LONDON: Altus Strategies Plc, the Africa focused project and royalty generator, signed a definitive Joint Venture (JV) agreement with Glomin Services Ltd on the Company’s Lakanfla and Tabakorole gold projects located in western and southern Mali respectively.

The JV Agreement is pursuant to the term sheet between Altus and Glomin as announced by the Company’s on 22 August 2019.

Steven Poulton, Chief Executive of Altus, commented: “We are delighted to have concluded the definitive JV agreement with Glomin which now clears the way for drilling to commence on the Lakanfla and Tabakorole gold projects in Mali in the first quarter of next year. Glomin will have the option to acquire up to an initial 80% interest in each project by completing a definitive feasibility study. In return Altus will receive up to US$1.5M in cash, retain equity in the projects and up to a 2.5% NSR on the Projects.

“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 Au over 26.0m, 9.78 g/t Au over 12.0m and 5.61 g/t Au over 14.5m. Based on our review of historical data, we believe that 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 6km and 35km to the northwest respectively. Separately the Tabakorole project, located in southern Mali, targets a shear zone which is reportedly up to 200m wide and coincident with a 2.7km long gold in soil anomaly. Historical drilling results to date at Tabakorole include 2.92 g/t Au over 60.0m, 3.29 g/t Au over 44.0m and 9.31 g/t Au over 16.0m.

“The Company’s field team is now making the necessary preparations, in association with Glomin, to enable the commencement of drilling at Lakanfla and the ground magnetic survey at Tabakorole.

”This transaction underscores the Company’s strategy of making and monetising discoveries in Africa, while also growing a valuable portfolio of project equity and royalty interests”.