetic Intensity, 1st vertical derivative
(TMI-1VD) 3D representation of Tchollire-Banyo shear zone, showing
regional topography, rock chip samples and artisanal workings are
shown in Figure 1.
- A side by side interpretation of ground magnetic with gold in
soil anomalies highlighting the potential sinistral movement on the
Tchollire-Banyo shear zone and features such as dilational jogs,
sheared lithological contacts and contractional duplexes are show
in in Figure 2.
- A correlation between gold in soil anomalies and structures
interpreted for the ground magnetic survey is show in Figure 3.
- The Total Magnetic Intensity, 1st vertical derivative
(TMI-1VD) highlighting the likely sinistral movement on the
Tchollire-Banyo shear zone and internal structures which are
potential hosts for economic gold mineralisation are shown in
Figure 4.
References to figures relate to the version of this announcement
on the Company's website (www.altus-strategies.com) or visible in
PDF format by clicking the link below:
http://altus-strategies.com/site/assets/files/4208/altus_laboum_magnetics_16_august_2017.pdf
Laboum Project: Location
The 189km(2) Laboum exploration licence is held by Auramin Ltd,
the Company's 99% owned West Africa focused gold exploration
subsidiary. The project is located in the north east of Cameroon,
approximately 110km southeast of the provincial capital of Garoua
which is served by a regional airport, and 600km northeast of the
Cameroonian capital, Yaoundé. Year-round access to the licence area
is provided by a network of maintained laterite roads.
Laboum Project: Geological setting
The Laboum area was selected by the Company due to the presence
of a major northeast-southwest striking regional shear zone, which
in places is up to 5km wide and coincident with numerous gold
anomalies defined by the Bureau de Recherches Geologiques et Mines
("BRGM") in the 1990s. The shear is considered to be a splay of the
Central African Shear Zone. The geology of the project area
comprises highly prospective Birimian metavolcanics and
metasediments which have been intruded by synkinematic late
Pan-African granites. Dilational and fold structures which exist
along and within the shear zone are considered to be excellent
targets to explore for potentially economic mesothermal gold
deposits.
Laboum Project: Exploration history
Exploration in the area was first undertaken by the BRGM in the
late 1980s, including mapping, drainage, soil, termite-mound and
rock chip sampling. The work successfully identified several
prospective areas. A stream and pan-concentrate sampling programme
completed by the Company defined a 20km long northeast-southwest
striking zone of gold bearing streams and the presence of artisanal
alluvial gold workings coincident with the core of the shear zone.
The analysis of ASTER and LANDSAT satellite imagery, alongside
aerial photos, has been employed by the Company to define
alteration patterns and interpret structural associations. Soil
surveying, rock chip sampling and reconnaissance trenching to
bedrock by the Company, has further confirmed the association of
primary gold mineralisation with the regional shearing, with grades
up to 6.8g/t Au having been returned.
A regional soil sampling programme has been completed by the
Company over the 15km long by 5km wide target area. The survey
generated numerous targets with over 2,200 samples collected on
100m intervals along 400m spaced lines. Subsequently the Company
has undertaken a 1,028 line kilometre high resolution ground
magnetic geophysical survey. The magnetic data has defined numerous
potential lithological and structural targets coincident with
regional soil anomalies and areas of mapped silicification. A 218
line kilometre infill soil sampling programme, with samples being
collected at 50m spaced intervals along 100m lines is currently
underway. The results of the high resolution magnetic survey and
the in-fill soil survey will be used to guide a systematic
trenching programme in order to generate potential drill
targets.
