Golden Minerals

Altus Strategies plc Provides Exploration Update for Tigray Project in Ethiopia

Oxfordshire, England / November 30, 2017/ JMN Wire / Altus Strategies Plc (AIM: ALS) (‘Altus’ or the ‘Company’) announces an exploration update for its 100% owned, 322km2 Tigray-Afar Cu-Ag-Au project (the ‘Project’) in northern Ethiopia.


  • Recently discovered hard rock artisanal copper workings at the Asagara prospect
  • Semi-continuous copper mineralisation up to 5.58% Cu mapped for 2.0km at Asagara
  • Gold grades from grab samples up to 13.5 g/t Au returned from Agamat prospect
  • Further mapping and sampling planned at Agamat

Steven Poulton, Chief Executive, commented:

“The discovery of hard rock artisanal copper workings at the Asagara prospect is highly encouraging, with sampling returning grades up to 5.58% Cu. Further channel sampling will be undertaken across the outcrop to assess the potential widths of mineralisation in order to direct a trenching programme planned for Q1 2018. The gold potential of the Agamat prospect (located 8km southwest of Asagara) has not yet been systematically explored, despite high grade gold grab samples up to 13.5 g/t Au and the presence of shearing. The next phases of work will include mapping of the mineralised structures to define targets for channel sampling. We look forward to updating shareholders with the progress from these programmes in due course.”

The following figures have been prepared and relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website ( or in PDF format by following the link below: Click Here

- The location of the Company’s projects in Northern Ethiopia is shown in Figure 1.
- An overview of the Asagara copper prospect is shown in Figure 2.
- An overview of the Agamat gold prospect is shown in Figure 3.
- Photos from the Asagara copper and Agamat gold prospects are shown in Figure 4.

Asagara Copper Prospect

Mapping and prospecting during the third quarter of 2017 has identified two areas of newly developed artisanal copper workings. Groups of up to 50 miners have been reportedly excavating copper oxide mineralisation. Secondary copper sulphide minerals have also been identified in hand specimen. Rock chip samples collected by the Company from the workings have returned grades up to 5.58% Cu.

Geological mapping at Asagara has identified semi-continuous oxide copper mineralisation over a strike length of 2.0km over widths of up to 20 and a parallel zone of 0.6km strike length which is up to 15m wide. The prospect remains open to the north and to the south. Scout channel sampling by the Company has returned grades including 8m @ 0.56% Cu, starting and ending in mineralisation and 5m @ 0.77% Cu. Channels were limited to areas of outcrop, no trenching was undertaken as part of this programme due to extensive soil cover. The next stage of work by the Company will be to extend the current channel samples through trenching to determine the true width of mineralisation.

Agamat Gold Prospect

Previous work at the Agamat prospect has identified a zone of shearing, from which rock chip samples have included grades of 13.5 g/t Au, 9.5 g/t Au and 7.7 g/t Au have been returned. The Agamat prospect is associated with a significant VTEM anomaly striking north-south for approximately 5km. To the south of the VTEM anomaly are gossanous outcrops within a tectonised zone up to 60m wide. Visible gold and intense carbonate-silica-pyrite (+/- gold) alteration have been observed within this zone. The next stage of work by the Company will be to extend the mapped shear zones, with the aim of undertaking a systematic channel sampling programme.

Figure 1. Location of the Company's projects in Northern Ethiopia


Figure 2. Overview of the Asagara copper prospect, Tigray Afar

altus strategies asagara prospect 2017

Figure 3. Overview of the Agamat gold prospect, Tigray Afar

altus strategies tigray afar agamat au prospect 2017

Figure 4. Photos from the Asagara copper and Agamat gold prospects, Tigray Afar


A: Stock pile of oxide copper mineralisation from artisanal workings (Asgara copper prospect)
B: Mineralised outcrop (Asagara copper prospect)
C: General topography (Agamat gold prospect)
D: Quartz veining (Agamat gold prospect)

Project Location

The Tigray-Afar licence is located along the border of the Tigray and Afar provinces in northern Ethiopia, 45km north of the regional centre of Mekele, 65km north of Africa's largest wind energy project at Ashegoda and 580 km north of the capital Addis Ababa. Mekele has a population of 65,000 and strong communication links, being served by a daily flight to and from Addis Ababa, a main road which runs from Addis Ababa to Asmara in Eritrea and is only 50km from the planned railway connection to Djibouti.

Geological Setting

The Project is situated within prospective Proterozoic volcano-sedimentary terrains that form part of the Arabian Nubian Shield. These rocks host a number of notable mineral deposits in the region, including the Bisha and Asmara VMS copper-gold deposits in Eritrea, approximately 250km north of the Project as well as the Sukari gold deposit in Egypt and the Jabal Sayid copper-gold project in Saudi Arabia.

About the Tigray-Afar Project

The Project area was selected by the Company on the basis of the presence of a major regional shear zone, coincident with locations of anomalous copper occurrences defined by Ethiopian Geological Survey in the 1980s. The project hosts the 'Italian Pit', an 80m long and up to 15m wide historical open pit copper mine, believed to have been worked by the Italians during the 1930s.

