Altus discovers multiple hard rock gold workings at Zager

Africa-focussed project and royalty generation company Altus Strategies announced the discovery of multiple hard rock gold workings at its 100% owned 285 square kilometre Zager exploration licence on Thursday, which was targeting volcanogenic massive sulphide (VMS) gold deposits, in the Tigray National Regional State of northern Ethiopia.

The AIM-traded firm said hard rock gold workings had been discovered at the recently-granted Zager licence, with the project located within the “highly prospective” geology of the Arabian Nubian shield.

It explained that numerous geophysical anomalies had been delineated, with one coincident with a hard rock working.

Priority targets were also identified along the strike of known deposits, on an adjacent mining licence, with the board confirming that a licence-wide stream sediment sampling programme was underway.

“We are very encouraged to be reporting on such rapid discoveries of hard rock gold workings from what is our first exploration campaign at Zager,” said chief executive Steven Poulton.

“We are also excited that some of these workings are coincident with a historic airborne geophysical target.”

Poulton said the historic geophysical data had defined a number of additional targets within a 27 kilometre-long ophiolite belt which transected the licence, which the firm was now in the process of following up on.

“Zager is located in the heart of a highly prospective region for the discovery of gold-rich VMS deposits and I look forward to updating shareholders on the results from these programmes in due course.”