Altus Strategies plc said it was planning the first phase of exploration after it received four gold exploration licences across nine licence blocks totalling 1,565 km2 in the Eastern Desert of Egypt.
LICENCES
All four licences, which are between 30km and 100km of the Red Sea coast, are for an initial two-year term and renewable for up to two further periods each of two years duration.
The Egyptian Mineral Resource Authority (EMRA) granted the licences to the company’s 100% owned subsidiary Akh Gold Ltd.
Altus said that the licences targeted potential historic workings as defined by in-house satellite data review.
Wadi Jundi consists of four licence blocks covering 696 km2; Bakriyah – two licence blocks over 348km2; Abu Diwan – two licence blocks for 346km2; and Wadi Dubur – one licence block over 175km2.
Altus said that the Eastern Desert hosted the historic El Sid gold mine, which reportedly contributed around 45% of Egypt’s gold production during the 20th century.
The region currently hosts the Sukari gold mine operated by Centamin plc.
SUBSTANTIAL
Altus chief executive Steven Poulton added that the awards followed a competitive international bidding process which included major gold mining groups.
“Our decision to expand our activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act.
“It also reflects our belief in the substantial investment opportunity present in the country and is in line with our strategy to continue to grow our diversified portfolio of projects and royalties.
“Our technical team will commence the planned first phase gold exploration programmes at the earliest opportunity.”