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 the commencement of a 135 line km induced polarisation (“IP”) and gradient array geophysical survey at the Company’s 100% owned Agdz copper (“Cu”) and silver (“Ag”) project (“Agdz” or the “Project”), located 14km southwest of the Bou Skour copper and silver mine in the eastern Anti-Atlas of the Kingdom of Morocco (“Morocco”).
- Geophysical IP survey underway at Agdz Cu-Ag project in central Morocco
- Survey is designed to identify and prioritise targets for follow up trenching and drilling
- Agdz hosts four significant Cu-Ag prospects covering an area of approximately 8km2
- The 2.80km long Makarn prospect, with results up to 8.00 % Cu and 448 g/t Ag
- The 2.00km long Amzwaro prospect, with results up to 4.82 % Cu and 189 g/t Ag
- The 0.15km long Minière prospect, with results up to 13.05 % Cu and 12 g/t Ag
- The 0.70km long Daoud prospect, with results up to 2.71 % Cu, 152 g/t Ag
- Further recent positive copper and silver exploration results from the Makarn prospect
- Agdz is located 14km southwest of the Bou Skour copper and silver mine
- Survey undertaken by specialist contractor and expected to complete in September 2021
Steven Poulton, Chief Executive of Altus, commented:
“The commencement of this high resolution, IP geophysical survey is a notable milestone for our 100% owned Agdz copper-silver project in the Eastern Anti-Atlas of Morocco. The survey will be used to define, as well as prioritise, targets for trenching and drilling within the four key prospects discovered to date. These prospects have a combined mapped strike length of 5.6km and have returned numerous encouraging rock chip results, including 8.00 % Cu and 448 g/t Ag. Terratec Geophysical Services of Germany is undertaking the survey, which should be completed in September. In parallel to the IP survey, our field team is undertaking further mapping and sampling across the key prospects.
“Recent rock chip sampling at the Makarn prospect has returned further positive results, including 2.86 % Cu and 136 g/t Ag. Agdz is located just 14km southwest of the Bou Skour copper and silver mine, which is operated by Moroccan state mining group Managem. While mineralisation hosted at Bou Skour is not necessarily indicative of that at Agdz, the Project is clearly exceptionally well located in an established and highly prospective mining district. We look forward to updating shareholders with our progress at Agdz in due course.”
Agdz Project: Ground Geophysical Survey
Altus has contracted Terratec Geophysical Services of Germany to complete a 134.9 line km IP and gradient array survey at Agdz. The survey covers an area of approximately 14km2, prioritising the Makarn, Amzwaro, Minière and Daoud prospects. Survey lines are spaced 75m apart with 25m dipoles, in order to generate a potential survey depth of 250m. Chargeability and resistivity anomalies will be incorporated with historical data to define optimal targets, supported by 10 line km of High Resolution IP (“HIRIP”) depth sections profiles. The HIRIP survey is designed to detect and map zones with the highest concentrations of chargeable materials, potentially including copper and silver-rich sulphide mineralisation. The priority anomalies will then be targeted with follow up trenching and, ultimately, drilling.
Agdz Project: Key Prospects
- The Makarn Prospect: A swarm of mineralised dykes, shears and veins which predominantly strike NNE over a distance of 2.8km. Historical results include rock chip grades of 8.00 % Cu and 448 g/t Ag. This most recent exploration programme has discovered two new trends of 200m and 400m length respectively, as defined by alteration (silica, chlorite, K-feldspar and epidote) in discontinuous outcrops with grades up to 2.86 % Cu and 136 g/t Ag.
- The Amzwaro Prospect: Multiple NNE and NNW trending structures within a zone up to 2km in length and 200m wide, bound by extensional structures. Individual alteration zones are up to 33m wide. Alteration comprises predominantly chlorite and silica in breccia and veins. Historical results include rock chip grades of 4.82 % Cu, 189 g/t Ag and 1.91 g/t Au.
- The Minière Prospect: A 150m long and 90m wide area of historical underground artisanal mining, exploiting multiple sub-parallel copper-bearing zones of alteration. Historical results include rock chip and spoil sample grades of 13.05 % Cu, 12.90 g/t Ag and 0.49 g/t Au.
- The Daoud Prospect: A series of NNW striking quartz veins and pervasive silicification, mapped discontinuously over a 700m strike length transected by ENE striking chlorite rich alteration zones. Historical results include rock chip grades of 2.71 % Cu, 152 g/t Ag and 2.96 g/t Au.
Sampling Methodology and Analysis
A total of 28 rock samples were collected from outcrop during an ongoing mapping programme at Agdz. Of the samples collected, seven samples (25 %) were >1 % Cu, 10 samples (36 %) were between 0.5 % Cu and 1 % Cu, and 11 samples (39 %) were less than 0.5 % Cu. Of the 28 samples, 14 samples (50 %) were >10 g/t Ag and 14 samples (50 %) <10 g/t Ag. All sample preparation and analysis was undertaken by AfriLab, an independent SGS accredited laboratory in Marrakech, Morocco. Given the early stage nature of these programmes, no QAQC samples were included.
