TIDMALS
Altus Strategies PLC
28 November 2018
Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector:
Mining
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES OF AMERICA
28 November 2018
Altus Strategies Plc
("Altus" or the "Company")
High Grade Silver Discovery at Daro Project, Northern
Ethiopia
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa
focused exploration project generator, announces the discovery of
the Simret ("Simret") silver prospect at its 100% owned 412km(2)
Daro Cu-Au-Ag Volcanogenic Massive Sulphide ("VMS") project ("Daro"
or the "Project"), located in the Tigray Regional State of northern
Ethiopia.
Highlights:
-- Silver grades include 944 g/t Ag and 540 g/t Ag from rock
chip sampling at newly discovered Simret prospect at the Daro
Project, Ethiopia
-- Gold and lead also present at Simret with grades including 3.55 g/t Au and 2.72% Pb
-- Potential VMS corridor now extends for 4.9 km
-- Geological mapping and trenching underway at Simret
-- Numerous priority targets defined at Daro by Sentinel remote sensing study
Steven Poulton, Chief Executive of Altus, commented:
"We are delighted to announce the discovery of the Simret
prospect. Our exploration has returned very high silver grades
including 944 g/t Ag, 540 g/t Ag, 277 g/t Ag and 191 g/t Ag from
rock chip sampling of quartz veins. These veins also returned gold
grades of 3.55 g/t Au, 2.56 g/t Au and 2.11 g/t Au along with lead
grades of 2.72% Pb and 2.73% Pb.
Geological mapping and stream sampling indicate the potential
strike length of the Simret prospect is approximately 2.8km and
0.5km in width. The prospect is located approximately 3km south of
our existing Teklil prospect. At Teklil we have mapped copper oxide
mineralisation and discontinuous gossanous outcrop for over 900m in
strike length.
Coincident with this field programme, we have engaged remote
sensing consultancy Geosense (Netherlands) to complete a
multi-spectral remote sensing analysis of the Daro licence using
Sentinel satellite data. This work has generated numerous iron
oxide occurrences across the Daro licence, which may represent key
VMS markers. Our exploration team are already following up on these
further targets. "
The Simret Prospect
A programme of exploration at the Simret prospect included the
collection of 31 rock chip samples. Of these, 8 assayed above 10
g/t Ag and 4 assayed above 100 g/t Ag with grades of 944 g/t Ag,
540 g/t Ag, 277 g/t Ag and 191 g/t Ag. The highest silver grades
were found in quartz veins and these were also found to be
coincident with the highest gold and lead grades, which included
3.55 g/t Au, 2.56 g/t Au, 2.11 g/t Au and 1.51 g/t Au as well as
2.72% Pb and 2.73% Pb respectively. These samples also contained
anomalous zinc and copper with grades including 0.13% Zn and 0.33%
Cu. Taken together these results suggest the potential for a VMS
system. Following up on visible copper seen during prospecting the
Company has excavated and sampled a 16.3m long reconnaissance
trench. Visible copper oxide has been identified in the trench and
assay results are currently pending.
The Simret prospect was discovered following a licence wide
stream sediment sampling programme covering 320km(2) that was
undertaken by the Company earlier this year. This survey defined an
area of anomalous copper, lead and zinc, a geochemical signature
which can be indicative of a VMS system. Follow-up stream sediment
sampling on second and third order streams has refined the anomaly
to a priority area of approximately 2.80km by 0.50km. Geological
mapping at the Simret prospect has discovered a mafic volcanic pile
and sheeted dyke complex, which together with the Au-Ag-Cu-Pb-Zn
bearing quartz veins and gossanous float samples, further indicates
to the Company that the observed mineralisation may be VMS
derived.
Sentinel remote sensing programme
The Company has commissioned a licence wide remote sensing
programme utilising data from the multi spectral Sentinel
satellite. A number of VMS deposits in Eritrea were visited by the
Company's technical team in October 2018. These deposits are hosted
in the same mafic to ultamafic suite of rocks (the Nakfa Terrain)
as found in the Daro project. The iron oxide signatures of their
associated gossans have been used as analogues for the remote
sensing algorithm, in order to detect similar mineralisation at
Daro.
Initial interpretation of the satellite data has identified a
number of iron oxide features within the Teklil and Simret prospect
corridor. These targets will be followed up by the Company during
the current work programme.
The following figures have been prepared 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:
http://altus-strategies.com/site/assets/files/4510/altus_nr_-_daro_update_28_nov_2018.pdf
-- Location of the Daro licence on the Arabian-Nubian Shield is shown in Figure 1.
