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.
- 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
- 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
- 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
- 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:
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:
Laboum Project: Location
The 189km2 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.
|Photo 1. Establishing the base station.||Photo 2. Artisanal workings encountered whilst surveying.|
|Photo 3. Gold panned by local artisanal miners.||Photo 4. Sample that returned a grade of 6.8 g/t Au.|
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
Steven Poulton, Chief Executive
Matthew Grainger, Executive Director
Greg Owen, VP Corporate Development
Tel: +44 (0) 1235 511 767
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)
Tel: +44 (0) 20 7382 8300
Blytheweigh (Financial PR)
Tim Blythe / Camilla Horsfall / Nick Elwes
Tel: +44 (0) 20 7138 3204
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 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. 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 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.
Ethiopia - Copper
The Company holds the 322km2 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 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
The Company holds the 639.6km2 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 400km2 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 226km2 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.