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Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector: Mining

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Altus Strategies Plc
(“Altus” or the “Company”)

Altus Strategies Plc (AIM: ALS), the Africa focused exploration project generator, announces the commencement of exploration at three of its 100% owned gold projects in the world renowned ‘Kenieba Window’ of western Mali.

Highlights:

  • Targeting a significant near surface and strategically located oxide gold resource
  • Historic drilling of 20.66g/t Au over 12m, 9.78g/t Au over 12m and 5.20g/t Au over 16m
  • Potential for central processing plant within 10km of several gold deposits
  • Diba and Lakanfla deposits are located within 13km and 6km of 13Moz Sadiola gold mine
  • Western projects cover 18km strike and 2.5km width along Senegal/Mali Shear Zone
  • Pitiangoma Est project in southern Mali is under Joint Venture with Resolute Mining Ltd
  • Altus to seek further Joint Venture partnership in Mali in line with its Project Generator model

Steven Poulton, Chief Executive of Altus, commented:
“We firmly believe our portfolio of projects in western and southern Mali is highly prospective for the discovery of economic gold deposits. The western cluster of licences which total 190km2 are located broadly on strike of the 13Moz Sadiola gold mine and 4.5Moz Yatela former gold mine, within the world renowned ‘Kenieba Window’. Based on the encouraging historic drilling results to date and the shear intensity of active artisanal gold mining, we believe the potential exists for a significant oxide gold resource to be defined from a number of proximal deposits that could be centrally processed. Our exploration teams are now on the ground, mapping and sampling artisanal workings and completing soil surveys to prioritise the next phases of exploration. One of the projects is under joint venture with ASX listed Resolute Mining Ltd. In line with our Project Generator model, our objective is to undertake further joint venture partnerships across our portfolio of projects in Mali. We look forward to updating shareholders on our progress in due course.”

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 using the following link: http://altus-strategies.com/site/assets/files/4341/mali.pdf

  • The western projects & proximity to the Sadiola gold mine is shown in Figure 1.
  • A map of Mali showing the Altus licence portfolio is shown in Figure 2.
  • Western Mali regional map showing the Altus licences is shown in Figure 3.
  • Soil geochemical data across the western Mali projects is shown in Figure 4.
  • Schematic cross section of the Diba project is shown in Figure 5.
  • A selection of 8 photos from the western Mali projects is shown in Figure 6.

Figure 1: The western projects and proximity to the Sadiola gold mine

Figure 2: A map of Mali showing the Altus licence portfolio

Figure 3: Western Mali regional map showing the Altus licences

Figure 4: Soil geochemical data across the western Mali projects

Figure 5: Schematic cross section of the Diba project

Figure 6: A selection of photos from the western Mali projects
A - Artisanal workings at the Manankoto prospect – Djelimangara project

B - Diba hill which hosts an historic mineral resource

C - Lakanfla project with surface collapse structures, indicating karst potential

D - Artisanal workings at the Soa prospect – Sebessounkoto project

E - N-S trending Artisanal workings at the Soa prospect – Sebessounkoto project

F - Artisanal workings extending 975m from NNE to SSW, Lakanfla project

G - Altus geologist inspecting stockwork within artisanal pit, Sebessounkoto project

H - Smoky quartz stockwork within artisanal pit, Sebessounkoto project

Diba Project (Korali Sud licence) - Western Mali

The 83km2 Korali Sud licence contains the Diba project and is located in the Kayes region of western Mali, approximately 450km northwest of the capital Bamako. The licence is situated approximately 13km southwest of the 13Moz Sadiola gold mine which is operated jointly by AngloGold Ashanti (JSE: ANG, NYSE: AU, ASX: AGG), IAMGOLD (TSX: IMG, NYSE: IAG) and the Malian government.

