The Company's 100% owned subsidiary,
Highlights
37 hard rock artisanal gold workings discovered across two Projects in
Longest working mapped for over 370 m, with five others mapped for over 100 m
Less than 50% of Company's Licences have been visited to date
The discoveries validate the Company's target generation process
A full technical and operational team has been established in
Comprehensive exploration programmes are anticipated to commence in Q4 2021
'Reconnaissance has focused on areas identified by our in-house target generation techniques that integrate remote sensing and historical data. The field programmes have validated the power of this approach and underscored the prospectivity of the Licences. At least 37 hard rock workings have been discovered to date, the largest of which has been mapped for over 370 m in length. Many of the gold workings have undergone extensive mechanised activity, indicating the potential for significant mineralisation. Further reconnaissance will commence shortly across the two remaining Projects, which cover the majority of the 1,550 km2 area held by Altus in
'We have rapidly established a high calibre technical and operational team in
Hard Rock Workings: Gabal Om Ourada Licence (346 km2)
Four of 12 high priority targets as defined by desktop studies have been visited
Numerous historical artisanal hard rock workings discovered
Workings traced for up to 375 m, in sheeted systems within breccia or fault zones
Quartz-vein style gold mineralisation (orogenic gold) both fault and intrusion hosted
Hydrothermal alteration (silica, carbonate, iron oxide and clay) and visible sulphide mineralisation observed
Priority targets for follow-up work delineated with numerous other targets to be assessed
Hard Rock Workings: Wadi Dubur Licence (175 km2)
Four of 10 high priority targets as defined by desktop studies have been visited
Numerous historical artisanal hard rock workings (mechanised and smaller scale)
Workings traced for up to 250 m, in sheeted systems within mafic-ultramafic hosts
Quartz-vein style gold mineralisation (orogenic gold) both fault and intrusion hosted
Hydrothermal alteration with silica and/or carbonate alteration and sulphide (pyrite, galena) mineralisation observed
Visible gold identified in hand samples
Priority targets for follow-up work delineated with numerous other targets to be assessed
Next Phase of Reconnaissance
Field reconnaissance will commence shortly at the Wadi Jundi (696 km2) and Gabal Al-Shalul (348 km2) Projects which together cover 1,044 km2 in the Eastern Desert. On completion of the reconnaissance programmes, detailed exploration, including geological mapping and sampling, is anticipated to commence in Q4 2021, once the necessary field permits are in place.
Licences: Background (1,565 km2)
The Licences were awarded to Akh Gold, as part of
Project Overview: Wadi Jundi (696 km2)
The Wadi Jundi project consists of four licence blocks, covering a total area of 696 km2. The project area hosts a 10 km long north-west trending ophiolite belt comprising a basal serpentinite melange overlain by calc-alkaline basic to acidic volcanics, capped by volcaniclastics, and sediments (schists). The sequence is interpreted to represent a preserved seafloor sequence and is considered highly prospective for volcanogenic massive sulphide ('VMS') mineralisation. The entire sequence is intruded by syn- to late- tectonic mafic intrusives and late- to post- tectonic granodiorite, granite and monzogranite intrusions and is located just south of the major north-west trending regional crustal scale >1,100 km Najd Fault corridor. Altus believes Wadi Jundi is prospective for orogenic gold mineralisation related to deformed volcanic sequences proximal to granite intrusions, as well as VMS deposits.
The project is located approximately 40 km south of the historic
Project Overview: Gabal Al-Shaluhl (formerly Bakriyah) (348 km2)
The Gabal Al-Shaluhl project consists of two licence blocks, covering a total area of 348 km2. The project area is dominated sedimentary formations and a 13 km long northwest striking ophiolitic serpentinite melange, intruded by syn- to late- tectonic gabbro intrusives and major late- to post-tectonic granodiorite and granite intrusions. The geology is structurally complex, located near the boundary between two separate structural blocks with a large number of intersections between regional-trending faults and fold hinges, interpreted as favourable sites for orogenic gold style mineral occurrences. Altus believes Gabal Al-Shaluhl is prospective for orogenic gold mineralisation related to granite intrusions.
The project is located approximately 60 km south of the historic
Project Overview: Gabal Om Ourada (formerly
The Gabal Om Ourada project consists of two licence blocks, covering a total area of 346 km2. The project area hosts a north-west trending belt of serpentinised ophiolite and associated tectonic melange, schists, andesite and porhyryitic subvolcanic rocks, intruded by multiple syn- to late-tectonic granodiorite and late- to post-tectonic granite intrusions. Basement gneisses and mylonitic schists of the Meatiq Dome, a metamorphic core complex, outcrop in the south-west of the area and are separated from the younger rocks by a series of deep-seated north-west trending sinistral shear zones and north-east trending thrusts that are part of the crustal scale (>1,100 km long) Najd Fault Corridor. Altus believes Gabal Om Ourada is prospective for orogenic gold mineralisation hosted in an ophiolite belt proximal to a granite intrusion.
The project is located approximately 30 km north-east of the historic
Project Overview: Wadi Dubur (175 km2)
The Wadi Dubur project consists of one licence block, covering a total area of 175 km2. The project area contains a north-west to west trending curvilinear fault belt comprised of regionally mapped thrust faults and strike-slip flexures. The (standalone) project block consists of an ophiolite melange, minor schists, syn- to late- tectonic gabbro and diorite intrusives on the flank of a major 25 km x 28 km syn- to late-tectonic granitic body. Altus believes Wadi Dubur is prospective for orogenic gold mineralisation hosted in a north-west trending ophiolite belt.
The project is located 5 km west of the historic Atud gold mine and approximately 40 km north-west of the Sukari gold mine (operated by LSE and TSX listed
Contact:
Tel: +44 (0) 1235 511 767
Email: info@altus-strategies.com
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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.
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