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New Discovery at Diba Gold Project, Western Mali

2021-02-11 07:00 ET - News Release

DIDCOT, UK / ACCESSWIRE / February 11, 2021 / Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) announces the delineation of a significant and coherent, shallow-dipping and near-surface potential gold deposit ("Diba NW"), located approximately 1.5km northwest of the primary deposit ("Diba Deposit") at the Company's 100% owned Diba gold project ("Diba" or the "Project") in western Mali. Diba NW has been defined from the combination of results from the recently completed 10,308m reverse circulation ("RC") drilling programme and historical Project data.

Highlights:

  • Shallow dipping gold discovery 1.5km northwest of the Diba Deposit in western Mali
  • Diba NW is currently 550m long, 150m wide and open along strike and down dip
  • Intersections at Diba NW include (down-the-hole and not true widths):
    • 1.45 g/t Au over 22m from 55m downhole
    • 1.87 g/t Au over 10m from 8m downhole
  • Further encouraging intersections also received from the Diba Deposit include:
    • 8.50 g/t Au over 8m from 107m downhole
    • 2.30 g/t Au over 11m from 7m downhole
  • The current Mineral Resource Estimate ("MRE") for the Diba Deposit (See Mineral Resource Update following, and Altus' news release dated 08 July 2020 titled "Significant Gold Resource at Diba Project, Western Mali") comprises:
    • 4,834,000 tonnes at 1.39 g/t Au for 217,000 ounces in the Indicated category
    • 5,479,000 tonnes at 1.06 g/t Au for 187,000 ounces in the Inferred category
  • Ground geophysics and follow up drilling at Diba are being planned
  • Diba is strategically located in a world-famous gold belt that hosts numerous open pit mines

Steven Poulton, Chief Executive of Altus, commented:

"We are delighted to announce the definition of a coherent series of shallow-dipping near-surface lenses of gold mineralisation at Diba NW in western Mali. The prospect is located just 1.5km northwest of the existing Diba Deposit. Intersections at Diba NW include 1.45 g/t Au over 22m (not true width) from 55m downhole, within an area that is currently 550m long by 150m wide. The highest grades appear to be situated on the northern margin of an igneous intrusion, which is interpreted to be up to 1.5km long. Diba NW remains open along strike and down dip.

"The proximity of Diba NW to the existing Diba Deposit is highly encouraging. Further drilling will be undertaken in order to determine if a resource can be defined at Diba NW.

"Furthermore, we are pleased to report additional and encouraging results from the final batch of assay data from drilling at the Diba Deposit, including 8.50 g/t Au over 8m from 107m downhole and 2.30 g/t Au over 11m from 7m downhole. The results from the recent drilling programme at the Diba Deposit will be incorporated into a future updated MRE and Preliminary Economic Assessment. Our technical team is currently planning a ground magnetic survey to guide the next phase of drilling at Diba. We look forward to updating shareholders as we advance the project."

Diba Drilling Programme

The RC drilling programme was completed by Capital Drilling Limited and comprises a total of 10,308m (114 holes). A total of 4,932m was drilled (57 holes) in and around the Diba Deposit testing potential up dip, down dip and along strike extensions, as well as infilling areas within the MRE envelope to increase confidence in the MRE. A further 5,376m was drilled (57 holes) to test a number of prospects located within 3km of the Diba Deposit, including 40 holes for 3,725m at the Diba NW prospect. All of the drill holes in the programme were drilled at -60 degrees inclination and ranged between 50m to 270m in length. Drilling has been orientated perpendicular to the strike of the Diba Deposit and the interpreted structural orientation of the target areas.

The assay results for 33 holes (2,850m) reported in this news release are summarised in Table 1 below. Assay results for the first 51 holes (4,886m) of the drilling programme were reported by the Company on 7 January 2021 (see Altus' news release titled "Broad High Grade Gold Intercepts from Drilling at Diba Project, Western Mali") and 30 further holes (2,572m) were reported by the Company on 26 January 2021 (see Altus' news release titled "Further High Grade Gold Intercepts from Drilling at Diba Project, Western Mali").