The Diba project hosts an historic mineral resource (based on a 0.5 g/t cut off and gold price of US$1,200/oz of 275,000oz being 6.34 million tonnes at 1.35 g/t) in the Indicated category and 32,500oz (0.72 million tonnes at 1.40 g/t) in the Inferred category. The resource was prepared by AMEC Americas Limited in the report entitled “Technical Report and Mineral Resource Estimate Diba Badiazila Gold Property Mali, West Africa”, dated June 30, 2013 (Table 1) and filed on SEDAR on 20 September 2013 by Legend Gold Corp (“Legend”). The resource comprises stacked lenses which dip approximately 35-40 degrees to the SE within the oxide zone. Previously reported drill results from the Diba project (Table 2) include 20.66g/t Au over 12m and 2.06g/t Au over 32m. Given Diba’s morphology, the project has a potentially low mining strip ratio with relatively limited overburden and a high proportion of the potential ore is in the oxide zone. Deeper drilling at Diba targeting the sulphide zone has intersected 1.32 g/t over 45m (from 93m). The sulphide zone remains open at depth. The Company has not verified the historic drilling data at the Diba project.

Table 1: Diba project mineral resource

Category

Ton (kt)

Au Grade (g/t)Au Contained (koz)
Indicated6,3481.35275.2
Inferred7211.4032.5

Notes: 1 -  0.5g/t cut-off grade and 2013 technical report.

Table 2: Diba project historic drill intersections

Hole IDFrom (m)To (m)Intersection (m)Grade (g/t Au)
MIDH07-06510.022.012.020.66
MIDH06-00944.061.017.03.25
DBRC-009*93.0138.045.01.32
MIDH07-03516.048.032.02.06
MIDH06-00618.057.039.01.36
MIDH07-05732.062.030.02.15

Notes: Intersections greater than 0.5 g/t Au cut-off grade (<5m internal waste). *16.0m internal waste.

A regional soil sampling programme completed by previous owners of the project on a 500m x 250m (and in places 250m x 100m) grid identified a number of gold in soil anomalies at the Diba project. This programme was completed between 2005 and 2007 and along with subsequent auger programmes, defined a 2.5km x 0.5km anomaly at Diba. Ground induced polarisation (IP), high resolution resistivity, induced polarisation (HIRIP) and ground magnetics surveys were completed by Terra Tec Mali Sarl between 2006 and 2007 and covered 116 line-km. A follow up 3,543 line-km regional airborne VTEM survey was completed by Geotech Airborne Limited in 2008. Approximately 32,000m of diamond, RC and RAB drilling was reportedly completed by previous licence holders, which included Endeavour Mining Corporation (“Endeavour”).

Oxide gold mineralisation at Diba is predominantly found in saprolite which is within 50m of surface, across a compact 300m x 400m area drilled to date. The deposit is controlled by a number of NW and NE orientated structures with gold occurring as fine grained disseminations and localised high grade calcite-quartz veinlets. Alteration at Diba is typically albite-hematite+/-pyrite, although pyrite content is generally very low (<1%). The next phase of work at Diba will involve termite mound sampling to define additional prospects for follow up trenching. Re-logging of selected drill core to better define the oxide zone at Diba will also be undertaken.

Lakanfla Project - Western Mali

The 24km2 Lakanfla project is located 5km east of the Diba (Korali Sud) project and is approximately 6.5km southwest of, and considered to be geologically analogous to, the karst-type FE3 and FE4 open pits that form part of the 13Moz Sadiola gold mine. Lakanfla is also considered to be geologically analogous to the 4.5Moz Yatela karst-type gold deposit, which was mined between 2001 and 2015, and is located approximately 35km to the northwest.

