(Sharecast News) - Altus Strategies has signed a variation and accession deed with Resolute Mining in respect of the joint venture on its 106 square kilometre Pitiangoma Est project in southern Mali, it announced on Wednesday.
The AIM-traded firm said the project is located about 15 kilometres south of the Tabakoroni mine and 40 kilometres south of the Syama gold mine, both owned and operated by Resolute.
It said the joint venture with Resolute in southern Mali had been extended by two years to May 2021, with Resolute to earn an initial 70% interest by funding $3m in exploration and by completing a feasibility study.
Altus was retaining the option to co-fund its 30% interest on a pro rata basis, or exchange its interest for a 2% net smelter return royalty.
Drilling by Resolute was currently underway at the Pitiangoma Est project.
"We are pleased to sign this two year extension with Resolute on the Pitiangoma Est project in Southern Mali," said Altus chief executive officer Steven Poulton.
"The project is located on a key geological belt that also hosts the Syama and Tabakoroni gold mines.
"Resolute are currently undertaking drilling in parallel with other work programmes and we look forward to updating shareholders on the exploration results in due course."