Qualified Person
The technical disclosure in this regulatory announcement has
been read and 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 a Fellow of the
Geological Society of London. He has over 18 years of experience in
mineral exploration and is a Qualified Person under the AIM
rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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
Steven Poulton, Chief 767
Executive E: info@altus-strategies.com
Matthew Grainger, Executive
Director
Greg Owen, VP Corporate
Development
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470
Ewan Leggat / Richard 0470
Morrison / Soltan Tagiev
SP Angel (Joint Broker) Tel: +44 (0) 20 3470
Elizabeth Johnson / Richard 0471
Parlons
Beaufort Securities (Joint Tel: +44 (0) 20 7382
Broker) 8300
Jon Bellis
Blytheweigh (Financial Tel: +44 (0) 20 7138
PR) 3204
Tim Blythe / Camilla Horsfall
/ Nick Elwes
Notes to editors:
About Altus Strategies Plc
Altus is a diversified Africa focused project generator in the
natural resource sector, with a strong, proven and entrepreneurial
team passionate about mineral exploration. Through our subsidiaries
we efficiently discover new projects and attract third party
capital to fund their growth, development and ultimately exit
optionality. This strategy enables Altus to remain focused on the
acquisition of new opportunities to be fed into the project
generation cycle and minimises shareholder dilution. Our model
creates a growing portfolio of well managed and high growth
potential projects which are diversified by commodity and by
country. This all means our shareholders are positioned at the
vanguard of value creation, but with significantly reduced
geological and management risks traditionally associated with
investments in the mineral exploration sector. SP Angel Corporate
Finance LLP and Beaufort Securities Limited are joint brokers to
the Company and SP Angel Corporate Finance LLP is the Company's
Nominated Adviser.
The following is a summary of the Company's key projects:
Cameroon - Gold
The Company holds the 189km(2) Laboum gold exploration licence
in northern Cameroon through its 99% owned subsidiary Auramin Ltd.
At Laboum an approximately 18km and 5km wide long gold-bearing
shear zone has been discovered. High resolution ground geophysics
and a concurrent gold in soil survey are defining priority targets
for a systematic trenching programme. The Laboum licence hosts a
number of artisanal gold mining sites, while rock chips up to 6.86
g/t Au have been returned from strongly sheared meta-sediments.
Morocco - Copper
The Company holds the 60km(2) Agdz copper-silver exploration
licence in central Morocco through its 100% owned subsidiary
Aterian Resources Ltd. Five prospects have been defined to date,
the best of which retuned grades up to 8% Cu, 448 g/t Ag and 3.74
g/t Au. The project is located close to a number of operating
mines, notably the recently commissioned Bouskour Cu-Ag mine
located 14km NE of Agdz.
Ethiopia - Copper
The Company holds the 322km(2) Tigray-Afar and Negash
copper-silver exploration licences ('Tigray-Afar') in northern
Ethiopia through its 100% owned subsidiary Altau Resources Ltd.
Tigray-Afar is subject to a memorandum of agreement with Japan Oil
Gas and Metals Corporation and comprises manto style copper-silver
mineralisation, forming lenses, pipes or veins.
Cameroon - Bauxite
The Company holds the 601km(2) Birsok & Mandoum bauxite
exploration licences in central Cameroon through its 97.3% owned
subsidiary Aluvance Ltd. The Birsok & Mandoum licences are
subject to a joint venture agreement with ASX-listed Canyon
Resources Ltd. The project is within 10km of an operating rail line
to the port of Douala on the Atlantic Ocean.
Liberia - Gold
The Company holds the 639.6km(2) Bella Yells gold exploration
licence in western Liberia through its 99% owned subsidiary Auramin
Ltd. At Bella Yella a 7.5km NE-SW striking gold in soil anomaly has
been defined. A number of artisanal gold workings have been
discovered, from which rock chip assay results have returned grades
up to 233 g/t Au.
Cameroon - Iron Ore
The Company holds the 400km(2) Bikoula & Ndjele iron ore
exploration licences in southern Cameroon through its 97.3% owned
subsidiary Aluvance Ltd. An independent (JORC 2012 compliant),
inferred mineral resource estimate comprising 46Mt @ 44% Fe has
been completed. The resource estimate is from less than 25% of the
17km long target as identified from airborne geophysics.
Morocco - Other
The Company holds 226km(2) across five exploration licence
throughout Morocco through its 100% owned subsidiary Aterian
Resources Ltd. The licences areas are prospective for zinc, lead,
copper, tin, tungsten and gold. Grades from these licences include
8.15% Pb, 4.48% Zn, 9.18% Cu and 9.61g/t Au.
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAFPSFDEXEAF
(END) Dow Jones Newswires
August 16, 2017 02:00 ET (06:00 GMT)
Altus Strategies (LSE:ALS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Altus Strategies (LSE:ALS)
Historical Stock Chart
From Apr 2023 to Apr 2024