Altus delineates potential new gold deposit at Diba

(Sharecast News) - Altus Strategies announced the delineation of a "significant and coherent" shallow-dipping and near-surface potential gold deposit dubbed 'Diba NW' on Thursday, located 1.5 kilometres north west of the primary deposit at its wholly-owned Diba gold project in western Mali.
The AIM-traded firm said Diba NW had been defined from the combination of results from the recently-completed 10,308 metre reverse circulation drilling programme and historical project data.

It said Diba NW was currently 550 metres long, 150 metres wide and open along strike and down dip.

Intersections at Diba NW included 1.45 grams of gold per tonne over 22 metres from 55 metres downhole, and 1.87 grams per tonne over 10 metres from eight metres downhole.

Further encouraging intersections also received from the Diba deposit included 8.5 grams of gold per tonne over eight metres from 107 metres downhole, and 2.30 grams per tonne over 11 metres from seven metres downhole.

The board said the current mineral resource estimate for the Diba Deposit comprised 4,834,000 tonnes at 1.39 grams of gold per tonne, for 217,000 ounces in the indicated category, and 5,479,000 tonnes at 1.06 grams per tonne for 187,000 ounces of gold in the inferred category.

Ground geophysics and follow-up drilling at Diba was now being planned, Alba said.

""The proximity of Diba NW to the existing Diba Deposit is highly encouraging," said chief executive officer Steven Poulton.

"Further drilling will be undertaken in order to determine if a resource can be defined at Diba NW."

Poulton said the results from the recent drilling programme at the Diba Deposit would be incorporated into a future updated mineral resource estimate and preliminary economic assessment.

"Our technical team is currently planning a ground magnetic survey to guide the next phase of drilling at Diba."

At 1050 GMT, shares in Altus Strategies were down 0.06% at 86.45p.