ALS.L Share News (ALS)

(Sharecast News) - Africa-focussed project and royalty generation company Altus Strategies announced on Wednesday that ASX-listed Graphex Mining has acquired the joint venture earn-in rights previously held by Glomin Services on its wholly-owned Lakanfla and Tabakorole gold projects, in western and southern Mali, respectively.

The AIM-traded firm said Graphex would earn up to an 80% interest in each project by completing up to four key stages, culminating in a definitive feasibility study.

Altus would retain a 2.5% net smelter return royalty on the projects.

It said historical drill results at Lakanfla included 26 metres at 5.1 grams of gold per tonne, and 18 metres at 4.3 grams of gold per tonne.

At Tabakorole, historical drill results included 44 metres at 3.3 grams of gold per tonne, and 60 metres at 2.9 grams of gold per tonne.

Drilling at Tabakorole was underway, with an initial 1,600 metre campaign financed by Graphex, which was also undertaking a capital raising of AUD 5m (£2.75m) to support exploration activities in Mali.

Graphex has appointed the former CEO of Centamin as a non-executive director, Altus noted, adding that it intended to change its name to Marvel Gold.

"We are confident that Graphex has the necessary operating experience, technical skills and shareholder support required to realise the potentially significant value in these projects," said chief executive officer Steven Poulton.

"The board of Graphex has recently been further bolstered by the appointment of Andrew Pardey, former CEO of FTSE 250-listed gold producer Centamin. Graphex will be seeking shareholder approval to raise up to AUD 5m through an equity placement and to change their name to Marvel Gold.

"We look forward to updating shareholders on the results from the ongoing Tabakorole drilling programme in due course."

At 0800 BST, shares in Altus Strategies were up 6% at 33.92p.