The Lakanfla project hosts a significant number of active and historic artisanal gold workings which are coincident with major geochemical and gravity anomalies. These workings surround the Kantela granodiorite intrusion and cover an area of approximately 900m x 500m. Significantly there is evidence of ground collapse at surface, indicative of karst style voids at depth within carbonate rock units. The gold mineralisation at Lakanfla is hosted within breccia zones which cut the granodiorite and surrounding carbonate metasediments. Historic drilling has returned encouraging intersections including 9.78g/t Au over 12m and 5.20g/t Au over 16m (Table 3) as well as having intersected voids and unconsolidated sand from 165-171m depth. The Company has not verified the historic drilling data at the Lakanfla project.

Table 3: Lakanfla project historic drill intersections

Hole IDFrom (m)To (m)Intersection (m)Grade (g/t Au)
01KRAB-0312.0024.0012.009.78
30KRC-1952.0090.0038.001.19
04KDD-0636.0052.0016.005.20

A soil sampling programme at Lakanfla completed by previous owners of the project on a 500m x 250m (and in places 250m x 100m) grid identified a number of gold in soil anomalies. The programme was undertaken between 2005 and 2007 and along with subsequent auger programmes defined a 1.7km x 1km anomaly.

Ground induced polarisation (IP), high resolution resistivity and induced polarisation (HIRIP) and ground magnetics surveys were completed by Terra Tec Mali Sarl between 2006 and 2007. A regional airborne VTEM surveying was completed by Geotech Airborne Limited in 2008, with follow up ground gravity geophysics covering an area of 48km2. The geophysical surveys have defined a major gravity low on the margins of the granodiorite intrusion and IP signature.

Diamond, RC and RAB drilling has been completed at the Lakanfla project by previous owners of the project. The holes primarily targeted breccia mineralisation within the Kantela granodiorite and associated artisanal workings on the flanks. The low gravity geophysical anomaly and surface slumps features, which are interpreted to be indications of karsts within the limestone and marl units, remain to be drill tested. The next phase of work at Lakanfla is expected to include drill testing of the karst model. Six priority targets have been identified by Altus for follow up exploration.

Sebessounkoto Project - Western Mali

The 28.5km2 Sebessounkoto project is located approximately 15km south east of the Diba project and hosts a 2.7km long gold in soil anomaly as well as a number of active and historic artisanal workings which are up to 120m long and 30m deep. Trenching results, undertaken by LSE listed Randgold Resources (LSE: RSS), which had a joint venture with Legend on the project, reportedly returned up to 0.68g/t Au over 61.4m. The joint venture between Legend and Randgold ended in 2016.

A regional soil sampling programme completed by previous owners of the project on a 500m x 250m (and in places 250m x 100m) grid identified a number of gold in soil anomalies. The programme was completed between 2005 and 2007 and along with subsequent auger programmes and termite mound sampling a 2.7km long northeast striking anomaly has been defined.

Ground induced polarisation (IP), high resolution resistivity + induced polarisation (HIRIP) and ground magnetics surveys were completed by Terra Tec Mali Sarl between 2006 and 2007. A regional airborne VTEM surveying was then completed by Geotech Airborne Limited in 2008 followed by a ground gravity survey.

The next phase of work at the Sebessounkoto licence is expected to include infill termite mound sampling, channel sampling of artisanal workings, trenching and infill auger sampling. The programme will aim to generate a number of priority drill targets.

Djelimangara project - Western Mali

The 55km2 Djelimangara project is located approximately 3km east of the Diba project. Four priority prospects have been discovered to date at Djelimangara, namely: Sourounkoto, Kamana, Woyanda and Manankoto. These are each characterised by gold in soil anomalies of up to 2.5km in length, coincident with hard rock and / or alluvial artisanal gold workings in fine metasediments. At the Manankoto prospected reconnaissance trenching has reportedly returned 1.5g/t Au over 10m and 2g/t Au over 6m.

