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Altus Strategies PLC - Discovery of Zn, Co & Cu at Takzim, Morocco

Wed, 12th Dec 2018 07:00

RNS Number : 1714K
Altus Strategies PLC
12 December 2018
 

Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector: Mining

 

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

 

 

12 December 2018

 

Altus Strategies Plc

("Altus" or the "Company")

 

Discovery of Zinc, Cobalt & Copper at Takzim Project, Central Morocco

 

Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa focused exploration project generator, announces the discovery of further zinc, cobalt and copper prospects at its 100% owned 71.8 km Takzim project ("Takzim" or the "Project") located in central Morocco.

 

Highlights:

·    Surface samples include 4.64% Zn, 7.78% Cu & 0.15% Co

·    Copper bearing quartz-carbonate veins mapped discontinuously for 1.2km

·    Coherent 600m long zinc and lead anomaly from soil sampling programme

·    Further artisanal workings discovered across the Project

 

Steven Poulton, Chief Executive of Altus, commented:

"Exploration at our Takzim project, including the recently granted Takzim Est licences, has returned encouraging copper, cobalt and zinc results. These include 7.78% Cu, 1.96% Cu and 1.36% Cu from outcrop and grab samples across a series of veins, which have been mapped discontinuously for over 1.2km in strike length. Rock chip sampling of narrow hematite-rich lenses within these veins has returned highly anomalous cobalt, with grades of 0.15% Co, 0.14% Co, 0.14% Co. 

 

Elsewhere at Takzim, outcrop and grab sampling from quartz-carbonate veins has returned encouraging zinc grades, including 4.64% Zn, 2.22% Zn and 1.39% Zn. Notably a number of these veins lie within a 600m long northeast trending zinc and lead soil anomaly, as defined by an orientation soil sampling programme completed by the Company.

 

Although at an early stage, we are encouraged by these further discoveries at Takzim. The next phase of exploration is currently being planned and will focus on establishing the potential source and scale of the copper, cobalt and zinc mineralisation discovered to date."

 

Reconnaissance Exploration Results

Mapping and reconnaissance exploration have been completed over the Takzim project, including the recently granted Takzim Est licences. In total 59 rock chip and grab samples were collected from a number of quartz-carbonate veins that crop out across the Project. Highly anomalous cobalt has been discovered to occur within narrow haematitic nodules and lenses hosted within the veins. The veins have been mapped as being up to 15m wide and invariably copper oxide mineralisation can be observed. Anomalous zinc grades (above 0.5% Zn) have also been returned from rock chip sampling of the veins. These include results of 4.64% Zn from grab sampling and 2.22% Zn from outcrop sampling in a small historic excavation.

 

Soil Sampling Programme

The Company has completed an orientation soil sampling programme at Takzim covering an area of approximately 1.6km by 1km. The results have identified a coherent 600m long by 150m wide northeast trending Zn-Pb anomaly. In total, 162 samples were collected on 100m spaced lines with samples collected at 50m intervals along each line. Soil samples were analysed using ALS Global's Ionic Leach method and interpreted by Globe-Ex Solutions who are pioneers of the Ionic Leach technique. The method aims to identify an anomalous signature which can be linked directly to the primary rocks below. The anomaly remains open along strike and an extended soil sampling programme is currently being planned.

 

The following figures have been prepared and relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website www.altus-strategies.com or in PDF format by using the following link:

http://altus-strategies.com/site/assets/files/4512/altus_nr_-_takzim_update_12_dec_2018.pdf

 

1.   Location of the Takzim Project in Central Morocco is shown in Figure 1

2.   Soil sampling results are shown in Figure 2

3.   An overview map of the Takzim project is shown in Figure 3

4.   A selection of project photos are shown in Figure 4

 

 

Takzim Project: Location

The 71.8 km Takzim project is comprised of five licence blocks situated in Eastern Jebilet province of central Morocco, approximately 200 km south of the capital Rabat, 35 km northeast of Marrakech, and approximately 6.5 km east of the historic Bir n Hass copper mine. The Project is accessible via asphalt roads and a network of smaller tracks and is within 7 km of an operating rail line.

 

Takzim Project: Geological setting

The geology of Takzim is dominated by Palaeozoic metamudstone and quartzites which are proximal to a Hercynian age granitic intrusion. Mineralisation to date has been observed in veins which have been mapped discontinuously for up to 4km in strike length and up to 15m in width. The veins are comprised variably of quartz and carbonate and are commonly massive to brecciated with a vuggy texture.

 

Sampling Methodology & Analysis

A total of 59 outcrop and grab samples were collected in the programmes described in this release. Of the 59 samples:

 

Cobalt: 6 of 59 assayed above 1,000 ppm (0.1%) Co, ranging from less than 2 ppm to 1,515 ppm.

 

Of the 59 samples 9 were collected from outcrop and grab samples at the Takzim Est licence. Of these 9 samples:

 

Copper: 4 of 9 assayed above 10,000 ppm (1.0%) Cu, ranging from less than 77 ppm to 77,800 ppm (7.78% Cu)

 

A total of 162 soil samples were collected during the orientation soil sampling programme described in this release. These samples were analysed using the Ionic Leach Method.

 

All sample preparation and assaying was undertaken by ALS Global at their laboratories in Seville (Spain) for sample preparation and Loughrea (Republic of Ireland) for analysis. Given the early stage nature of these programmes, no Quality Assurance and Quality Control ("QA-QC") samples were sent for assay.

 

Rock samples were crushed with 70% passing -2mm. The less than 2mm fraction was pulverized with 85% of the sample passing <75 microns. The fine fraction of each sample underwent a four-acid digestion with ICP-AES analysis for a suite of 33 elements. All samples were analysed for their Au content by 50g Fire Assay method.

 

Qualified Person

The technical disclosure in this regulatory announcement has been read and approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 19 years of experience in mineral exploration and is a Qualified Person under the AIM rules and National Instrument 43-101 under the rules of the TSX.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

For further information you are invited to visit the Company's website www.altus-strategies.com or contact:

 

Altus Strategies Plc

Steven Poulton, Chief Executive

Tel: +44 (0) 1235 511 767

E: info@altus-strategies.com

 

SP Angel (Nominated Adviser)

Richard Morrison / Soltan Tagiev

 

Tel: +44 (0) 20 3470 0470

 

SP Angel (Broker)

Richard Parlons / Jonathan Williams

 

Tel: +44 (0) 20 3470 0471

 

Blytheweigh (Financial PR)

Tim Blythe / Camilla Horsfall / James Husband

 

Tel: +44 (0) 20 7138 3204

 

About Altus Strategies Plc

Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed, diversified and Africa focused mineral exploration project generator. Through our subsidiaries we discover new projects and attract third party capital to fund their growth, development and ultimately exit optionality. This strategy enables Altus to remain focused on the acquisition of new opportunities to be fed into the project generation cycle and aims to minimise shareholder dilution. Our business model is designed to create a growing portfolio of well managed and high growth potential projects and royalties, diversified by commodity and by country. Altus currently has eighteen projects in six commodities across six countries. We aim to position our shareholders at the vanguard of value creation, but with significantly reduced risks traditionally associated with investments in the mineral exploration sector.

 

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Glossary of Terms

"Co" means cobalt

"Cu" means copper

"km" means kilometre

"m" means metres

"Pb" means lead

"Quartz-carbonate vein" means a fracture containing quartz and other minerals which have crystallised from mineralised fluids

"Zn" means zinc

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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