Gold Mining Licence Granted at the Diba Project in Western Mali

2022-04-19 / @thenewswire

(TheNewswire)

19 April 2022 – TheNewswire - Altus Strategies Plc (AIM:ALS), (TSXV:ALTS), (OTC:ALTUF) announces that the Ministry of Mines, Energy and Water of the Republic of Mali (“Ministry”) has issued a small-scale gold mining licence (“Mining Licence”) in respect of the Company’s 100% owned 83.1 square kilometre (“km2”) Korali Sud licence, containing the Diba gold project (“Diba”) located in western Mali. Diba hosts the Diba Deposit, Diba NW and Diba Far East prospects and is located approximately 5km west of the Company’s 100% owned 24km2 Lakanfla gold exploration licence (“Lakanfla"). The Company has commissioned independent consulting firm Mining Plus UK Ltd (“Mining Plus”) of Bristol, United Kingdom to update the Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment (“PEA”) for the combined Diba & Lakanfla project.

Highlights:

Mining Licence granted on the Diba gold project located in western Mali
Current MRE for the Diba Deposit (see Altus’ news release dated 6 July 2020 “Significant Gold Resource at Diba Project, Western Mali”) comprises:
- 4,834,000 tonnes at 1.39 g/t Au for 217,000 ounces in the Indicated category
- 5,479,000 tonnes at 1.06 g/t Au for 187,000 ounces in the Inferred category
Mining Licence granted for initial four year period, renewable until the deposit is depleted
Mining Licence is transferable to third parties with approval from the Ministry
Update of MRE and PEA for combined Diba Lakanfla project underway by Mining Plus
Diba is strategically located in a world-famous gold belt that hosts numerous open-pit mines

Steven Poulton, Chief Executive of Altus, commented:

“We are delighted to have been granted a Mining Licence at our Diba gold project in western Mali. This endorses our royalty generation strategy of adding value to our project portfolio through de-risking and technical validation before transacting with third party developers. With the expiry of the current exploration licence, the Mining Licence provides the Company with long-term security of tenure for the project. This is especially important as an updated MRE and PEA for the combined Diba and Lakanfla project is underway and is due to be published in the next three months. I look forward to updating shareholders on these studies in due course”.

Diba Mining Licence

The Mining Licence is dated 15 April 2022 and was granted to the Company’s 100% owned Mali incorporated subsidiary LGC Exploration Mali SARL in accordance with Mali’s mining code. It covers the full 83.1 km2 extent of the former Diba exploration licence and is valid for an initial four year period, renewable for successive four year periods until the deposit is depleted. The Company’s application for the Mining Licence included various studies and files, including an environmental permit, a mine closure and rehabilitation plan and a community development plan. There are no statutory minimum expenditure commitments under the Mining Licence. The Company retains the option to apply for a full-scale mining licence at a later date, subject to the delineation of a larger MRE. The Mining Licence includes requirements for quarterly and annual operational reports to be submitted to the Ministry. The Company is required to pay an annual surface royalty of 100,000 CFA francs (approximately US$170) per square kilometre. The Mining Licence can be transferred to third parties in accordance with certain conditions set out in Mali’s mining code.

Illustrations

The following figures relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website (www.altus-strategies.com), or in PDF format by following this link: https://altus-strategies.com/site/assets/files/5591/altus_nr_-_diba-_19_apr_2022.pdf

Location of the Diba Lakanfla gold project in western Mali is shown in Figure 1.
Location of the key prospects at the Diba Lakanfla gold project is shown in Figure 2.
Selection of photos from Diba Lakanfla is shown in Figure 3.

Click Image To View Full Size

Figure 1:

Location of the Diba & Lakanfla gold project in western Mali

Figure 2: Location of the key prospects at the Diba & Lakanfla gold project

Click Image To View Full Size

Figure 3: Selection of photos from Diba & Lakanfla

Click Image To View Full Size

Qualified Person

The technical disclosure in this regulatory announcement has been approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.

For further information you are invited to visit the Company’s website www.altus-strategies.com or contact:

Altus Strategies Plc

Steven Poulton, Chief Executive

Tel: +44 (0) 1235 511 767

E-mail: info@altus-strategies.com

SP Angel Corporate Finance LLP (Nominated Adviser)

Richard Morrison / Adam Cowl

Tel: +44 (0) 20 3470 0470

SP Angel Corporate Finance LLP (Broker)

Grant Barker

Rob Rees

Tel: +44 (0) 20 3470 0471

Tel: +44 (0) 20 3470 0535

Shard Capital Partners LLP (Broker)

Isabella Pierre / Damon Heath

Tel: +44 (0) 20 7186 9927

Yellow Jersey PR (Financial PR & IR)

Charles Goodwin / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

E-mail: altus@yellowjerseypr.com

About Altus Strategies Plc

Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. Its differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. Altus has established a global portfolio comprising 33 royalty interests and 27 project interests across nine countries and nine metals. The Company continues to assess royalty acquisition opportunities as well as actively advancing its portfolio of gold and base metal projects across Africa, as part of its ‘boots on the ground’ royalty generation strategy. Altus engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Company or estimates of future performance, may constitute "forward-looking statements". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.

Market Abuse Regulation Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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