UK-based Altus Strategies (AIM: ALS, TSX-V: ALTS) announced the discovery of what the company calls "the Simret silver prospect" at its 100%-owned Daro project, located in the Tigray Regional State of northern Ethiopia.
In a media statement, the project generator said that Simret showed silver grades that include 944 g/t Ag and 540 g/t Ag, which were taken from rock chip sampling of quartz veins. Lead and gold were also present with grades including 3.55 g/t Au and 2.72% Pb.
This prospect was discovered following a licence-wide stream sediment sampling programme covering 320km2, which was undertaken earlier this year.
"Geological mapping and stream sampling indicate the potential strike length of the Simret prospect is approximately 2.8km and 0.5km in width. The prospect is located approximately 3km south of our existing Teklil prospect. At Teklil we have mapped copper oxide mineralisation and discontinuous gossanous outcrop for over 900m in strike length," Altus CEO, Steven Poulton, said in the brief.
Poulton also said that besides this field programme, the company is planning to complete a multi-spectral remote sensing analysis of the Daro licence using Sentinel satellite data.
Daro is situated within the Neo-Proterozoic Nakfa Terrane, at a junction between two major tectonic blocks and comprises a series of metasedimentary and metavolcanic rocks, affected by thrusting and intrusion of the Rama granite.
According to Altus, the Nakfa Terrane hosts a number of significant VMS base metal and gold deposits and mines. These include Bisha, a polymetallic mine operated by Nevsun Resources (TSX: NSU), the Harvest and Adyabo projects, being advanced by East Africa Metals (TSX-V:EAM), and the Asmara project being advanced by Sichuan Road & Bridge Mining Investment Corp.