A regional soil sampling programme at Djelimangara completed by previous owners of the project on a 500m x 250m (and in places 250m x 100m) grid identified a major gold in soil anomaly over a NE strike length of 2.7km. The programme was completed between 2005 and 2007 and was subsequently followed up with auger and termite mound sampling. In parallel to these programmes induced polarisation (IP), high resolution resistivity + induced polarisation (HIRIP) and ground magnetics surveys were completed by Terra Tec Mali Sarl between 2006 and 2007. A regional airborne VTEM surveying was then completed by Geotech Airborne Limited in 2008 followed by a ground gravity survey. Diamond, RC and RAB drilling has been completed at the Djelimangara project and has reportedly returned encouraging intersections including 1.34g/t Au over 30m (Table 4).

Table 4: Djelimangara project historic drill intersections

Hole IDFrom (m)To (m)Intersection (m)Grade (g/t Au)
MDRC05-0132.0062.0030.001.34
Including54.0062.008.003.71
MDRC05-2748.0066.0018.001.38
Including58.0060.002.0010.33
MDRC05-2230.0048.0018.001.30
Including44.0048.004.003.55


The next phase of work at the Djelimangara project is expected to include infill termite mound sampling, channel sampling of artisanal workings, trenching and infill auger sampling. The programme will aim to generate a number of priority drill targets.

Pitiangoma Est Project (JV with Resolute Mining Limited) - Southern Mali

The 106km2 Pitiangoma Est project is located on the Syama shear zone in southern Mali, approximately 300km southeast of the capital Bamako. The project is 15km south of the Tabakoroni deposit (610koz Au) and approximately 40km south of the 8Moz Syama gold mine; both owned by ASX listed Resolute Mining Limited (“Resolute”).

Resolute have the right to earn up to a 70% interest in the Pitiangoma Est project by funding US$3M in exploration and completing a feasibility study. Thereafter Altus may elect to co-fund its 30% interest on a pro rata basis, or exchanging its interest for a 2% Net Smelter Royalty.

Prior to the joint venture with Resolute, exploration included regolith sampling (6,930 soil and 1,230 auger samples), lithological mapping, airborne geophysics (VTEM), BLEG stream sediment sampling and RC drilling (2,160m) as well as diamond drilling (6,450m). These work programmes were completed by Endeavour prior to the project being acquired by Legend.

Resolute has reportedly completed 110 air core drill holes for a total of 4,869m and a gradient array IP survey focussed on the Misseni Prospect in 2016 and this has reportedly been followed up by a 7 hole (3,167m) RC drilling programme in 2017.

Tabakorole Project - Southern Mali
The 100km2 Tabakorole project is located in southern Mali, approximately 280km south of the capital Bamako. The project sits on the Massagui Belt which hosts the 7.0Moz Morila gold mine operated by Randgold Resources Ltd. Exploration to date has identified a 2.7km long shear zone which is up to 200m wide and hosts a mineral resource (Table 5). Historic drilling results to date include 2.02g/t Au over 18m and 1.22g/t Au over 25m (Table 6). A qualified person has not completed sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company has not verified this historic data and the Tabakarole project does not have an NI 43-101 compliant reserves or resource.

Table 5: Tabakarole project mineral resource

CategoryTon (t)Grade (g/t Au)Metal (Oz Au)
OxideIndicated1,040,0001.0134,000
Inferred960,0001.11435,000
SulphideIndicated6,840,0000.94207,000
Inferred9,590,0001.03318,000

Table 6: Tabakarole project historic drill intersections

Hole IDFrom (m)To (m)Intersection (m)Grade (g/t Au)
14TKRC029.0027.0018.002.02
14TKRC03A0.0029.0029.001.25
14TKRC040.0035.0035.001.22
14TKRC104.0020.0016.001.85

A regional soil sampling programme completed on a 500m x 100m grid defined a strong gold in soil anomaly at Tabakorole. The programme was completed by BHP in the early 1990s. Since 2003 a total of 28,912m of diamond, 31,943m of RC, 6,577m of auger and 60,676m of air core drilling have reportedly been completed in addition to 1,400 line-km of airborne geophysics. A more recent 14 hole RC infill drilling program (totalling 741m) has reportedly confirmed the continuity and grade of oxide mineralization at Tabakorole, as projected from the deeper sulphide intersections. The next phase of work is expected to include scoping studies and resource definition drilling.

