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Projects & Royalties

Diba (Korali Sud)

Project: Diba (Korali Sud)
Commodity: Gold
Subsidiary: LGN Holdings (BVI) Inc.
Location: Western Mali
Deposit Style: Sediment-hosted gold (Birimian greenstone belts)
Key Attributes: Stand-alone potential; next to the Sadiola Au mine
Asset Stage: NI 43-101 resource (2020)
Results: 0.40 Moz Au (Ind+Inf)
Next Phase of Work: Resource expansion / update drilling
Deal Partner: Available
Deal Terms: -

Project Overview

The 81 km2 Diba (Korali Sud licence) project is located in the Kayes region of western Mali, approximately 450 km northwest of the capital city of Bamako. The project sits 5 km west of the Company’s Lakanfla gold project, which is under joint venture with ASX listed Graphex Mining Limited and approximately 13 km south of the multi-million ounce Sadiola gold mine and 35 km south of the multi-million ounce Yatela former gold mine. Diba is bounded by the Sadiola permit on its northern and eastern boundaries. Mineralization hosted on these properties is not necessarily indicative of mineralization hosted at Diba. The majority owners of the Sadiola mine, Anglogold Ashanti (JSE: ANG, NYSE: AU and ASX: AGG) and IAMGOLD Corporation (TSX: IMG and NYSE: IAG), have announced they have entered into an agreement to sell their collective interests in the Sadiola mine to Allied Gold Corp. of Australia.

The project hosts an NI 43-101-compliant resource of 0.4 Moz comprising 217,000 oz (4.83 Mt @ 1.39 g/t) in the Indicated category and 187,000 oz (5.48 Mt @ 1.06 g/t) in the Inferred category. This independent resource estimate was prepared by Mining Plus in a technical report entitled “Altus Strategies Plc Diba Project Mineral Resource Estimation (NI 43-101)”, dated 06 July 2020, and represents a 637 % increase in the inferred category from a previous historic resource estimate.

Resource Estimate Report: Altus Strategies Plc Diba Project Mineral Resource Estimation (NI 43-101)

As shown by the breakdown in Table 1, over 50 % of the mineralisation is hosted within the oxide zone which has favourable metallurgical characteristics. The defined resource consists of a series of sediment-hosted stacked lenses that are typically between 20 m and 40 m thick and shallowly dip at approximately 30 o towards the E / ESE. The mineralisation covers a compact footprint of roughly 700 x 700 m and is near-surface, often being intersected within the first 10 m. At present, the mineralisation is considered open down-dip and seven further nearby prospects located within the licence area, all < 7 km from the resource, are still yet to be systematically drilled.

Table 1: Diba project mineral resource.

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

See notes associated with these mineral resource estimate figures at the bottom of this page.

  • Western Malian Projects
    Western Malian Projects
  • Mineralisation X-Section
    Mineralisation X-Section
  • Conceptual Pit Outline
    Conceptual Pit Outline

Exploration Programme

A regional soil sampling programme completed by previous owners of the project on a 500 m x 250 m (and in places 250 m x 100 m) grid identified a number of gold in soil anomalies at the Diba project. This programme was completed between 2005 and 2007 and along with subsequent auger programmes, defined a 2.5km x 0.5km anomaly at Diba. Ground induced polarisation (IP), high-resolution resistivity, induced polarisation (HIRIP) and ground magnetics surveys were completed by Terra Tec Mali Sarl between 2006 and 2007 and covered 116 line-km. A follow up 3,543 line-km regional airborne VTEM survey was completed by Geotech Airborne Limited in 2008. Approximately 32,000 m of diamond, RC and RAB drilling was reportedly completed by previous licence holders, which included Endeavour Mining Corporation.

Previously reported drill results from the Diba prospect (Table 2) include 12 m @ 20.66 g/t Au and 32 m @ 2.06 g/t Au. Given Diba’s morphology, the project has a potentially low mining strip ratio with relatively limited overburden. Deeper drilling at Diba targeting the sulphide zone has intersected 45 m @ 1.32 g/t from 93 m. The Company has not verified the historic drilling data at the Diba project.

Table 2: Selected Diba drilling intercepts from historic drilling (2006 - 2014).

Hole ID

From (m)

To (m)

Intersection (m)

Grade (g/t Au)

MIDH06-001

19.2

71.0

51.8

1.85

     Including

34.0

38.0

4.0

12.65

     Including (uncapped)

35.0

36.0

1.0

900.48

MIDH06-002

24.0

44.0

20.0

5.02

     Including

26.0

31.0

5.0

7.35

     Including

39.0

44.0

5.0

10.92

     Including (uncapped)

42.0

43.0

1.0

49.48

MIDH06-004

36.0

74.0

38.0

2.08

     Including

44.0

55.0

11.0

5.28

MIDH07-035

16.0

48.0

32.0

2.06

     Including

20.0

24.0

4.0

7.70

MIDH07-057

32.0

62.0

30.0

2.15

     Including

45.0

62.0

17.0

3.08

MIDH07-064

62.0

87.0

25.0

2.43

     Including

78.0

79.0

1.0

36.70

DBRC-009

93.0

138.0

45.0

1.32

DBRC-023

47.0

55.0

8.0

9.60

     Including

47.0

51.0

4.0

18.68

DBRC-055

11.0

32.0

21.0

2.00

     Including

27.0

31.0

4.0

4.91

1. Intersections are calculated based on a 0.5 g/t Au cut-off grade, a 40 g/t Au top-cut (unless where indicated), and where there is ≤ 3 m consecutive internal waste.
2. Intersections are down-the-hole and do not represent true widths of mineralisation.

Oxide gold mineralisation at Diba is predominantly found in the highly weathered saprolite which is estimated to be up to 70 m thick. The deposit is controlled by a number of NW and NE orientated structures with gold occurring as fine-grained disseminations and localised high-grade calcite-quartz veinlets. Alteration at Diba is typically albite-hematite±pyrite, although pyrite content is generally very low (< 1 %). Sulphides are fine to very-fine grained, and consist of pyrite, with a minor arsenopyrite, chalcopyrite, tellurides and native gold. The next phase of work at Diba will likely involve drilling to focus on the seven further target prospects with the aim of defining additional resource ounces.

  • Ministry site visit
    Ministry site visit
  • Core logging
    Core logging
  • Diba drill core
    Diba drill core

Table 1 notes:
1. This estimate has an effective date of 06 July 2020.
2. The mineral resources in this estimate are classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" (29 November 2019) and CIM "Definition Standards for Mineral Resources and Mineral Reserves" (10 May 2014).
3. Mineral resources are reported within a pit shell and use a base-case cut-off grade of 0.5 g/t Au.
4. The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these as Indicated or Measured resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured category.
5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
6. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.
7. Tonnages are rounded to 1,000 tonnes and gold to 1,000 oz as this is an estimate.

Cautionary note regarding historic data:
Readers are cautioned that the data on Tabakorole as referred to in this written disclosure is historical exploration data that has not been verified by a Qualified Person. Not all historical samples are available and Altus does not have complete information on the quality assurance or quality control measures taken in connection with the exploration results, or other exploration or testing details regarding these results.
The potential tonnages and grades described in this release are conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the historical resource estimate. There has been insufficient exploration to define a current resource and the Company cautions that there is a risk further exploration will not result in the delineation of a current mineral resource.
The historical data should therefore not be relied upon until the Company can confirm them.


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