(Sharecast News) - Altus Strategies announced on Tuesday that an updated independent mineral resource estimate had been prepared under the JORC code for the Tabakorole gold project in southern Mali.
The AIM-traded firm said Tabakorole was subject to a joint venture with Marvel Gold, with Altus holding a 49% equity interest and a 2.5% net smelter return royalty on the project.
Exploration activities were being funded by Marvel.
The company said Tabakorole hosted a mineral deposit, for which the mineral resource estimate comprised 17.3 million tonnes at 1.2 grams of gold per tonne, for 665,000 ounces in the inferred category.
It also included 9.2 million tonnes at 1.2 grams of gold per tonne for 360,000 ounces in the indicated category, making for a 24% increase in indicated ounces and a 7% improvement in inferred ounces.
A total of 70% of the mineral resource estimate was situated within 150 metres of the surface, with preliminary high metallurgical recoveries indicating a "simple" processing flowsheet.
Shallow, higher-grade parallel zones contributed to the upgraded mineral resource estimate, which remained open in parallel zones and at depth.
Altus said a resource expansion drilling programme was planned to start in the fourth quarter.
"We are pleased to report on the upgraded mineral resource at the Tabakorole gold project in southern Mali," said chief executive officer Steven Poulton.
"Drilling undertaken by our joint venture partner Marvel Gold this year has continued to demonstrate consistent thicknesses and grades over the project's 3.2 kilometre strike length, as well as the discovery of two new shallow, higher-grade zones of mineralisation adjacent to the existing deposit.
"These parallel zones may potentially provide some excellent low-strip starter pit options for any eventual mining operation."
Poulton said that with 70% of the upgraded estimate now within 150 metres of surface, with the deposit growing to more than one million ounces in all categories and with high metallurgical gold recoveries averaging 97%, Tabakorole was turning out as a "significant" potential development project in west Africa, with "substantial" upside.
"The next stages of exploration at Tabakorole will include resource expansion and infill drilling, as well as programmes to test a number of high-conviction targets across the project."
At 1059 BST, shares in Altus Strategies were up 0.64% at 70.45p.
5 Dec 2019 16:23
Altus Strategies signs strategic investment deal with La Mancha
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