Readers are warned that the data on the Company’s licences as referred to in this written disclosure is historic exploration data that has not been verified by a qualified person. As the Company’s has only recently acquired the licences and not all historic samples are available, Altus does not have complete information on the quality assurance or quality control measures taken in connection with the historical exploration results, or other exploration or testing details regarding these results. The historic data should therefore not be relied upon until the Company can confirm them.

Qualified Person
The scientific and technical disclosure contained in this regulatory announcement has been read and approved by Steven Poulton, the Chief Executive and a director 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 and as defined under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators.

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

Steven Poulton, Chief Executive

Matthew Grainger, Executive Director

Greg Owen, VP Corporate Development

Tel: +44 (0) 1235 511 767

E: info@altus-strategies.com

SP Angel (Nominated Adviser)

Ewan Leggat / Richard Morrison / Soltan Tagiev

Tel: +44 (0) 20 3470 0470

SP Angel (Joint Broker)

Elizabeth Johnson / Richard Parlons

Tel: +44 (0) 20 3470 0471

Beaufort Securities (Joint Broker)

Jon Bellis

Tel: +44 (0) 20 7382 8300

Blytheweigh (Financial PR)

Tim Blythe / Camilla Horsfall / Nick Elwes

Tel: +44 (0) 20 7138 3204

About Altus Strategies Plc
Altus is a diversified and Africa focused project generator in the natural resource sector. 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 which is diversified by commodity and by country. 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.

The following is a summary of the Company’s key projects:

Morocco - Copper Project
The Company holds the 60km2 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.

Mali - Gold Projects
The Company holds six exploration licences totalling 396.6km2 in western and southern Mali. The licences are at varying stages of exploration. The Korali Sud (83.1km2) licence and Tabakorole (100.0km2) licence both host mineral resources. The Pitiangoma Est licence (106km2) is situated 35km south of the 7.5 Moz Syama gold mine and is under JV with Resolute Mining Limited (ASX: RSG).The Diba project is located within the Korali Sud licence and is strategically located 13km south of the 13 Moz Sadiola gold mine. Drilling at Diba includes reported intersections of 5.36 g/t Au over 13m and 13.88 g/t Au over 8m. The Lakanfla licence (24.0km2) hosts a potential karst style deposit and is located 6km southeast of the FE3 and FE4 open pits of Sadiola and 35km southeast of the former 4.5 Moz Yatela gold mine. Drilling at Lakanfla reportedly includes intersections of 9.78 g/t Au over 12m and 5.2 g/t over 16m. Two further licences, namely Sebessounkoto (28.5km2) and Djelimangara (55.0km2), host a number of artisanal gold workings and provide significant discovery potential. The Company considers that the Diba, Lakanfla, Sebessounkoto and Djelimangara licences have, in aggregate, the potential to host a significant gold oxide resource. This target would all exist within 10km of a centrally located processing plant.

Cameroon - Gold Project
The Company holds the 189km2 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. In addition close to 1km of quartz veins have 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 and grab samples have returned grades up to 24.50 g/t Au from quartz veins and 6.86 g/t Au from the sheared metasedimentary rocks respectively.

Ethiopia - Copper and Gold Projects
The Company holds the 322km2 Tigray-Afar and contiguous 134km2 Negash copper-silver-gold exploration licences in northern Ethiopia through its 100% owned subsidiary Altau Resources Ltd and 97.3% owned subsidiary Aluvance Ltd respectively. Four distinct prospects have been identified to date, returning grades of up to 22% Cu and 102 g/t Ag from surface sampling. Channel results have include 28m at 0.75% Cu, 31m at 0.50% Cu, 4m at 3.22% Cu & 6m at 1.46% Cu and drilling has returned grades of up to 1.14% Cu and 10.2 g/t Ag over widths up to 15.5m. The Company also holds the 412km2 Daro exploration licence, located in northern Ethiopia, which targets VMS style copper-gold deposits. Daro hosts a significant number of alluvial and hard rock artisanal gold mines while a 2kg float sample of gossanous rock has returned 34.3% Cu.

