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Altus Strategies Plc / Index (EPIC): AIM (ALS); TSX-V (ALTS); OTCQX (ALTUF) / Sector: Mining

Altus Strategies Plc

(“Altus” or the “Company”)

Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) announces further significant gold intersections from reverse circulation (“RC”) drilling at the Company’s 100% owned, 105 square kilometre (“km2”) Diba & Lakanfla gold project (“Diba & Lakanfla” or the “Project”) in western Mali. The Lakanfla licence is located approximately 5 kilometres (“km”) east of the Company’s Diba licence. Both licences host numerous gold prospects, including a shallow-dipping, near-surface gold deposit (the “Diba Deposit”).

Highlights:

  • RC drilling completed at 100% owned Diba & Lakanfla in western Mali
  • Latest intersections from the Lakanfla Central prospect include (not true widths):
    • 0.90 grams per tonne (“g/t”) Au over 66 metres (“m”) from 41m
    • 1.32 g/t Au over 26m from 85m
    • 2.21 g/t Au over 12m from 137m
    • 4.37 g/t Au over 6m from 32m
  • Latest intersections from the Diba NW prospect include (not true widths):
    • 1.81 g/t Au over 10m from 256m
    • 0.60 g/t Au over 23m from 154m
  • Programme designed to generate an updated Project Mineral Resource Estimate (“MRE”)
  • MRE to be integrated into an updated Preliminary Economic Assessment (“PEA”)
  • Strategically located in a world-famous gold belt that hosts numerous open-pit mines

Steven Poulton, Chief Executive of Altus, commented:
“We are pleased to report on the further encouraging drilling intersections from the Diba & Lakanfla gold project in western Mali. RC results include 1.32 g/t Au over 26m from 85m and 0.90 g/t Au over 66m from 41m (not true widths) from the Lakanfla Central prospect. These results extend the mineralised strike of Lakanfla Central by approximately 200m to approximately 750m, with mineralisation remaining open to the northeast and at depth. The latest results confirm the presence of a broad gold mineralised package at Lakanfla Central, from which we recently reported an intersection of 1.23 g/t Au over 127m from 21m (not true width).

“Lakanfla Central is hosted within a large porphyritic granite and is one of at least four priority prospects at Lakanfla, where gold mineralisation is often associated with sub-vertical and brecciated structures. Lakanfla hosts a number of zones of intense hard rock artisanal gold workings. Historical results from drilling at the Lakanfla licence include 5.10 g/t Au over 26m, 4.31 g/t over 18m and 1.02 g/t Au over 60m (not true widths).

"Lakanfla is located approximately 5km east of the Diba licence, which hosts the Diba Deposit and the Diba NW prospects. The results from the now completed drilling programme at Diba & Lakanfla will feed into an updated independent MRE and PEA for the Project. We look forward to updating shareholders on the results of these studies in due course.”

Diba & Lakanfla Project: Drilling Programme
The 11,832m drilling programme at the Project has been completed by Capital Drilling Limited and comprised 1,359m of diamond drilling (“DD”), 1,433m of air core (“AC”) and 9,040m of RC drilling.

The most recent and final phase of drilling at Lakanfla comprised 3,848m of RC, testing a number of targets which could potentially contribute to a maiden MRE including:

Lakanfla Central Prospect

  • Twenty holes for a total of 3,283m were drilled
  • The prospect comprises a series of mineralised breccias within an altered granodiorite host with surrounding carbonate metasediments
  • Drilling targeted the prospect at depth and tested potential on strike extensions

Zone 3 Prospect

  • Three holes for a total of 390m were drilled
  • The prospect hosts mineralised breccia at surface and artisanal workings
  • Drilling tested the strike potential of the prospect

Zone 4 Prospect

  • Two holes for a total of 175m were drilled in addition to a programme of trenching
  • The prospect hosts a number of high-grade gold in soil anomalies
  • Drilling was undertaken to test strike potential

Diba & Lakanfla Project: Drilling Results
All assay results have now been received from the current programme at Diba & Lakanfla (see Table 1). The holes were drilled at between -50 to -70 degrees inclination and range between approximately 75m to 315m in length. The drilling was orientated perpendicular to the interpreted structural orientation at Diba & Lakanfla.