Diba NW: Drilling Results

The Diba NW drill target was established from a detailed review of historic data by the Company's technical team, which included historic soil, termite mound and auger sampling and limited rotary air blast ("RAB"), RC and diamond drilling ("DD"). A significant gold anomaly exists at surface across an approximate 1.5km by 0.9km area at Diba NW. The anomaly correlates to the approximate extent of the intrusion, as interpreted from historic ground Induced Polarisation / Resistivity survey.

In total, 40 holes for 3,725m of drilling were completed by the Company at Diba NW. Results from the final nine RC drill holes (900m) have been received and are detailed in this news release and include (intersections are down-the-hole and not true widths):

  • 1.45 g/t Au over 22m from 55m downhole (20KSRC-086)
  • 1.87 g/t Au over 10m from 8m downhole (20KSRC-088)
  • 0.89 g/t Au over 12m from 24m downhole (20KSRC-087)
  • 0.80 g/t Au over 8m from 1m downhole (20KSRC-089)

Historic intersections from drilling at Diba NW include (intersections are down-the-hole and not true widths):

  • DD drilling:
    • 3.46 g/t Au over 8m from 24m downhole (MIDH07-050)
    • 1.22 g/t Au over 8m from 52m downhole (MIDH07-049)
    • 0.69 g/t Au over 9m from 55m downhole (MIDH07-051)
  • RAB drilling:
    • 1.22 g/t Au over 21m from 15m downhole (MIRA06-060)
    • 2.65 g/t Au over 6m from 6m downhole (MIRA06-063)
    • 0.90 g/t Au over 13.5m from 3m downhole (MIRA06-059)

Diba NW: Geological Setting & Mineralisation

The drilling results have defined a broad, coherent and, apparently structurally controlled, zone of north-westerly striking near-surface and shallow (north-easterly dipping) lenses of gold mineralisation. The mineralisation occurs within millimetre and centimetre scale quartz and quartz/calcite veins, within an area that is approximately 550m long and 150m wide and which cross-cuts a granodiorite intrusive and sedimentary country rocks.

Diba NW remains open along strike and is untested below 70m from surface. The highest grade drilling intercepts (including 1.45 g/t Au over 22m from 55m downhole) appear to be associated with the contact between the granodiorite and country rock. Grade variation within the granite-granodiorite and sedimentary units suggests a rheological component to the mineralisation control, with broader, lower grade mineralised zones within the intrusion and narrower, higher grade zones, in the country rock. The weathering profile is shallow, being commonly less than 20m. The next phase of exploration at Diba NW will include a ground magnetic survey, to determine the potential strike extent of the intrusive and contact zone, in order to guide a follow up drilling programme.

Diba Deposit: Drilling Results

The drilling programme at the Diba Deposit was designed to:

  • Test the potential extensions of the Diba MRE envelope of the Diba Deposit and increase the resource confidence of the MRE
  • Test the potential for mineralisation at five surrounding prospects within 3km of that part of the Diba Deposit subject to the MRE
  • Provide QAQC support for the Diba Deposit model

Testing the potential extensions of the MRE envelope and increasing the resource confidence of the MRE

A total of 57 holes (4,932m) were drilled within and around the MRE envelope of the Diba Deposit. 41 holes were reported on 07 and 26 January 2021 (see Altus' news release titled "Broad High Grade Gold Intercepts from Drilling at Diba Project, Western Mali" (https://www.altus-strategies.com/news/exceptional-intersection-of-3.34-g-t-gold-over-60m-at-diba-project-western-mali/) and "Further High Grade Intercepts from Drilling at Diba Project, Western Mali" (https://www.altus-strategies.com/news/further-high-grade-gold-intercepts-from-drilling-at-diba-project-western-mali/)).