Cameroon - Bauxite Project
The Company holds the 601km2 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 Projects
The Company holds the 639.6km2 Bella Yella and 466km2 Zolowo gold exploration licences in north-western Liberia through its 99% owned subsidiary Auramin Ltd. The licences target Archaean greenstone-hosted gold deposits. 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. Zolowo hosts a 33km long greenstone belt from which numerous drainages are being worked by artisanal gold miners.

Cameroon - Iron Ore Project
The Company holds the 400km2 Bikoula & Ndjele iron ore exploration licences in southern Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The project hosts an independent (JORC 2012 compliant), Inferred mineral resource estimate comprising 46Mt @ 44% Fe completed by Coffey Mining South Africa (Pty) Ltd in a report entitled “Mineral Resource Estimation and Classification of the Bikoula Iron Ore Project in Cameroon”. The resource estimate is from less than 25% of the 17km long target as identified from airborne geophysics.

Morocco - Other Projects
The Company holds a further 226km2 across five exploration licence across 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 9.61 g/t Au.


Forward Looking Statements
Certain information contained in this announcement constitutes forward looking information or forward looking statements with the meaning of applicable securities laws. This information or statements may relate to future events, facts, or circumstances or the Company’s future financial or operating performance or other future events or circumstances. All information other than historical fact is forward looking information and involves known and unknown risks, uncertainties and other factors which may cause the actual results or performance to be materially different from any future results, performance, events or circumstances expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe”, “target”, “predict” and “potential”. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be unduly relied upon. Forward looking information and statements speaks only as of the date of this announcement.

The information contained herein, while obtained from sources which the Company believe to be reliable, is not guaranteed as to its accuracy or completeness. References are made herein to historical information containing geologic and technical information. By its nature, this information cannot be verified. A Qualified Person has not verified the sampling, analytical, and test data underlying the historical information. The Company has assumed that this historical information is accurate and complete in all material aspects and, while the Company has carefully reviewed all the available information, it cannot guarantee its accuracy and completeness.

In making the forward looking information or statements contained in this announcement, assumptions have been made regarding, among other things: general business, economic and mining industry conditions; interest rates and foreign exchange rates; the availability and reliability of infrastructure and processing facilities; the continuing accuracy of Mineral Resource and Reserve estimates; geological and metallurgical conditions (including with respect to the size, grade and recoverability of Mineral Resources and Reserves) and cost estimates on which the Mineral Resource and Reserve estimates are based; the supply and demand for commodities and precious and base metals and the level and volatility of the prices of gold; market competition; the ability of the Company to raise sufficient funds from capital markets and/or debt to meet its future obligations and planned activities and that unforeseen events do not impact the ability of the Company to use existing funds to fund future plans and projects as currently contemplated; the stability and predictability of the political environments and legal and regulatory frameworks including with respect to, among other things, the ability of the Company to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities; that contractual counterparties perform as agreed; and the ability of the Company to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet its demand.

