Altus Strategies plc has signed an amended joint venture and earn-in agreement (JVA) to cover a broader licence area and retain a 100% interest in the Lakanfla gold project in Mali.
AGREEMENT
The agreement with partner Marvel Gold replaces the original from June 2020.
It now comprises the Tabakorole gold project (100km2) and two contiguous gold licences of Npanyala (100km2) and Sirakoroble Sud (92km2) in southern Mali.
Marvel holds a 70% equity interest in the JVA licences and retains the right to increase its holding to 80% by sole funding a definitive feasibility study (DFS) on the JVA licences.
Altus retains a 30% equity interest in the JVA licences and a 2.5% net smelter return (NSR) royalty.
Marvel currently funds exploration activities under the JVA.
LAKANFLA
Lakanfla is 5km east of the company’s 100% owned Diba gold project and 5km southeast of the multi-million ounce Sadiola gold mine.
Altus said that the site hosts a significant number of active and historic artisanal gold workings coincident with major geochemical and gravity anomalies.
Historic drilling, including 9.78 g/t Au over 12m (not true width), has yet to be verified.
The company plans to start exploration soon at Lakanfla.
Altus chief executive Steven Poulton said that the combined Diba and Lakanfla assets in western Mali had the potential to form part of a significant gold mining camp.