Table 1: Drill intersections from recent programme at Diba & Lakanfla

Hole ID

Target

End of Hole (m)

From (m)

To (m)

Intersection (m)

Grade (g/t Au)

22KSRC-157

Diba North-West

108.00

10.00

11.00

1.00

1.44

22KSRC-157

73.00

74.00

1.00

0.64

22KSRC-158

Diba North-West

215.00

40.00

44.00

4.00

0.54

22KSRC-158

59.00

61.00

2.00

1.52

22KSRC-158

69.00

70.00

1.00

0.78

22KSRC-158

74.00

77.00

3.00

0.50

22KSRC-158

97.00

98.00

1.00

0.73

22KSRC-158

118.00

119.00

1.00

0.60

22KSRC-158

138.00

140.00

2.00

1.23

22KSRC-158

144.00

145.00

1.00

0.59

22KSRC-158

149.00

150.00

1.00

0.53

22KSRC-159

Diba North-West

250.00

30.00

31.00

1.00

0.54

22KSRC-159

48.00

49.00

1.00

0.59

22KSRC-159

82.00

83.00

1.00

0.65

22KSRC-159

154.00

177.00

23.00

0.60

22KSRC-159

194.00

195.00

1.00

0.53

22KSRC-159

214.00

215.00

1.00

0.54

22KSRC-159

227.00

228.00

1.00

0.62

22KSRC-160

Diba Deposit (outside of MRE)

315.00

84.00

85.00

1.00

1.13

22KSRC-160

102.00

103.00

1.00

0.97

22KSRC-160

151.00

153.00

2.00

2.72

22KSRC-160

170.00

172.00

2.00

0.59

22KSRC-160

194.00

195.00

1.00

0.88

22KSRC-160

216.00

217.00

1.00

0.87

22KSRC-160

228.00

229.00

1.00

1.47

22KSRC-160

250.00

251.00

1.00

0.65

22KSRC-160

265.00

269.00

4.00

0.70

22KSRC-160

278.00

279.00

1.00

0.96

22KSRC-161

Diba Deposit (outside of MRE)

307.85

162.00

163.00

1.00

1.48

22KSRC-161

178.00

179.00

1.00

0.56

22KSRC-161

181.00

182.00

1.00

0.93

22KSRC-161

190.00

193.00

3.00

3.30

22KSRC-161

197.00

198.00

1.00

0.88

22KSRC-161

229.00

231.00

2.00

0.55

22KSRC-161

243.00

247.00

4.00

0.53

22KSRC-161

250.00

251.00

1.00

0.51

22KSRC-161

256.00

266.00

10.00

1.81

22KSRC-161

274.00

275.00

1.00

0.52

22KSRC-161

290.00

291.00

1.00

2.23

22KSRC-162

Diba Deposit (outside of MRE)

250.00

118.00

122.00

4.00

0.51

22KSRC-162

154.00

155.00

1.00

1.15

22KSRC-162

166.00

169.00

3.00

2.00

22KSRC-162

192.00

193.00

1.00

0.77

22KSRC-162

197.00

198.00

1.00

1.31

22KSRC-162

219.00

220.00

1.00

0.59

22KSRC-162

229.00

230.00

1.00

1.42

22KSRC-163

Diba Deposit (outside of MRE)

100.00

no significant intersections

22KSRC-164

Diba Deposit (outside of MRE)