Actual results could differ materially from those anticipated in the forward looking information or statements contained in this announcement as a result of risks and uncertainties (both foreseen and unforeseen), and should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether or not such results will be achieved. These risks and uncertainties include the risks normally incidental to exploration and development of mineral projects and the conduct of mining operations (including exploration failure, cost overruns or increases, and operational difficulties resulting from plant or equipment failure, among others); the inability of the Company to obtain required financing when needed and/or on acceptable terms or at all; risks related to operating in Africa, including potentially more limited infrastructure and/or less developed legal and regulatory regimes; health risks associated with the mining workforce in Africa; risks related to the Company’s title to its mineral properties; the risk of adverse changes in commodity prices; the risk that the Company’s exploration for and development of mineral deposits may not be successful; the inability of the Company to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the legal and regulatory frameworks in jurisdictions where the Company operates, including adverse or arbitrary changes in applicable laws or regulations or in their enforcement; competitive conditions in the mineral exploration and mining industry; risks related to obtaining insurance or adequate levels of insurance for the Company’s operations; that Mineral Resource and Reserve estimates are only estimates and actual metal produced may be less than estimated in a Mineral Resource or Reserve estimate; the risk that the Company will be unable to delineate additional Mineral Resources; risks related to environmental regulations and cost of compliance, as well as costs associated with possible breaches of such regulations; uncertainties in the interpretation of results from drilling; risks related to the tax residency of the Company; the possibility that future exploration, development or mining results will not be consistent with expectations; the risk of delays in construction resulting from, among others, the failure to obtain materials in a timely manner or on a delayed schedule; inflation pressures which may increase the cost of production or of consumables beyond what is estimated in studies and forecasts; changes in exchange and interest rates; risks related to the activities of artisanal miners, whose activities could delay or hinder exploration or mining operations; the risk that third parties to contracts may not perform as contracted or may breach their agreements; the risk that plant, equipment or labour may not be available at a reasonable cost or at all, or cease to be available, or in the case of labour, may undertake strike or other labour actions; the inability to attract and retain key management and personnel; and the risk of political uncertainty, terrorism, civil strife, or war in the jurisdictions in which the Company operates, or in neighbouring jurisdictions which could impact on the Company’s exploration, development and operating activities.

This announcement also contains Mineral Resource estimates. Information relating to Mineral Resource estimates contained in this announcement is considered forward looking information in nature, as such estimates are estimates only, and that involve the implied assessment of the amount of minerals that may be economically extracted in a given area based on certain judgments and assumptions made by qualified persons, including the future economic viability of the deposit based on, among other things, future estimates of commodity prices. Such estimates are expressions of judgment and opinion based on the knowledge, mining experience, analysis of drilling results and industry practices of the qualified persons making the estimate. Valid estimates made at a given time may significantly change when new information becomes available, and may have to change as a result of numerous factors, including changes in the prevailing price of gold. By their nature, Mineral Resource and Mineral Reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such Mineral Resource and Mineral Reserve estimates are inaccurate or are reduced in the future (including through changes in grade or tonnage), this could have a material adverse impact on the Company and its operating and financial performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.

Although the forward-looking statements contained in this announcement are based upon what management believes are reasonable assumptions, the Company cannot provide assurance that actual results or performance will be consistent with these forward-looking statements. The forward looking information and statements included in this announcement are expressly qualified by this cautionary statement and are made only as of the date of this announcement. The Company does not undertake any obligation to publicly update or revise any forward looking information except as required by applicable securities laws.

Glossary of Terms
The following is a glossary of technical terms:

“Archaean” means an early part of geological time dating from <4,000 to 2,500 million years ago
“Artisanal” means local people conducting mining, often with rudimentary equipment
"Au" means gold
“Assay” or “Assay results” means the analysis of minerals, rocks and mine products to determine and quantify their constituent parts
"Ag" means silver
"Cu" means copper
“Fe” means iron
“Pb” mean lead
"g/t" means grams per tonne
“Grade(s)” means the quantity of ore or metal in a specified quantity of rock
"m" means metres
"Ma" means million years ago
“Moz” means millions of ounces
“Outcrop” means a visible exposure of rock that is in-situ and has no covering of soil or vegetation
“Shear zone” means a zone in which rocks have been deformed by lateral movement along parallel planes
“Quartz Vein” means a fracture which has been filled by quartz and other minerals which have crystallised from mineralised fluids
“Zn” means zinc


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