The remaining 16 holes are reported in this release and include (intersections are down-the-hole and not true widths):

  • 8.50 g/t Au over 8m from 107m downhole (20KSRC-101)
    • Including 31.20 g/t Au over 2m from 112m downhole
  • 2.30 g/t Au over 11m from 7m downhole (20KSRC-100)
    • Including 6.48 g/t Au over 3m from 7m downhole
  • 1.67 g/t Au over 12m from 10m downhole (20KSRC-105)
    • Including 3.40 g/t Au over 3m from 11m downhole

Testing the potential for mineralisation at five surrounding prospects within 3km of that part of the Diba Deposit subject to the MRE

A total of 17 holes (excluding Diba NW) were drilled to target four prospective areas and results for nine were reported by the Company on 26 January 2021 (see referenced releases above) and the remaining eight holes (750m) are reported in Table 1.

Provide QAQC support for the Diba Deposit model

Four holes were drilled proximal to historic holes to validate previous assay results and intersections in the Diba Deposit model.

Table 1: Diba drill intersections from current programme

Location

Hole ID

From (m)

To

(m)

Intersection (m)

Grade

(g/t Au)

Diba Deposit (within MRE)

20KSRC-099

4.00

9.00

5.00

0.50

23.00

26.00

3.00

1.11

33.00

44.00

11.00

0.92

Including:

40.00

44.00

4.00

1.53

20KSRC-100

7.00

18.00

11.00

2.30

Including:

7.00

10.00

3.00

6.48

41.00

42.00

1.00

0.54

59.00

60.00

1.00

0.56

20KSRC-102

No significant result

20KSRC-103

26.00

27.00

1.00

0.65

34.00

68.00

34.00

0.79

Including:

47.00

52.00

5.00

2.06

75.00

83.00

8.00

0.77

98.00

99.00

1.00

1.16

20KSRC-104

26.00

27.00

1.00

1.35

32.00

43.00

11.00

0.50

60.00

65.00

5.00

0.52

70.00

71.00

1.00

2.00

79.00

80.00

1.00

1.04

20KSRC-105

10.00

22.00

12.00

1.67

Including:

11.00

14.00

3.00

3.40

29.00

39.00

10.00

1.34

Including:

35.00

37.00

2.00

5.18

43.00

44.00

1.00

0.74

Diba Deposit (outside MRE)

20KSRC-101

86.00

89.00

3.00

0.95

93.00

97.00

4.00

0.60

107.00

115.00

8.00

8.50

Including:

112.00

114.00

2.00

31.20

139.00

140.00

1.00

0.62

20KSRC-106

No significant result

20KSRC-107

No significant result

20KSRC-108

No significant result

20KSRC-109

37.00

38.00

1.00

0.60

20KSRC-110

No significant result

20KSRC-111

9.00

10.00

1.00

0.53

20KSRC-112

48.00

49.00

1.00

0.54

20KSRC-113

70.00

71.00

1.00

0.51

20KSRC-114

42.00

43.00

1.00

1.37

53.00

58.00

5.00

0.68

Diba Northwest Prospect

20KSRC-085

14.00

25.00

11.00

0.73

29.00

30.00

1.00

0.95

42.00

47.00

5.00

0.59

65.00

66.00

1.00

1.28

86.00

87.00

1.00

0.57

20KSRC-086

6.00

12.00

6.00

0.54

18.00

20.00

2.00

0.66

38.00

41.00

3.00

0.86

48.00

51.00

3.00

1.58

55.00

77.00

22.00

1.45

Including:

74.00

76.00

2.00

8.54

20KSRC-087

3.00

5.00

2.00

0.63

9.00

11.00

2.00

0.94

24.00

36.00

12.00

0.89

40.00

45.00

5.00

0.74

52.00

53.00

1.00

2.40

83.00

84.00

1.00

0.66

20KSRC-088

3.00

4.00

1.00

0.66

8.00

18.00

10.00

1.87

Including:

