Dual-listed Altus Strategies has issued two-million ordinary shares to Malian company Agmex in return for a 2% net smelter return (NSR) royalty held by Agmex over Altus’ 100%-owned 24 km2 Lakanfla gold project, in western Mali.
Agmex had previously agreed to sell its 3% NSR royalty over the project to Altus, which retains the option to acquire the remaining 1% NSR royalty.
"We are pleased to have concluded the acquisition of a 2% NSR royalty on our Lakanfla gold project,” commented Altus CE Steve Poulton.
Lakanfla is subject to an earn-in and royalty joint venture (JV) with Glomin Services and is located 6 km southeast of the Sadiola gold mine and 5 km east of Altus’ Diba oxide gold project.
Lakanfla contains a significant area of artisanal gold workings and historical drilling has returned good results, Poulton noted.
“Based on our review of the project's historical data, we believe Lakanfla has the potential to host a substantial karst-style gold target, analogous to the adjacent openpits at Sadiola.
“Preparations for a Phase 1 drilling programme at Lakanfla are now under way, as part of the JV we recently announced with Glomin,” he said.