Embracing the cyclical nature of the mining sector
Projects & Royalties
2.5 % NSR
LGN Holdings (BVI) Inc.
Shear-hosted gold (Birimian greenstone belts)
Within the same belt as the 7.0 Moz Morila Au mine
Historic NI-43-101 resource (2007)
0.59 Moz Au (Ind+Inf)
Next Phase of Work:
Resource expansion / update drilling
Graphex Mining Limited (ASX:GPX)
US$1.45M in milestone payments + 2.5 % NSR
The 100km2 Tabakorole Project is situated in South Western Mali, 280km from Bamako and 17km South of the village of Garalo. The Company's 100% owned subsidiary, LGN Holdings (BVI) Ltd has identified a 2.7km long shear zone which hosts a historical near-surface resource (calculated at a 0.5g/t cut off grade) at the FT Prospect for a total 594,000 oz contained Au. This is comprised of 7,880,000 tonnes at 0.94 g/t Au for 241,000 ounces in the 'indicated' category and 10,550,000 tonnes at 1.03 g/t Au for 353,000 ounces in the 'inferred' category from the oxide and sulphide zones (Table 1). See “Tabakorole Project: Historical Resource” and “Cautionary note regarding historical data”. Drilling results include 44m @ 3.29g/t Au and 16m at 9.31g/t Au (Table 2). The FT Prospect remains open along strike and down dip.
The resource was prepared in accordance with NI 43-101 by H. Andrew Daniels, Consulting Geologist, P.Geo in a report entitled “Technical Report on the Mineral Resource Update, June 2007 FT Project Mali, West Africa”, dated July 27, 2007 and filed on SEDAR on July 27 2007 by North Atlantic Resources Ltd
A number of targets have been defined for follow up exploration including the 2.5km long FT South target, a geophysical anomaly sub-parallel to the FT prospect historic resource, and the FT East target, defined by a 2.6km long gold in soil anomaly. Drilling undertaken after the historic resource in 2010, 2011 and 2014 returned results including 18m@ 6.05g/t Au and 24 m at 2.53 g/t Au were not followed up by the previous operator.
The shear zone, up to 200m wide, is part of the Massagui Belt which hosts Barrick Gold's (NYSE : GOLD) Morila gold mine (6.0Moz Au).
Table 1: Tabakarole project mineral resource (2007)
Grade (g/t Au)
Metal (Oz Au)
Table 2: Selected Tabakorole drill intersections
Grade (g/t Au)
Intersections based on 0.5g/t Au cut off and ⩽ 2m non-cumulative internal waste
A major Au soil anomaly was delineated from results of a regional soil sampling programme with grid spacing of 500m x 100m following initial discover by BHP in the early 1990s during a regional soil sampling programme. Since 2003, 28,912m of diamond, 31,943m of RC, 6,577m of auger and 60,676m of air core drilling have been completed along with 1,400km of airborne geophysics.
In 2014, Legend completed a 741 m infill RC drilling programme. The 14 drill holes were positioned to provide intersections in oxide mineralisation in areas where sulfide grades had been extrapolated into the oxide zone. The drilling confirmed continuity and grade of oxide mineralization of the FT deposit. Later in 2014 a detailed and infill termite mound sampling programme on an area of approximately 3km by 2km on the Npanyala exploration permit was also completed.
The next phase of work at Tabakarole will involve further auger drilling for drill target definition and follow up RC and diamond drilling of priority targets.
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.