14.00

18.00

4.00

3.45

47.00

48.00

1.00

0.56

20KSRC-089

1.00

9.00

8.00

0.80

13.00

14.00

1.00

0.57

20KSRC-090

6.00

7.00

1.00

1.03

13.00

15.00

2.00

1.37

25.00

27.00

2.00

0.72

20KSRC-091

36.00

41.00

5.00

0.62

45.00

50.00

5.00

0.58

99.00

100.00

1.00

2.44

20KSRC-092

No significant result

20KSRC-093

12.00

22.00

10.00

0.50

31.00

32.00

1.00

0.53

38.00

39.00

1.00

0.68

52.00

53.00

1.00

1.03

67.00

68.00

1.00

0.98

Diba Southwest Prospect

20KSRC-082

No significant result

20KSRC-083

No significant result

20KSRC-084

No significant result

Diba Central Plateau Prospect

20KSRC-094

No significant result

20KSRC-095

No significant result

20KSRC-096

No significant result

20KSRC-097

No significant result

20KSRC-098

44.00

45.00

1.00

0.59

54.00

55.00

1.00

0.68

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. No grade capping has been applied
  4. Estimated true widths for the holes is from 75% to 100% of the intercept width

Illustrations

The following figures have been prepared and 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/5007/altus_nr_-_diba_nw_11_feb_2021.pdf

  • Location of the Diba project in western Mali is shown in Figure 1.
  • Location of Diba Deposit and Diba NW is shown in Figure 2.
  • Plan of drill holes with assay results from Diba NW is shown in Figure 3.
  • Schematic cross section of drill holes at Diba NW is shown in Figure 4.
  • A selection of photos of drilling at Diba Project are shown in Figure 5.

Diba Project: Location

The 81km2 Diba (Korali Sud licence) project is located in the Kayes region of western Mali, approximately 450km northwest of the capital city of Bamako. The Project sits 5km west of the Company's Lakanfla gold project, which is under joint venture with ASX listed Marvel Gold Limited and approximately 13km south of the multi-million ounce Sadiola gold mine and 35km south of the multi-million ounce Yatela former gold mine, both owned by Allied Gold Corp. Diba is bounded by the Sadiola permit on its northern and eastern boundaries. Mineralisation hosted on these properties is not necessarily indicative of mineralisation hosted at Diba.

QAQC

All RC samples were collected following industry best practices with an appropriate number and type of certified reference materials (standards), blanks, and duplicates inserted to ensure an effective QAQC regime. Drilling at Diba was conducted by Capital Drilling Limited. Samples were collected at 1m sample intervals and a representative sample was split at the site and sent for analysis at SGS SARL (Bamako, Mali) by fire assay technique FAA505. All standard, blanks and duplicates have been reviewed and no significant issues with the data have been identified.

Diba Deposit: Geology and Mineralisation

Mineralisation at the Diba project is sediment-hosted within a series of stacked 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 Diba is typically albite-hematite+/-pyrite, although pyrite content is generally very low (<1 %). The weathering profile at the Project 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.

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: info@altus-strategies.com

SP Angel (Nominated Adviser)

Richard Morrison / Adam Cowl

Tel: +44 (0) 20 3470 0470

SP Angel (Broker)

Abigail Wayne / Richard Parlons

Tel: +44 (0) 20 3470 0471

Yellow Jersey PR (Financial PR & IR)

Georgia Colkin / Charles Goodwin / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

E: 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 focus on Africa and differentiated approach, of generating royalties on its own discoveries as well as 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

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR") until the release of this announcement.

Glossary of Terms

The following is a glossary of technical terms:

"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

"IP" means induced polarisation geophysics

"MRE" means mineral resource estimate

"NI 43-101" means National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators

"Qualified Person" means a person that has the education, skills and professional credentials to qualify as a qualified person under NI 43-101

"RC" means reverse circulation drilling

"RAB Drilling" means rotary air blast drilling

"t" means a metric tonne

SOURCE: Altus Strategies Plc



View source version on accesswire.com:
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