Altus finds high grade gold prospects on Egypt licences

Altus Strategies plc said it had discovered multiple high grade gold prospects from reconnaissance sampling across all four of the company’s projects in the Eastern Desert, Egypt.

ADDITIONAL LICENCES

The company added it had been awarded two further gold exploration licences, totalling 349 km^₂, taking the aggregate holdings in Egypt to 1,914 km^₂.

Altus’s 100% owned subsidiary Akh Gold Ltd holds all the licences with six key project areas.

RESULTS

The company mapped more than 100 hard rock artisanal gold workings with grades of up to 100 g/t gold.

Altus said that the results indicated the potential for several multi-kilometre long prospective structures.

The company’s highlighted results include:

– the definition of a discontinuous 12km long trend on the 175 km^₂ Wadi Dubur licence, where sampling of numerous active and historical hard rock gold workings returned grades including 51.10 g/t Au and 17.45 g/t Au

– mapping of multiple hard rock gold workings within a 30km long discontinuously mapped shear zone corridor within the 696 km^₂ Wadi Jundi licence. Spoil sampling returned grades up to 58.30 g/t Au and 20.50 g/t Au, with rock chip results including 20 g/t Au and 9.53 g/t Au.

– the discovery of a 2km long discontinuous zone of hard rock artisanal workings on the 348km^₂ Gabal Al Shaluhl licence, from which rock chip samples have returned grades of 75 g/t Au, 9.18 g/t Au and 6.16 g/t Au.

CAMPAIGN

Altus added that an operational team was fully established and expanded to include 10 Egyptian geologists and two field offices.

An “aggressive exploration campaign” is underway to define and prioritise potential drill targets.

NUBIAN SHIELD

“There are few gold opportunities globally today that are as exciting as those presented in the world-renowned Nubian Shield geology of the Eastern Desert of Egypt,” said chief executive Steve Poulton.

“Our maiden exploration results indicate that we may already be on the tail of a number of potentially significant hard rock gold discoveries.

“Taken together these results from our very first phase exploration programme in Egypt are exceptional.

“We have now established our field and corporate offices in Egypt and our team has expanded to include ten exceptional Egyptian geologists, complemented by our UK discovery team.

“We are now able to run multiple exploration programmes simultaneously across our extensive Egyptian licence portfolio.”