Embracing the cyclical nature of the mining sector
Altau Resources Ltd
Lenses of mineralisation
11.9m @ 1.22 % Cu from drilling
Next Phase of Work:
Joint Venture Partner:
US$9.5M for 70%
The 322km2 Tigray-Afar licence and the contiguous 134km2 Negash licence are located in the Tigray province of northern Ethiopia, approximately 580km north of the capital, Addis Ababa. The licences target the prospective Proterozoic volcanic and volcanoclastic terranes that form part of the Arabian Nubian Shield. The shield hosts several substantial deposits in the region including the Bisha and Asmara copper/gold deposits in Eritrea, approximately 250km north of the Tigray-Afar Project, as well as the Sukari gold mine in Egypt and the Jabal Sayid copper project in Saudi Arabia.
The Tigray-Afar and Negash licences are the subject of a joint venture (Memorandum of Understanding) with Japan Oil, Gas, and Metals National Corporation ("JOGMEC"). With three phases of drilling completed and funded to date, JOGMEC has fulfilled the requirements to acquire an initial 51% interest in the project, having funded in excess of US$2.5M in expenditures since 2014, but has not yet notified Altau Resources it requires its initial interest to be vested in a joint venture company. JOGMEC have the right to acquire up to a 70% interest the Tigray-Afar project by funding further exploration. Altau Resources remains as operator of the Project and will do so provided that it holds >31% in the joint venture company (once formed).
The first phase of drilling at the Tigray-Afar Licence was completed in 2015, with a 3,000m programme which intersected multiple mineralised copper and silver zones, confirming a manto style of mineralisation. Grades of up to 1.53% Cu and 12.2g/t Ag over 15.5m were returned at the Slater prospect and 28.15m at 0.70% Cu (including 7m of internal waste) at the Agamat prospect.
A Phase 2, 3,260m dual rig drilling programme was completed during Q1 2016 across the Slater and Agamat prospects. Assay results included 11.9m at 1.22% Cu and 5.1m at 0.46% Cu at the Slater prospect. Strong structural control to mineralisation were interpreted at Agamat which resulted in a 439 soil sample programme being completed across an area of 1.8km by 0.6km at Agamat. Two significant copper anomalies were identified along 1.0km and 0.8km strike, coincident with the main NNE-SSW trend of structures, such as fold axes, within the prospect area. These anomalies were targeted by a Phase 3 drill programme that commenced in Q1 2017. The Company is currently undertaking a reconnaissance mapping and sampling programme at the Asagara copper prospect, which is located within the Tigray-Afar licence and north east of the Agamat prospect.
On 26 April 2017, the Company was notified by JOGMEC that it did not intend to continue to fund further expenditure on the Slater prospect and Agamat prospect and that it would decide whether to continue with the JOGMEC MoA following results of the reconnaissance and sampling programme at the Asagara copper prospect. On 23 June 2017 JOGMEC advised the Company that it would make its decision at or around the end of September 2017.