Altus Strategies plc announced it would be awarded a number of gold exploration licences in the Eastern Desert of Egypt.
AGREEMENTS
The Egyptian Mineral Resource Authority (EMRA) will make the award to the company’s 100% owned subsidiary, Akh Gold Ltd.
Altus said it was working with EMRA over entering into the definitive exploration licence agreements.
OPPORTUNITY
Chief executive Steven Poulton added that the gold prospectivity of Egypt and of the wider Arabian-Nubian shield dated from the Pharaonic era to the Sukari gold mine operated by Centamin.
“The licences were selected following a systematic in-house target generation programme, incorporating satellite and historic exploration data.
“This work identified numerous priority targets, including areas with apparent significant historic artisanal gold workings.
“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.”
Mr Poulton added that once the licence agreements had been received the company’s field teams would begin the planned first phase gold exploration.
ALTUS STRATEGIES
Altus Strategies is a mining project and royalty generator with mineral projects in covering Cameroon, Liberia, Ethiopia, Morocco, the Ivory Coast, West and South Mali.
The company focuses on gold, copper, iron ore, bauxite, zinc, silver and nickel.