Altus Strategies plc has increased gold mineralisation and nearly doubled its project area with two new licences at Tabakorole in southern Mali.
Exploration is being funded by Marvel Gold Limited under its joint venture (JV) with Altus which holds a 49% equity interest and 2.5% net smelter return (NSR). ltus holds 49% of the project and a 2.5% NSR royalty.
The mining royalty company today said that diamond drilling at Tabakorole had extended strike by 150m with intersections from six holes totalling 950m include (down-the-hole and not true width):
1.8 g/t gold over 29m from 178m (hole 21TBKRCDD001)
1.22 g/t gold over 12m from 167m (hole 21TBKDD002)
0.90 g/t gold over 39m from 111m (composite of hole 21TBKDD004 intersections)
NEW LICENCES
The JV has increased the Tabakorole JV landholding by 87% with two new contiguous licences at Npanyala and Npanyala West.
Marvel Gold has completed 3,545 line-km of high-resolution ground magnetics, and results are pending of a 5,100m air core drilling programme testing strike extension.
Chief executive Steven Poulton said that the potential of the Tabakorole gold project continued to grow.
“Marvel Gold is aggressively advancing the project, with further drilling already underway targeting near-surface, high-grade intercepts that fall outside of the previously modelled mineralisation.
“These drilling programmes are expected to contribute to an updated MRE in the third quarter of this year.”
“Tabakorole hosts a significant gold resource, which remains open along strike in both directions as well as at depth.”