Altus Strategies plc said it had made significant broad and high-grade intersections from reverse circulation (RC), aimed to increase mineral resource, at the Tabakorole gold project in southern Mali.
Exploration activities at Tabakorole are funded by Australian miner Marvel Gold Ltd under its joint venture (JV) with Altus, which holds a 49% equity interest and 2.5% net smelter return (NSR) royalty on the project.
The JV partners are drilling to test the potential of increasing the mineral resource estimate along strike in both directions (to the northwest and the southeast).
Intersections from three further holes received to date, (down-the-hole and not true width) show 0.94 g/t over 89m from 18m, including 2.13 g/t over 12m and 1.94 g/t over 18m; and 0.65 g/t over 96m from 56m, including 1.84 g/t over 22m.
Altus added that the results from the remaining 28 holes (3,903m) of the 6,300m RC programme were expected shortly.
The new results are for holes 20TBKRC004, 20TBKRC005 and 20TBKRC006.
| Hole ID | From (m) | To (m) | Intersection (m) | Grade (g/t Au) |
| 20TBKRC004 | 25 | 28 | 3 | 0.79 |
| 38 | 41 | 3 | 1.82 | |
| 106 | 127 | 21 | 0.94 | |
| 20TBKRC005 | 18 | 30 | 12 | 2.13 |
| 53 | 71 | 18 | 1.94 | |
| 97 | 107 | 10 | 1.55 | |
| 20TBKRC006 | 10 | 13 | 3 | 2.00 |
| 56 | 64 | 8 | 0.71 | |
| 77 | 99 | 22 | 1.84 | |
| 141 | 152 | 11 | 0.67 |
“These are very encouraging drilling results from the Tabakorole gold project in southern Mali, “said Altus chief executive Steven Poulton.
“Tabakorole hosts a significant gold resource, which is open along strike in both directions as well as at depth.
“These holes are expected to improve the modelled mineralised grades and widths in a portion of the ore body, which had previously only been sparsely drilled.
“Importantly, the mineralisation encountered is also near surface, which will assist with any potential open pit mining scenario.
“The drilling programme at Tabakorole is designed to test the potential for expanding the current mineral resource along strike and at depth.”
He added that Marvel Gold was undertaking a further five-hole, 750m, diamond drilling programme in the southeast of the deposit followed by an air core programme to test potential strike extensions.
The 6,300m RC drilling programme at Tabakorole by Marvel Gold is part of the JV Stage-3 earn-in.
TERMS OF JOINT VENTURE
Marvel Gold has the right to earn up to an 80% interest in Tabakorole by sole funding four stages of exploration, culminating in a definitive feasibility study, and by making certain cash (or cash plus Marvel Gold shares) payments to Altus.
Thereafter, Altus has the right to co-fund or dilute its 20% interest in the project.
Altus also retains a 2.5% NSR royalty on the project. Marvel Gold will have the right to reduce the royalty to 1.0% for a payment to Altus of between US$9.99 million and US$15.00 million (subject to the size of the resource at Tabakorole).
Marvel Gold has currently earned a 51% interest in the project.