ALS.L Share News (ALS)

(Sharecast News) - Altus Strategies announced on Thursday that reverse circulation drilling has extended the strike length of the FT Prospect by at least 150 metres to beyond three kilometres at the Tabakorole gold project in southern Mali.
The AIM-traded firm holds a 49% equity interest and a 2.5% net smelter return royalty on the project.

Exploration activities were being funded by ASX-listed Marvel Gold under its joint venture with Altus.

The company said the intersections included two grams per tonne over 23 metres from 178 metres, 1.24 grams per tonne over 24 metres from 13 metres, and 0.81 grams per tonne over 25 metres from surface.

Initial results from the first eight of 39 holes of the 6,300 metre reverse circulation programme had been received to date, with air-core drilling to test a potential 1.3 kilometre-long north-west extension to begin shortly.

A high resolution ground magnetic survey was also underway.

"These are very encouraging initial drilling results from the resource expansion programme," said chief executive officer Steven Poulton.

"They extend the potential strike of the FT Prospect to the southeast by at least 150m, to more than three kilometres.

"The results from the balance of the drilling programme, which also includes the potential northwest strike extension, are expected over the coming weeks."

Poulton said that in the meantime, the firm's partner Marvel Gold had already started a high-resolution magnetic survey, and would shortly begin an air-core drilling programme.

"These programmes are designed to define further potential strike extensions, as well as potential parallel targets."

At 1234 GMT, shares in Altus Strategies were up 2.35% at 87p.