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
Altus Strategies Plc
("Altus" or the "Company")
Altus Strategies Plc (AIM: ALS), the Africa focused exploration project generator, provides an update on exploration activities at its 100% owned 411.7km2 Daro copper-gold project (''Daro'' or the ''Project'') in the Tigray province of northern Ethiopia.
- Further encouraging grab sample results including 24% Cu and 203 g/t Ag
- Anomalous cobalt zone discovered within the 2.5km long Teklil Prospect
- Stream sediment survey covering 270km2 has defined priority drainages
- Extensive alluvial gold workings along a 9.5km stretch of the Ilawit river
- Results further support likely Volcanogenic Massive Sulphide (“VMS”) system
Steven Poulton, Chief Executive of Altus, commented:
"We are pleased to report further encouraging results from the recent phase of exploration at the Daro licence situated on the prospective Arabian Nubian Shield of northern Ethiopia. These include rock chip samples grading 24% Cu, 1.19 g/t Au and 203 g/t Ag and highly anomalous cobalt mineralisation (up to 496 ppm Co) along a 1.7km stretch of the 2.5km long Teklil Prospect."
"We also announce the discovery of the Wedihazo prospect which hosts a discontinuous 250m long zone of in-situ copper mineralisation that is up to 15m wide in places. Grab sampling at Wedihazo has returned assays including 1.69% Cu and 1.72% Cu. A float sample collected from a drainage channel 500m downslope of Wedihazo returned 22.3% Cu. Separately results from the Company’s stream sediment sampling have been received. Two priority drainage basins have been defined and extensive artisanal gold workings have been mapped along a 9.5km section of the Ilawit river."
"The next phases of work at Daro will likely include mapping, soil sampling and ground magnetics across the areas prioritised from this programme of work."
Exploration at Teklil Prospect
Follow up exploration has been completed at the 2.5km long Teklil Prospect focussing on previously observed artisanal workings and Cu-bearing gossans, results from which included 7.51% Cu, 3.09% Cu and 2.79% Cu along with 1.01 g/t Au. In addition, a float sample yielded 34% Cu and 0.54 g/t Au. A number of historic gold workings as well as copper-bearing gossans across an approximate 400m by 400m area have been observed at Teklil. The prospect has also returned float samples with high silver assays, up to 203 g/t Ag, as well as anomalous lead up to 0.7% Pb.
Results from the recent programme have established highly anomalous cobalt up to 496ppm Co (~0.05% Co) discontinuously over a zone which is approximately 1.7km in length. The anomalous cobalt values consistently occur in samples with copper assays above 1% Cu, along with anomalous gold and zinc. The mineral association further supports the potential for the Teklil Prospect to host a Cu-Au-Ag(-Co-Zn) VMS system.
Discovery of Wedihazo Prospect
The recent programme has discovered a new prospect at Wedihazo, approximately 4km southwest of Teklil. At Wedihazo, copper bearing metasedimentary rocks have been mapped discontinuously for approximately 250m and which are up to 15m wide in places. Prospecting grab samples have returned assays including 1.72% Cu and 1.9 g/t Au. Approximately 500m downslope from this outcrop, a sample of float has returned 22.3% Cu and 0.24 g/t Au.
Completion of Stream Sediment Survey
The Company has completed a 146 stream sediment sample programme which covered approximately 65% of the 411.7km2 Daro licence area. Results from this programme have established two key drainages covering 20km2 and 48km2 respectively. Detailed mapping of the priority drainage areas will form part of the next phase of work to identify the primary source of the gold mineralisation. This programme may be followed by soil sampling and ground magnetic surveys. 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 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/4365/daroapr18.pdf
- Location of the Daro Licence in Northern Ethiopia
- Map of the Teklil & Wedihazo Prospects
- Annotated photo of the 2.5km long Teklil Prospect
- Map of the stream sediment sampling results
- Daro project photos
Figure 1. Location of the Daro licence in Northern Ethiopia
Figure 2. Map of the Teklil & Wedihazo Prospects
Figure 3. Annotated photo of the 2.5km long Teklil Prospect
Figure 4. Map of the stream sediment sampling results
Figure 5. Daro project photos
|Artisanal workings (Ilawit River)||Artisanal workings (200m x 100m)|
|Float sample assaying 203 g/t Ag, 0.7% Pb & 0.3% Cu||Float sample with 22.3% Cu|
Sediment Sampling Methodology and analysis
The Company has completed a 146 stream sediment sample programme which covered approximately 65% of the 411.7km2 Daro licence area. Drainage catchments within the licence were defined using 1: 50,000 scale topographic mapping combined with watershed analysis undertaken on a digital elevation model (DEM) which covered the survey area. At each sampling locality, a 4kg sample of <2mm sieved material was collected from trap sites within a 10m radius of each location. At each site, the sample ID, coordinates, elevation, trap site type (if applicable), colour and moisture was noted along with any interesting float material and areas of artisanal workings.
