Embracing the cyclical nature of the mining sector
Altau Resources Ltd
Volcanogenic massive sulphide; orogenic gold
Extensive active artisanal gold mining
Mapping, rock chip & channel sampling
34.3% Cu; 1.19g/t Au; 203g/t Ag; 1.2% Pb
Next Phase of Work:
Soil and ground magnetic surveys
Joint Venture Partner:
The 411.7km2 Daro licence is situated in the Tigray Regional State of northern Ethiopia, approximately 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.
The licence targets potential Volcanogenic Massive Sulphide (“VMS”) copper and gold deposits and 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 Daro 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, 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 includes 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.
Daro was selected by the Company following an extensive process of regional target definition. This work included a review of historic mineral occurrences, geological maps and structural data as well as satellite-borne remote sensing data and detailed ASTER analysis. The licence contains a significant northeast-southwest striking ophiolite complex at least 13km in length and hosts a number of major shear zones and thrust belts.
Daro contains the Teklil prospect, a 2.5km long and 200m wide target defined by Altus which is open along strike. Teklil hosts a series of alluvial and hard rock gold workings as well as in-situ copper-bearing gossans. A 2kg sample of gossanous float from Teklil yielded 34.3% Cu and also contained 0.54g/t Au, 10g/t Ag and 374ppm Zn. Elsewhere at Teklil, in-situ gossans have returned assays of 7.51% Cu, 3.09% Cu and 2.79% Cu as well as anomalous zinc (857 ppm) and up to 1.01g/t Au. The prospect has also returned further float samples with high copper and silver assays, including 24% Cu, and 203 g/t Ag alongside elevated lead up to 0.7% Pb.
Exploration has also established anomalous cobalt up to 496ppm Co (~0.05% Co) discontinuously along a zone which is approximately 1.7km in length. The anomalous cobalt values consistently occur in samples with copper assays above 1% Cu with anomalous gold and zinc. This mineral association further supports the potential for the Teklil Prospect to host a Cu-Au-Ag(-Co-Zn) VMS system. A reconnaissance grab sample collected from an artisanal working located approximately 7km to the north and along strike of Teklil returned 81.6g/t Ag and 1.2% Pb with 0.874g/t Au.
Approximately 4km southwest of Teklil, the Company has discovered the Wedihazo prospect, where copper-bearing metasedimentary rocks have been observed discontinuously for approximately 250m and which are up to 15m wide in places. Prospecting grab samples have returned assays including 1.72% Cu and 1.19g/t Au. Approximately 500m downslope from this outcrop, a sample of float has returned 22.3% Cu and 0.24g/t Au.
The Company has also completed a 146 stream sediment sample programme which covered approximately 65% of the 411.7km2 licence area. Results from this programme have established two key drainages covering 20km2 and 48km2 respectively. As part of the stream sediment programme, numerous alluvial gold workings were mapped along a 9.5km section of the Ilawit river. Some workings occur as abundant closely spaced pits over areas which are up to 200m long x 100m wide.
The next phase of work at Daro will likely include detailed mapping, soil sampling and ground magnetics across areas prioritised from previous exploration programmes.