LONDON (Alliance News) - Altus Strategies PLC on Tuesday said a subsidiary has been granted three exploration licences in Morocco targeting zinc and copper.
Aterian Resource Ltd has been granted the Ammas, Takzim Est, and Arfa licences, which cover a total of 87.6 square kilometres.
Ammas is located three kilometres down strike from the Hajjar VMS zinc-copper mine. Takzim Est is six kilometres east of Altus' Takzim zinc project, while Arfa is in Morocco's north-eastern Oriental province.
Chief Executive Steven Poulton said: "The award of these strategically located exploration licences in Morocco is an exciting addition to our exploration pipeline. The licence areas were selected on the basis of our remote sensing programmes across terrains considered to be prospective for zinc, copper and other base metals."
"Our field team have immediately commenced exploration at Ammas, which is approximately 30 kilometres south of Marrakech and in an active mining district, which hosts numerous 'VMS type' deposits."
Poulton added: "Encouragingly our geologists are reporting the discovery of quartz stockworks and gossanous material in outcropping meta-volcanics and meta-siltstones at Ammas. Once this initial reconnaissance phase of exploration is complete, the field team will move on to Takzim Est and Arfa."
Shares were down 1.8% on Tuesday at a price of 7.00 pence each.