Altus enters into JV with Glomin for Mali projects
TSX-V- and Aim-listed Altus Strategies has signed a definitive joint venture (JV) with Glomin Services for the Lakanfla and Tabakorole gold projects in Mali.
The terms of the JV include that Altus will receive up to $1.4-million in milestone cash payments. Altus will retain some equity and a 2.5% net smelter return royalty on the projects.
Altus will be the operator of the JV during the initial earn-in period, while Glomin works to earn up to 80% interest in the projects by completing a definitive feasibility study.
The partners plan to start a 3 500 m drill campaign at Lakanfla during the first quarter of next year.
Ground magnetics will start at Tabakorole in the first quarter, followed by 1 500 m of drilling.
"Strategically located adjacent to the world-renowned Sadiola gold mine, in western Mali, at which oxide resources are reportedly now exhausted, the Lakanfla project contains a major area of historical artisanal gold workings. Historical drilling results include 5.10 g/t gold over 26 m, 9.78 g/t gold over 12 m and 5.61 g/t gold over 14.5 m.
“Based on our review of historical data, we believe Lakanfla hosts a potentially substantial karst-style gold target, analogous to the adjacent FE3 and FE4 pits of the Sadiola mine and the former Yatela mine, located just 6 km and 35 km to the northwest, respectively,” says Altus CE Steven Poulton.
Meanwhile, the Tabakorole project, located in southern Mali, targets a shear zone which is reportedly up to 200 m wide and coincident with a 2.7-km-long gold-in-soil anomaly.
Historical drilling results, to date, at Tabakorole include 2.92 g/t gold over 60 m, 3.29 g/t gold over 44 m and 9.31 g/t gold over 16 m.
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