150.00

12.00

14.00

2.00

0.71

22KSRC-164

21.00

22.00

1.00

0.63

22KSRC-164

42.00

43.00

1.00

0.58

22KSRC-164

66.00

67.00

1.00

0.65

22KSRC-164

98.00

99.00

1.00

0.61

22KSRC-164

103.00

104.00

1.00

0.56

22KSRC-164

126.00

127.00

1.00

0.69

22KSRC-164

140.00

141.00

1.00

0.84

22LKRC-002

Lakanfla Zone 3

130.00

129.00

130.00

1.00

0.58

22LKRC-003

Lakanfla Zone 3

130.00

no significant intersections

22LKRC-004

Lakanfla Zone 3

130.00

no significant intersections

22LKRC-005

Lakanfla Central

123.00

37.00

38.00

1.00

0.93

22LKRC-006

Lakanfla Central

105.00

24.00

25.00

1.00

1.09

22LKRC-006

64.00

65.00

1.00

0.61

22LKRC-007

Lakanfla Central

120.00

18.00

19.00

1.00

0.57

22LKRC-007

28.00

29.00

1.00

0.67

22LKRC-007

76.00

77.00

1.00

0.54

22LKRC-008

Lakanfla Central

150.00

20.00

24.00

4.00

0.52

22LKRC-008

83.00

84.00

1.00

0.68

22LKRC-009

Lakanfla Central

250.00

14.00

16.00

2.00

0.53

22LKRC-009

200.00

201.00

1.00

5.06

22LKRC-009

208.00

228.00

20.00

0.90

22LKRC-009

233.00

248.00

15.00

0.72

22LKRC-010

Lakanfla Central

150.00

3.00

4.00

1.00

0.59

22LKRC-010

12.00

19.00

7.00

2.78

22LKRC-010

45.00

46.00

1.00

1.62

22LKRC-010

52.00

53.00

1.00

0.65

22LKRC-010

66.00

71.00

5.00

0.74

Including:

69.00

71.00

2.00

1.27

22LKRC-010

75.00

76.00

1.00

1.07

22LKRC-010

80.00

85.00

5.00

1.03

22LKRC-010

133.00

134.00

1.00

0.58

22LKRC-011

Lakanfla Central

150.00

17.00

26.00

9.00

0.79

22LKRC-011

33.00

34.00

1.00

0.59

22LKRC-011

39.00

41.00

2.00

0.60

22LKRC-011

48.00

49.00

1.00

0.84

22LKRC-011

73.00

74.00

1.00

1.20

22LKRC-011

77.00

78.00

1.00

0.66

22LKRC-011

90.00

91.00

1.00

6.65

22LKRC-011

111.00

117.00

6.00

0.90

Including:

112.00

114.00

2.00

1.64

22LKRC-012

Lakanfla Central

150.00

45.00

46.00

1.00

4.59

22LKRC-012

61.00

63.00

2.00

0.73

22LKRC-012

67.00

76.00

9.00

2.30

Including:

73.00

75.00

2.00

8.53

22LKRC-012

80.00

81.00

1.00

0.80

22LKRC-012

101.00

102.00

1.00

0.69

22LKRC-012

128.00

129.00

1.00

1.44

22LKRC-013

Lakanfla Central

150.00

no significant intersections

22LKRC-014

Lakanfla Central

150.00

no significant intersections

22LKRC-015

Lakanfla Central

150.00

28.00

32.00

4.00

1.03

22LKRC-015

87.00

88.00

1.00

0.81

22LKRC-015

91.00

92.00

1.00

0.61

22LKRC-015

101.00

103.00

2.00

0.67

22LKRC-015

106.00

107.00

1.00

0.60

22LKRC-015

112.00

113.00

1.00

0.52

22LKRC-016

Lakanfla Central

150.00

91.00

93.00

2.00

0.61

22LKRC-016

137.00

149.00

12.00

2.21

22LKRC-017

Lakanfla Central

150.00

no significant intersections

22LKRC-018

Lakanfla Central

150.00

no significant intersections

22LKRC-019

Lakanfla Zone 4

75.00

12.00

13.00

1.00

0.85

22LKRC-020

Lakanfla Zone 4

100.00

17.00

18.00

1.00

0.60

22LKRC-020

47.00

49.00

2.00

1.65

22LKRC-020

56.00

57.00

1.00

0.53

22LKRC-020

88.00

100.00

12.00

0.82

22LKRC-021

Lakanfla Central

200.00

13.00

23.00

10.00

1.22

22LKRC-021

32.00

38.00

6.00

4.37

Including:

