LONDON (Alliance News) - Altus Strategies PLC said Tuesday it has defined drill targets at its 100% owned Lakanfla gold project in western Mali that has the "potential for a karst-style gold deposit".
Previous high grade drill intersections at the project showed 9.78 grammes per tonne gold over 12 metres and 5.20 grammes per tonne gold over 16 metres.
Altus said the project is located in the "world renowned" gold producing belt and 6.5 kilometres from the Sadiola mine, majority owned by South African mining giant AngloGold Ashanti Ltd.
Chief Executive Steven Poulton said: "The Lakanfla gold project is reported to have historically hosted between 4,000 and 10,000 artisanal gold miners, targeting mineralised breccias from surface.
"Drilling of these breccias by previous operators has returned a number of high grade intersections. Following extensive reinterpretation of historic project data, a series of priority drill targets have been established to potentially define a 'karst style' deposit that may be present at depth.
"The drill targets are centred on a large geophysical gravity low. A karst deposit, if present, might be analogous to the nearby FE3 & FE4 open pits, which form part of the multi-million ounce Sadiola gold mine, as well as the former multi-million ounce Yatela gold mine located 35 kilometres to the northwest. We have prepared a technical presentation on the Lakanfla gold project and made this available on our website."
Shares in Altus Strategies were down 1.5% at 3.40 pence each Tuesday.