Sample preparation and analysis was undertaken by ALS Global (“ALS”) with the preparation undertaken at the ALS facility in Addis Ababa in Ethiopia. Sediment samples were dried at a temperature of less than 60oC and sieved to -180 micron (80 Mesh). The fine fraction of each sample was sent to ALS’s facility in the Republic of Ireland where samples underwent aqua regia digestion with super trace ICP-MS analysis for a suit of 41 elements. Given the early stage nature of the programme, no QA-QC samples were sent for assay.
Grab sampling (chip and float) Methodology and analysis
Thirteen grab samples were collected as rock chips from outcrop or float. Of the thirteen samples:.
- Cu: 6 of 13 samples assayed above 1% Cu ranging from trace to 24% Cu
- Au: 3 of 13 samples assayed above 0.2 g/t Au, ranging from <0.01g/t to 1.19 g/t
- Ag: 5 of 13 samples assayed above 1 g/t Ag, ranging from <0.5g/t to 203 g/t
Sample preparation was undertaken at the ALS facility in Addis Ababa in Ethiopia. Rock samples were crushed with 70% passing -2mm. The <2mm fraction was pulverized with 85% of the sample passing <75 microns. The fine fraction of each sample was sent to ALS’s facility in the Republic of Ireland where samples underwent a four-acid digestion with ICP-AES analysis for a suit of 61 elements. Given the early stage nature of the programme, no QA-QC samples were sent for assay.
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, interpreted to be an ophiolite complex of ancient oceanic crust and seafloor sediments, bisects the licence from southwest to northeast. 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. This 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.
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 has over 18 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
Steven Poulton, Chief Executive
Matthew Grainger, Executive Director
Will Slater, VP Exploration
Tel: +44 (0) 1235 511 767
SP Angel (Nominated Adviser)
Richard Morrison / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Tel: +44 (0) 20 3470 0471
Blytheweigh (Financial PR)
Tim Blythe / Camilla Horsfall / Nick Elwes
Tel: +44 (0) 20 7138 3204
About Altus Strategies Plc
Altus is a London listed (AIM: ALS), 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, diversified by commodity and by country. Altus currently has seventeen 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.
This news release includes certain statements that may be deemed "forward looking statements" with the meaning of applicable securities laws. All statements in this news release, other than statements of historical facts, that address events or developments that Altus Strategies Plc expects to occur, are forward looking statements and involve known and unknown risks, uncertainties and other factors. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", “targets” and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. The Company believes the expectations, estimates, forecasts and projections expressed in such forward looking statements are based on reasonable assumptions. However, investors are cautioned that such statements are not guarantees of future performance and the Company cannot provide assurance that actual results or performance will not differ materially from those projected in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include changes in market prices, exploration results and the interpretation of other geological data, the ability 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, competitive conditions in the mineral exploration sector, 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 ability to attract and retain key management and personnel, 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, unanticipated costs and expenses, the continued availability of capital and financing on acceptable terms or at all, and general economic, market or business conditions.
Any references made in this news release to historical information, including historical geologic and technical information cannot be verified. A Qualified Person has not verified the sampling, analytical, and test data underlying any such historical information. The Company has obtained historical information from sources that it believes to be reliable and assumes it is accurate and complete in all material aspects. While the Company has carefully reviewed the available historical information, it cannot guarantee its accuracy and completeness. The forward looking information and statements included in this announcement are expressly qualified by this cautionary statement and are based on the beliefs, estimates and opinions of the Company on the date of this announcement. Except as required by securities laws the Company does not undertake any obligation to publicly update or revise any forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Glossary of Terms
The following is a glossary of technical terms:
"Ag" means silver
“Au” means gold
"Cu" means copper
“Co” means cobalt
“gossan” means an intensely oxidized, weathered or decomposed rock, potential indicating the upper and exposed part of an ore deposit or mineral vein
“ICP-AES” means Inductively coupled plasma atomic emission spectroscopy
“ICP-MS” means Inductively coupled plasma mass spectrometry
“km” means kilometre
"m" means metres
"Ma" means million years ago
“Outcrop” means a visible exposure of rock that is in-situ and has no covering of soil or vegetation
“Pb” means lead
“Shear zone” means a zone in which rocks have been deformed by lateral movement along parallel planes
“QA-QC” means Quality Assurance and Quality Control
“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