-- Map showing Sentinel targets and recent results from the Daro licence is shown in Figure 2.
-- A selection of project photos is shown in Figure 3.
Daro Project: Location
The Daro exploration licence is held by Altau Resources Ltd, the
Company's 100% owned Ethiopia focused subsidiary. The licence is
located in northern Ethiopia, 95km west of the Company's
Tigray-Afar Cu-Ag project, 100km northwest of the Tigray state
capital of Mekele and 570km north of Ethiopia's capital, Addis
Ababa. Mekele has a regional airport and year-round access to the
licence area is provided by a network of maintained surfaced and
graded roads.
Daro Project: Geological setting
The Daro licence is situated within the Neo-Proterozoic Nakfa
Terrane, at a junction between two major tectonic blocks and
comprises a series of metasedimentary and metavolcanic rocks,
affected by thrusting and intrusion of the Rama granite. A band of
mafic to ultramafic rocks bisects the licence from southwest to
northeast, interpreted to be an ophiolite complex of ancient
oceanic crust and seafloor sediments. Historical data compilation
of Daro, undertaken by the French governmental Bureau de Recherches
Géologiques et Minières ("BRGM"), has defined a number of marker
lithologies and structures that are considered prospective for VMS
deposits. These include the presence of bimodal volcanics and
associated sediments, mafic and ultramafic lithologies which
conform to an ophiolitic sequence, as well as the presence of
extensive chert horizons.
The Nakfa Terrane hosts a number of significant VMS base metal
and gold deposits and mines. These include Bisha, a polymetallic
mine operated by Nevsun Resources Ltd (TSX: NSU) 190km north west
of Daro, the Harvest and Adyabo projects, being advanced by East
Africa Metals Inc. (TSX-V:EAM) 35km west of Daro and the Asmara
project being advanced by Sichuan Road & Bridge Mining
Investment Corp Ltd 100km north of Daro.
Sampling Methodology and analysis
A total of 31 grab samples were collected as rock chips from
outcrop or float from the programmes described in this release. Of
the 31 samples:
Silver: 10 of 31 samples assayed above 1 g/t Ag, ranging from
less than 0.5 g/t to 944 g/t Ag
Gold: 9 of 31 samples assayed above 0.2 g/t Au, ranging from
less than 0.01 g/t to 3.55 g/t Au
Lead: 2 of 31 samples assayed above 1% Pb, ranging from trace to
2.73 %Pb
All sample preparation and assay was undertaken by ALS Global at
their laboratories in Addis Ababa (Ethiopia) and Loughrea (Republic
of Ireland) respectively. Given the early stage nature of these
programmes, no Quality Assurance and Quality Control ("QA-QC")
samples have been sent for assay.
Rock samples were crushed with 70% passing -2mm. The less than
2mm fraction was pulverized with 85% of the sample passing <75
microns. The fine fraction of each sample underwent a four-acid
digestion with ICP-AES analysis for a suite of 33 elements. All
samples were analysed for their Au content by 50g Fire Assay
method. Samples with more than 1 g/t Au were resubmitted for Fire
Assay with a gravimetric finish.
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 has over 19 years
of experience in mineral exploration and is a Qualified Person
under the AIM rules and National Instrument 43-101 under the rules
of the TSX.
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 511 767
Steven Poulton, Chief Executive E: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Soltan Tagiev
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Richard Parlons / Jonathan Williams
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall /
James Husband
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed,
diversified and Africa focused mineral exploration project
generator. Through our subsidiaries we 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 aims to minimise shareholder dilution.
Our business model is designed to create a growing portfolio of
well managed and high growth potential projects and royalties,
diversified by commodity and by country. Altus currently has
eighteen projects in six commodities across six countries. We aim
to position our shareholders at the vanguard of value creation, but
with significantly reduced risks traditionally associated with
investments in the mineral exploration sector.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking
information. 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 programs on
schedule and the success of exploration programs. Readers are
cautioned not to place undue reliance on the forward-looking
information, which speak only as of the date of this news
release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Glossary of Terms
"Ag" means silver
"Au" means gold
"Cu" means copper
"Gossan" means an intensely oxidized, weathered or decomposed
rock, potential indicating the upper and exposed part of an ore
deposit or mineral vein
"km" means kilometre
"m" means metres
"Pb" means lead
"Quartz vein" means a fracture which has been filled by quartz
and other minerals which have crystallised from mineralised
fluids
"VMS" means volcanogenic massive sulphide
"Zn" means zinc
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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