ALS.L Regulatory News (ALS)

Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS) OTCQX (ALTUF) / Sector: Mining

03 November 2021

Altus Strategies Plc

("Altus" or the "Company")

Drilling Intersects 21.9 g/t over 10.2m at Diba Gold Project, Western Mali

Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) announces the intersection of high grades from Diamond Drilling ("DD") at the Company's 100% owned Diba gold project ("Diba" or the "Project") in western Mali. Diba hosts a shallow-dipping, near-surface gold deposit (the "Diba Deposit") and a number of other prospective targets.

Highlights:

· Shallow high-grade DD intersections from Diba gold project in western Mali

· Intersections from the Diba Deposit (down-the-hole and not true widths) include:

o 21.9 grams per tonne ("g/t") gold ("Au") over 10.2m from 28m (including 72.2 g/t over 3.0m from 31.0m)

o 2.0 g/t Au over 25.4m from 43.4m (including 3.2 g/t Au over 12.3m from 56.5m)

o 1.4 g/t Au over 26.7m from 17.3m (including 4.1 g/t Au over 3.0m from 32.2m)

· Combined 10,100m DD & Reverse Circulation ("RC") drilling is underway, designed to:

o expand the current Mineral Resource Estimate ("MRE") of the Diba Deposit

o test the strike and down dip potential of the Diba NW discovery

o test the extent of the high-grade zone within the Diba Deposit

· Current programme will be supplemented by up to 2,500m of Air Core ("AC") drilling

· Diba is strategically located in a world-famous gold belt that hosts numerous open-pit mines

Steven Poulton, Chief Executive of Altus, commented:

"A near-surface intersection of 21.9 g/t over 10.2m represents an outstanding start to the current drilling campaign at the Diba gold project in western Mali. The drilling will comprise up to 10,100m of DD and RC and will be supplemented by up to 2,500m of AC drilling. These programmes are designed to test the potential down-dip and along-strike extensions of the Diba Deposit, as well as increase the resource confidence. At the Diba NW discovery, the drilling will test the strike extent and down dip continuation of the mineralisation. We look forward to updating shareholders on the results of this programme when they are received."

Diba Project: Drilling Programme

The drilling is being undertaken by Capital Drilling Limited and will comprise up to seven DD holes to an average depth of 150m for a total of approximately 1,100m and up to 60 RC drill holes to an average depth of 150m for approximately 9,000m.

The DD programme will primarily test the extent of the high-grade zone within the mineralization subject to the current MRE as well as the down-dip extension of the mineralised lenses. In addition, the DD programme will produce orientated core to enable a better structural understanding of the Diba Deposit, as well as density measurements to understand any variations between oxide, transitional and fresh rock domains.

The RC programme will primarily target expansion of the known lenses of mineralisation at both the Diba Deposit and Diba NW prospect. The holes will target the along-strike and down-dip extension to previously defined mineralisation. In addition, drill holes will test the potential for further lenses of mineralisation to occur beneath the currently modelled lenses.

Diba Resource: Initial DD Drilling Results

Assay results for the first two DD drill holes have been received from the Diba Deposit (see Table 1), as part of a seven hole programme for a total of 1,100m. The holes are being drilled at -60 degrees inclination and ranged between 69m to 200m in length. The drilling was orientated perpendicular to the interpreted structural orientation of the Diba Deposit.

Table 1: Diba drill intersections from current programme

Notes:

1. Intersections based on 0.5 g/t Au cut off and ≤ 3m consecutive internal waste

2. Intersections are down-the-hole and do not represent true widths of mineralisation

3. Table shows uncapped grades as well as grades capped at 67 g/t Au

4. Estimated true widths for the holes is from 75% to 100% of the intercept width

Illustrations

The following figures 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 following this link: https://altus-strategies.com/site/assets/files/5385/altus_nr_-_diba-_03_nov_2021.pdf

· Location of the Diba gold project in western Mali is shown in Figure 1.

· Plan of drill holes with assay results returned from Diba Deposit is shown in Figure 2.

· Plan of Diba Deposit and Diba NW Prospect is shown in Figure 3.

· Selection of photos from the latest drilling programme is shown in Figure 4. 

Diba Project: Location

The 81km2 Diba project (Korali Sud licence) is located in the Kayes region of western Mali, approximately 450km northwest of the capital city of Bamako. The Project sits 5km west of the Company's Lakanfla gold project, which is under joint venture with ASX-listed Marvel Gold Limited, and approximately 13km south of the multi-million ounce Sadiola gold mine and 35km south of the multi-million ounce Yatela former gold mine, both owned by Allied Gold Corp. Diba is contiguous with the Sadiola permit on its northern and eastern boundaries. Mineralisation hosted on these properties is not necessarily indicative of mineralisation hosted at Diba.

Diba Mineral Resource Estimate

Diba hosts a deposit for which an MRE of 217,000 ounces at 1.39 g/t Au (Indicated) and 187,000 ounces at 1.06 g/t Au (Inferred) in both oxide and fresh domains has been made, as set out in Table 2. The MRE was previously reported by the Company on 6 July 2020 (see Altus' news release titled "Significant Gold Resource at Diba Project, Western Mali"). The Diba Deposit remains open down dip.

Table 2: Diba Mineral Resource Estimate

Notes:

· The MRE has an effective date of 6 July 2020.

· The Mineral Resources in the MRE are classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines", dated 29 November 2019, and CIM "Definition Standards for Mineral Resources and Mineral Reserves", dated 10 May 2014.

· Mineral Resources are reported within a pit shell and are reported to a base-case cut-off grade of 0.5 g/t gold.

· The quantity and grade of Inferred Resources in the MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Resource category.

· Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The MRE may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.

· All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

· Tonnages are rounded to 1,000t and gold to 1,000oz as this is an estimate.

· Altus is the operator and 100% owner of Diba.

Diba Deposit: Geology and Mineralisation

Mineralisation at Diba is sediment-hosted within a series of stacked lenses, typically between 20m and 40m thick. The lenses are shallow-dipping at approximately 30 degrees angled to the east/east-southeast. The Diba Deposit is considered to be controlled by a number of northwest and northeast orientated structures, with gold occurring as fine-grained disseminations in localised high-grade, calcite-quartz veinlets. Alteration at Diba is typically albite-hematite+/-pyrite, although pyrite content is generally very low (

QAQC

All drilling samples are collected by the Company following industry best practices with an appropriate number and type of certified reference materials (standards), blanks and duplicates inserted to ensure an effective QAQC regime. RC samples are collected at 1m intervals with representative samples split at the site. Half core DD samples are collected at between 0.5 and 1.5m intervals based on lithological and mineralisation boundaries. Samples from Diba are sent for analysis at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard, blanks and duplicates from results discussed in this release have been reviewed and no significant issues with the data have been identified.

Qualified Person

The technical disclosure in this regulatory announcement has been 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 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.

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

About Altus Strategies Plc

Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. The Company's differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. The Company engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Directors or estimates of future performance constitute "forward-looking statements". 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 programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.

Market Abuse Regulation Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Glossary of Terms

"AC" means air core

"Au" means gold

"DD" means diamond drilling

"g" means grams

"g/t" means grams per tonne

"grade(s)" means the quantity of ore or metal in a specified quantity of rock

"km" means kilometres

"m" means metres

"MRE" means Mineral Resource Estimate

"NI 43-101" means National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators

"Oz" means ounces

"QAQC" means Quality Assurance Quality Control

"Qualified Person" means a person that has the education, skills and professional credentials to qualify as a qualified person under NI 43-101

"RC" means reverse circulation

"t" means a metric tonne

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