Rock samples were crushed with 70 % passing -2 mm. The less than 2 mm fraction was pulverised with 85 % of the sample passing <75 microns. All samples were analysed for a multi-element suite of 21 metals by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES). In addition, all samples were analysed for their Au and Ag content by 50 g Fire Assay method with a gravimetric finish.
The following figures have been prepared by Altus and relate to the disclosures in this announcement. They 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/5347/altus_nr_-_agdz-_25_aug_2021.pdf
- Location of the Projects in Morocco are shown in Figure 1.
- Recent copper-silver assay results at Agdz are shown in Figure 2.
- Planned IP / gradient array lines at Agdz are shown in Figure 3.
- A selection of photos from Agdz is shown in Figure 4.
Figure 1: Location of the Projects in Morocco
Figure 2: Recent copper-silver assay results at Agdz
Figure 3: Planned IP / gradient array lines at Agdz
Figure 4: A selection of photos from Agdz
Agdz Project: Location
The Company’s wholly owned subsidiary, Aterian Resources Limited, has a 100% interest in the 59.7 km2 Agdz Project. The Project comprises four contiguous licence blocks in the Souss-Massa-Drâa region of the Anti-Atlas mountains of central Morocco, approximately 350km south of the capital, Rabat. The Project is approximately 14km southwest of the Bou Skour copper-silver mine and 80km southwest of the world-renowned Imiter silver mine, both operated by the Moroccan mining group Managem. Mineralisation hosted on those properties is not necessarily indicative of mineralisation hosted at Agdz.
The Project is located approximately 35km east of the city of Ouarzazate, where infrastructure and services are of a high standard, including a regional airport. The ‘Noor 1’ solar station, which is the world's largest concentrated solar power plant with a planned output of 580 MW is located approximately 40km northwest of Agdz. The Project is accessed via a paved road and a network of unpaved roads and vehicle tracks close to and within the licence.
Agdz Project: Geological setting
Agdz is proximal to the Oued Dar’a Caldera, which formed within a brittle pull apart structure along a northeast trending regional fault zone in the eastern Anti-Atlas. The caldera is located within the highly prospective Neoproterozoic Sidi Flah-Bou Skour inlier of the Saghro Massif, which developed during Pan-African tectonic events. This massif is comprised of a lower, tightly folded volcano-sedimentary sequence formed from arc-related metagreywacke and metavolcanics lithologies deposited approximately 650Ma. The lower complex was intruded by diorite, granodiorite and lesser gabbro and monzogranite between 615 Ma and 575 Ma. The upper complex is comprised predominantly of felsic metavolcaniclastics related to the development of several calderas emplaced typically between 575 Ma and 540 Ma, and is intruded by granitic plutons. The upper complex is gently folded, sitting unconformably on the lower complex. Regionally, ore deposits are commonly associated with the upper complex and are typically spatially related to magmatic emplacement.
The geology at Agdz comprises meta-sedimentary and meta-volcanic sequences. These belong to the upper complex and are cut by a series of sub-parallel NE to NW striking brittle faults and alteration zones, a number of which have been historically mined for copper. The alteration (comprising variably of chlorite, iron, silica, k-feldspar, actinolite, carbonate and barite) is generally located within brittle pull apart fault breccias and fracture zones, between (and oblique to) the mapped lineaments.
Mapping, sampling, trenching and ground magnetic surveys undertaken by the Company to date have defined four priority prospects at Agdz, namely Makarn, Amzwaro, Minière and Daoud. The Company has completed a series of 13 reconnaissance trenches at Agdz, totalling 576m in length and excavated to a depth of up to 1m. The trenches have revealed a number of NNE trending alteration zones in packages which are up to 33m wide, beneath a thin cover of soil and float material. Previously reported assay results from five of the 13 trenches have been received and reported to date, and include 0.65 % Cu and 36.54 g/t Ag over 14.12m and 0.36 % Cu and 13.26 g/t Ag over 13.70m.
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
SP Angel (Nominated Adviser)
Richard Morrison / Adam Cowl
Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Grant Barker / Richard Parlons
Tel: +44 (0) 20 3470 0471
Shard Capital (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
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 Directors or estimates of future performance 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
“Ag” means silver
“Au” means gold
“Cu” means copper
“g/t” means grams per tonne
“grade(s)” means the quantity of ore or metal in a specified quantity of rock
“IP” means Induced Polarisation
“HIRIP” means High Resolution Induced Polarisation
“ICP-AES” means Inductively coupled plasma atomic emission spectroscopy analytical technique
“km” means kilometres
“m” means metres
“Ma” means Mega-annum which is equal to one million years
“NI 43-101” means National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators
“QAQC” means Quality Assurance and 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