(Alliance News) - Altus Strategies PLC on Tuesday reported "a number" of new gold prospects found during exploration work on projects in northern Ethiopia.
On the Zager licence, Altus has found two gold prospects, with rock-chip sampling at the Godfay prospect delivering grades including 27 grams of gold per tonne of ore, 7.3 grams, and 2.9 grams.
Didcot, Oxfordshire-based Altus, which is continuing a licence-wide stream sediment survey, has also found "multiple" hard-rock gold workings.
On the Daro licence, Altus believes it may have extended the Simret prospect by 1.2 kilometres. Elsewhere, the Wedi Keshi prospect has delivered rock-chip samples of up to 22 grams of gold.
Chief Executive Steven Poulton commented: "We are encouraged to report on the discovery of a number of new gold prospects from our active exploration programmes in northern Ethiopia, which are focused on the discovery of volcanic massive sulphide-type deposits.
"The Daro and Zager projects are located in the heart of a rapidly emerging VMS district on the Arabian Nubian shield. A number of groups, including Newmont Goldcorp Corp, East African Metals Inc, and Sun Peak Metals Corp are reportedly exploring the district. We look forward to updating shareholders on the results of our current exploration programmes on these exciting projects."
Altus shares were untraded in London on Tuesday afternoon, last quoted at 4.20 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.