Four distinct copper-silver prospects have been defined to date at the Project with grades of up to 22 % Cu and 102 g/t Ag from surface sampling. Rock chip channel results have include 28m at 0.75% Cu, 31m at 0.50% Cu, 4m at 3.22% Cu & 6m at 1.46% Cu. Drilling at Tigray-Afar has returned grades of up to 1.53% Cu over 15.5m and 1.22% Cu over 11.9m. At least two stacked shallow dipping manto-style reefs of mineralised metavolcanics, with a cumulative width of at least 40m have been discovered a the Slater prospect. Mineralisation is associated with intense silicification and epidotisation and is accompanied by strong foliation textures and brecciation, in common with typical manto-style ore bodies in South America.

The Agamat Cu-Ag-Au prospect located in the north of the Project area and hosts copper mineralisation coincident with axial planar shearing, along fold hinges and which appears to show a general association with specular haematite, pyrite and/or quartz veining proximal to the fold hinges. Surface grades of up to 8.7% Cu, 99 g/t Ag and 13.5 g/t Au have been returned. Diamond drilling at the prospect has returned a best intersect to date of 0.70% Cu over 28.15m.

Qualified Person

The technical disclosure in this regulatory announcement has been read and 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 a Fellow of the Geological Society of London. He has over 18 years of experience in mineral exploration and is a Qualified Person under the AIM rules and under National Instrument 43-101.

About Altus Strategies Plc

Altus is a diversified and Africa focused project generator in the natural resource sector. Through our subsidiaries we discover new projects and attract third party capital to fund their growth, development and ultimately exit optionality. This strategy enables Altus to remain focused on the acquisition of new opportunities to be fed into the project generation cycle and aims to minimise shareholder dilution. Our business model is designed to create a growing portfolio of well managed and high growth potential projects which is diversified by commodity and by country. We aim to position our shareholders at the vanguard of value creation, but with significantly reduced risks traditionally associated with investments in the mineral exploration sector.

The following is a summary of the Company’s key projects:

Cameroon - Gold

The Company holds the 189km2 Laboum gold exploration licence in northern Cameroon through its 99% owned subsidiary Auramin Ltd. At Laboum an approximately 18km and 5km wide long gold-bearing shear zone has been discovered. In addition close to 1km of quartz veins have been discovered. High resolution ground geophysics and a concurrent gold in soil survey are defining priority targets for a systematic trenching programme. The Laboum licence hosts a number of artisanal gold mining sites and grab samples have returned grades up to 24.50 g/t Au from quartz veins and 6.86 g/t Au from the sheared metasedimentary rocks respectively.

Morocco - Copper

The Company holds the 60km2 Agdz copper-silver exploration licence in central Morocco through its 100% owned subsidiary Aterian Resources Ltd. Five prospects have been defined to date, the best of which retuned grades up to 8% Cu, 448 g/t Ag and 3.74 g/t Au. The project is located close to a number of operating mines, notably the recently commissioned Bouskour Cu-Ag mine located 14km NE of Agdz.

Ethiopia - Copper

The Company holds the 322km2 Tigray-Afar and Negash copper-silver-gold exploration in northern Ethiopia through its 100% owned subsidiary Altau Resources Ltd and 97.3% owned subsidiary Aluvance Ltd respectively. Four distinct prospects have been identified to date, returning grades of up to 22 % Cu and 102 g/t Ag from surface sampling. Channel results have include 28m at 0.75% Cu, 31m at 0.50% Cu, 4m at 3.22% Cu & 6m at 1.46% Cu and drilling has returned grades of up to 1.14% Cu and 10.2 g/t Ag over widths up to 15.5m. The Company also holds the 412km2 Daro exploration licence, also located in northern Ethiopia, which targets VMS style deposits.

Cameroon - Bauxite

The Company holds the 601km2 Birsok & Mandoum bauxite exploration licences in central Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The Birsok & Mandoum licences are subject to a joint venture agreement with ASX-listed Canyon Resources Ltd. The project is within 10km of an operating rail line to the port of Douala on the Atlantic Ocean.

Liberia - Gold

The Company holds the 639.6km2 Bella Yella and 732km2 Zolowo gold exploration licences in north western Liberia through its 99% owned subsidiary Auramin Ltd. Both licences target targeting Archaean greenstone-hosted gold deposits. At Bella Yella a 7.5km NE-SW striking gold in soil anomaly has been defined. A number of artisanal gold workings have been discovered, from which rock chip assay results have returned grades up to 233 g/t Au. Zolowo hosts a 33km long greenstone belt, a number of drainages from which host significant artisanal alluvial workings.

Cameroon - Iron Ore

The Company holds the 400km2 Bikoula & Ndjele iron ore exploration licences in southern Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The project hosts an independent (JORC 2012 compliant), inferred mineral resource estimate comprising 46Mt @ 44% Fe completed by Coffey Mining South Africa (Pty) Ltd in a report entitled “Mineral Resource Estimation and Classification of the Bikoula Iron Ore Project in Cameroon”. The resource estimate is from less than 25% of the 17km long target as identified from airborne geophysics.

Morocco - Other

The Company holds 226km2 across five exploration licence throughout Morocco through its 100% owned subsidiary Aterian Resources Ltd. The licences areas are prospective for zinc, lead, copper, tin, tungsten and gold. Grades from these licences include 8.15% Pb, 4.48% Zn, 9.18% Cu and 9.61 g/t Au.


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