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Projects & Royalties

Bakriyah

Project: Bakriyah
Commodity: Gold
Subsidiary: Akh Gold Ltd.
Location: Egypt
Deposit Style: Orogenic gold
Key Attributes: Historic gold mining district associated with granites
Asset Stage: Target definition and prospectivity mapping
Results: Comming soon
Next Phase of Work: Reconnaissance mapping and sampling
Deal Partner: Available
Deal Terms: -

Project Overview

The Bakriyah project consists of two licence blocks (granted as part of the 2020 International bid round), covering a total area of 348 km2 in the highly prospective Eastern Desert of Egypt. The project is located approximately 60 km south of the historic El Sid gold mine, which contributed around 45% of Egypt’s gold production during the 20th century, and 115 km north-west of the Sukari gold mine (operated by London listed Centamin Plc) which produces approximately 400,000 oz of gold per annum. It is accessible by secondary tracks from a major E-W asphalt road 30 km to the south, which connects to the coastal town of Marsa Alam. Altus holds a 100% interest in the project and is exploring primarily for gold, specifically targeting vein-type gold mineralisation proximal to late- to post-tectonic granitoids.

The Eastern Desert of Egypt forms part of the north-western limb of the Neoproterozoic Arabian-Nubian shield, a rapidly emerging world-class province for orogenic gold deposits, with reported discoveries of >45 Moz Au and Au equivalent in the last two decades. Historic mining in the Eastern Desert dates back to Pharaonic times. Large areas of the Eastern Desert remain relatively underexplored and provide highly prospective greenfields targets.

Exploration Programme

Altus selected Bakriyah based upon an extensive process of desk-based prospectivity mapping. This work comprised a review of available datasets, including historical mineral occurrences, geological maps and satellite-borne remote sensing data. The licence is dominated by schists and a serpentinite melange, intruded by syn- to late- tectonic gabbro intrusives and major late- to post- tectonic granodiorite and granite intrusions. The project lies near the boundary between two separate structural blocks which during the regional tectonic evolution experienced markedly different stress regimes: compressional to the south and extensional to the north. As a result, the area is structurally complex and hosts a large number of intersections between north-east and north-west trending faults and fold hinges, providing favourable sites for the precipitation of orogenic gold. A first phase reconnaissance exploration programme is due to start shortly and will include an assessment of the priority targets identified during the prospectivity mapping exercise.


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