Aim-, TSX-V- and OTCQX-listed Altus Strategies has entered into an amended joint venture (JV) and earn-in agreement with ASX-listed Marvel Gold.
The companies had initially entered into a JV agreement in June 2020.
Under the terms of the amended agreement, the JV now comprises the Tabakarole project and two contiguous gold licences in Mali.
Marvel holds a 70% equity interest in the JV licences and retains the right to increase its holding to 80% by sole funding a definitive feasibility study on the licences.
Altus retains a 30% equity interest in the licences and holds a 2.5% net smelter return royalty on these licences.
Exploration activities under the JV are currently being sole funded by Marvel.
Following the signing of the JV, Altus now holds a 100% interest in the Lakanfla gold project, in western Mali.
"We are excited to retain a 100% interest in the highly prospective Lakanfla gold project, from which historic drill intersects include 9.78 g/t gold over 12 m and 5.20 g/t gold over 16 m (not true widths).
"Lakanfla is strategically located in a world-renowned gold belt in western Mali, approximately 5 km east of our 100%-owned Diba gold project, which is currently the subject of a resource expansion drilling programme, and 6.5 km southeast of the multimillion-ounce Sadiola gold mine. Our field teams will be commencing a high-priority exploration programme at Lakanfla imminently, as the combination of the Diba and Lakanfla assets has the potential to form part of a significant gold mining camp," Altus CEO Steven Poulton says.