(Alliance News) - Africa-focused mining royalty firm Altus Strategies PLC said Thursday hard rock gold workings have been discovered at its recently acquired Ethiopian licence.
Altus said the gold workings were discovered at its wholly-owned 285 square kilometre Zager exploration licence in the north of Ethiopia. The Zager project is currently targeting volcanogenic massive sulphide gold deposits.
Recent work has discovered "numerous geophysical anomalies" with one of them being coincident with a hard rock working.
"We are very encouraged to be reporting on such rapid discoveries of hard rock gold workings from what is our first exploration campaign at Zager," Altus Chief Executive Officer Steven Poulton said.
"We are also excited that some of these workings are coincident with a historic airborne geophysical target," Poulton added. "The historic geophysical data has defined a number of additional targets within a 27 kilometre long ophiolite belt which transects the licence, which we are now in the process of following up on."
"Zager is located in the heart of a highly prospective region for the discovery of gold-rich VMS deposits and I look forward to updating shareholders on the results from these programmes in due course", Poulton continued.
Shares in Altus were untraded at 4.75 pence in London on Thursday.