33.00

35.00

2.00

9.18

22LKRC-021

43.00

44.00

1.00

2.94

22LKRC-021

50.00

61.00

11.00

0.85

22LKRC-021

81.00

83.00

2.00

0.72

22LKRC-021

96.00

101.00

5.00

2.39

22LKRC-021

159.00

160.00

1.00

0.68

22LKRC-021

183.00

184.00

1.00

0.91

22LKRC-022

Lakanfla Central

200.00

7.00

8.00

1.00

1.00

22LKRC-022

10.00

11.00

1.00

0.73

22LKRC-022

41.00

107.00

66.00

0.90

22LKRC-022

122.00

123.00

1.00

2.51

22LKRC-022

150.00

151.00

1.00

0.61

22LKRC-022

177.00

179.00

2.00

0.58

22LKRC-023

Lakanfla Central

200.00

10.00

11.00

1.00

0.54

22LKRC-023

23.00

24.00

1.00

0.54

22LKRC-023

30.00

31.00

1.00

0.70

22LKRC-023

35.00

40.00

5.00

0.52

22LKRC-023

44.00

45.00

1.00

0.62

22LKRC-023

46.00

47.00

1.00

0.51

22LKRC-023

50.00

51.00

1.00

0.68

22LKRC-024

Lakanfla Central

200.00

138.00

139.00

1.00

0.73

22LKRC-025

Lakanfla Central

220.00

8.00

25.00

17.00

0.61

22LKRC-025

30.00

32.00

2.00

0.65

22LKRC-025

53.00

54.00

1.00

0.58

22LKRC-025

65.00

66.00

1.00

0.54

22LKRC-025

85.00

111.00

26.00

1.32

22LKRC-025

115.00

137.00

22.00

0.75

22LKRC-025

215.00

216.00

1.00

0.52

Notes:

  1. Intersections based on 0.5 g/t Au cut-off and ≤ 3m consecutive internal waste
  2. Intersections are down-the-hole and do not represent true widths of mineralisation
  3. Table shows uncapped grades
  4. Estimated true width for the holes is from 75% to 100% of the intercept width

Illustrations
The following figures 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 following this link: https://altus-strategies.com/site/assets/files/5446/altus_nr_-_lakanfla_17_march_2022.pdf

  • Location of the Diba & Lakanfla gold project in western Mali is shown in Figure 1.
  • Location of the key prospects at the Diba & Lakanfla gold project is shown in Figure 2.
  • Plan of the Lakanfla licence is shown in Figure 3.
  • Cross section of the Lakanfla Central prospect is shown in Figure 4.
  • Selection of photos from Diba & Lakanfla is shown in Figure 5.

Figure 1: Location of the Diba & Lakanfla gold project in western Mali

Figure 2: Location of the key prospects at the Diba & Lakanfla gold project

Figure 3: Plan of the Lakanfla licence

Figure 4: Cross section of the Lakanfla Central prospect

Figure 5: Selection of photos from Diba & Lakanfla

Diba Deposit Mineral Resource Estimate

The Diba licence forms part of Diba & Lakanfla and hosts a deposit for which an MRE of 217,000 ounces at 1.39 g/t Au (Indicated) and 187,000 ounces at 1.06 g/t Au (Inferred) in both oxide and fresh domains has been made, as set out in Table 2. The MRE was previously reported by the Company on 6 July 2020 (see Altus’ news release titled “Significant Gold Resource at Diba Project, Western Mali”). The Diba Deposit remains open down-dip.

Table 2: Diba Deposit Mineral Resource Estimate

Domain

Indicated

Inferred

Tonnes

(t)

Grade (g/t)

Contained gold (oz)

Tonnes

(t)

Grade

(g/t)

Contained gold (oz)

Oxide

3,900,000

1.46

183,100

939,000

1.10

33,200

Fresh

934,000

1.12

33,600

4,540,000

1.05

153,300

Total

4,834,000

1.39

217,000

5,479,000

1.06

187,000

Notes:

  • The MRE has an effective date of 6 July 2020.
  • The Mineral Resources in the MRE are classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines", dated 29 November 2019, and CIM "Definition Standards for Mineral Resources and Mineral Reserves", dated 10 May 2014.
  • Mineral Resources are reported within a pit shell and are reported to a base-case cut-off grade of 0.5 g/t gold.
  • The quantity and grade of Inferred Resources in the MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Resource category.
  • Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
  • The MRE may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. Altus is not currently aware of any such issues.
  • All tonnages reported are dry metric tonnes (“t”). Minor discrepancies may occur due to rounding to appropriate significant figures.
  • Tonnages are rounded to 1,000t and gold to 1,000oz in the totals as this is an estimate.
  • Altus is the operator and 100% owner of the Diba and Lakanfla licences.

