Altus Strategies plc: Canyon Announces JORC Resource at Minim Martap Bauxite Project in Cameroon
TSX VENTURE: ALTS
DIDCOT, UK / ACCESSWIRE / September 24, 2018 / Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa focused exploration project generator, announces that Canyon Resources Ltd ("Canyon") the Company's Joint Venture partner on the Company's Birsok ("Birsok") bauxite project in central Cameroon, has reported a JORC (2012) compliant resource on the potentially substantial Minim Martap bauxite project (the "Minim Martap project"), which is located contiguous to the Birsok project.
Highlights, as reported by Canyon:
- JORC (2012) compliant resource of 550MT at an average grade of 45.5% total Al2O3 and total 2.06% SiO2, comprising:
- Indicated 88MT averaging 41.8% Al2O3 and 1.3% SiO2
- Inferred 466MT averaging 46.2% Al2O3 and 2.2% SiO2
- Mineral Resource upgrade from JORC 2004 to JORC 2012 completed by SRK Consulting (Australasia)
- Potential to significantly increase resource tonnage with only 40% of available bauxite plateaux previously tested
- Potential to target very high-grade bauxite zones on new plateaux and within the existing resources
- The Minim Martap bauxite is suitable for processing in low temperature refineries
A link to Canyon's full news release on the Australian Stock Exchange ("ASX") is here: Click Here
Steven Poulton, Chief Executive of Altus, commented:
"The updated JORC 2012 resource statement as announced by ASX listed Canyon Resources testifies to the potential world class nature of the Minim Martap bauxite project. Our existing Birsok bauxite project is located contiguous with Minim Martap and is presently the subject of a joint venture with Canyon. Drilling by Canyon at Birsok has delineated a number of high grade bauxite plateaux with results including 48.8% Al over 6m with low reactive silica of 1.8%. Discussions are underway with Canyon in respect of vending the joint venture into Canyon. Altus presently holds 8,000,000 shares in Canyon which have a current market value of £1.0M / C$1.7M. We look forward to updating shareholders on the discussions in due course."
The resource figures disclosed in this news release are not in accordance with NI 43-101.
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 has over 19 years of experience in mineral exploration and is a Qualified Person under the AIM rules and National Instrument 43-101 under the rules of the TSX.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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
SP Angel (Nominated Adviser)
Richard Morrison / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Richard Parlons / Jonathan Williams
Tel: +44 (0) 20 3470 0471
Blytheweigh (Financial PR)
Tim Blythe / Camilla Horsfall / James Husband
Tel: +44 (0) 20 7138 3204
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed, diversified and Africa focused mineral exploration project generator. 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 and royalties, diversified by commodity and by country. Altus currently has eighteen projects in six commodities across six countries. 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking information. 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 programs on schedule and the success of exploration programs. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.
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