LONDON (Alliance News) - Altus Strategies PLC on Monday said its Ethiopian subsidiary, Altau Resources Ltd, has been granted the Zager exploration licence, targeting copper and gold in the Ethiopia.
"The grant of Zager increases our strategic exploration holdings across the highly prospective Arabian Nubian Shield of northern Ethiopia to over 877 square kilometres," Chief Executive Officer Steven Poulton said.
He added: "The company selected the licence based on our in-house remote sensing study, which included an extensive review of historical geological data. These highlighted Zager's geological prospectivity and identified numerous artisanal alluvial gold workings."
The company will start reconnaissance exploration on the licence, which has initially been awarded by the Ministry of Mines & Petroleum in Ethiopia for a three-year term, "shortly".
Altus shares were untraded at 4.32 pence each on Monday afternoon.