Diba & Lakanfla: Location
The 81km2 Diba licence (Korali Sud) and the 24km2 Lakanfla licence are located 5km apart in the Kayes region of western Mali, approximately 450km northwest of the capital city of Bamako. Diba & Lakanfla is located adjacent to the multi-million ounce Sadiola gold mine licence and 35km south of the multi-million ounce Yatela former gold mine, both acquired by Allied Gold Corporation from the previous operators AngloGold Ashanti (JSE: ANG, NYSE: AU and ASX: AGG) and IAMGOLD Corporation (TSX: IMG and NYSE: IAG). Mineralisation hosted on these mines is not necessarily indicative of mineralisation hosted at Diba & Lakanfla.

Diba & Lakanfla: Geology & Mineralisation

Diba Licence

Mineralisation at the Diba Deposit on the Diba licence is sediment-hosted within a series of stacked quartz lenses, typically between 20m and 40m thick. The lenses are shallow-dipping at approximately 30 degrees angled to the east/east-southeast. The Diba Deposit is considered to be controlled by a number of northwest and northeast orientated structures, with gold occurring as fine-grained disseminations in localised high-grade, calcite-quartz veinlets. Alteration at the Diba Deposit is typically albite-hematite+/-pyrite, although pyrite content is generally very low (<1%). The weathering profile at the Diba Deposit is estimated to be up to 70m vertical depth, resulting in extensive oxidation from surface. The oxide gold mineralisation at the Diba Deposit is predominantly found in saprolite within 50m of surface and across a compact 700m x 700m area.

Lakanfla Licence

The Lakanfla licence hosts a significant number of active and historic artisanal gold workings coincident with significant geochemical and gravity anomalies. The workings surround the Kantela granodiorite intrusion and cover an area of approximately 900m x 500m. The gold mineralisation at Lakanfla is typically hosted within breccia zones which cut the granodiorite and surrounding carbonate metasediments. Drilling by the Company has intersected 1.23 g/t Au over 127m (not true widths) at the Lakanfla Central prospect, while historic intersections by previous operators include 9.78 g/t Au over 12m and 5.20 g/t Au over 16m (not true widths) 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 licence.

QAQC
All drilling samples are collected by the Company following industry best practices with an appropriate number and type of certified reference materials (standards), blanks and duplicates inserted to ensure an effective Quality Assurance Quality Control “QAQC” regime. RC samples are collected at 1m intervals with representative samples split at the site. Half core DD samples are collected at between 0.5m and 1.5m intervals based on lithological and mineralisation boundaries. Samples from the Project are sent for analysis at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard, blanks and duplicates from results discussed in this release have been reviewed and no significant issues with the data have been identified.

Qualified Person
The technical disclosure in this regulatory announcement has been 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 has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.

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

Tel: +44 (0) 1235 511 767

E-mail: info@altus-strategies.com

SP Angel Corporate Finance LLP (Nominated Adviser)

Richard Morrison / Adam Cowl

 

Tel: +44 (0) 20 3470 0470

SP Angel Corporate Finance LLP (Broker)

Grant Barker

Rob Rees

 

Tel: +44 (0) 20 3470 0471

Tel: +44 (0) 20 3470 0535

Shard Capital Partners LLP (Broker)

Isabella Pierre / Damon Heath

 

Tel: +44 (0) 20 7186 9927

Yellow Jersey PR (Financial PR & IR)

Charles Goodwin / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

E-mail: altus@yellowjerseypr.com

About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. The Company’s differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. The Company engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.

Cautionary Note Regarding Forward-Looking Statements
Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Company or estimates of future performance, may constitute "forward-looking statements". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.

TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.

Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Glossary of Terms
“AC” means air core drilling
“Au” means gold
“DD” means diamond drilling
“g” means grams
“g/t” means grams per tonne
“grade(s)” means the quantity of ore or metal in a specified quantity of rock
“km” means kilometres
“m” means metres
“MRE” means Mineral Resource Estimate
“NI 43-101” means National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators
“oz” means ounces
“PEA” means Preliminary Economic Assessment
“QAQC” means Quality Assurance Quality Control
“Qualified Person” means a person that has the education, skills and professional credentials to qualify as a qualified person under NI 43-101
“RAB” means rotary air blast drilling
“RC” means reverse circulation drilling
“t” means a metric tonne

**END**


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