Altus confirms start of drilling programme at Lakanfla project

The AIM-traded firm said the programme was being funded by Marvel Gold under its joint venture with Altus.

It said it was targeting a karst-style target analogous to Yatela and the FE3 / FE4 deposits at Sadiola, adding that Lakanfla hosted “extensive” hard rock artisanal gold workings.

Historic drilling had returned high grade intersections, including 5.1 grams of gold per tonne over 26 metres from 32 metres, and 4.3 grams of gold per tonne over 18 meters from 34 metres.

A passive seismic geophysical survey across karst-style targets would commence shortly.

Altus said Marvel was earning an initial 33% interest in the project under the joint venture, adding that it retained a 2.5% net smelter return gold royalty on Lakanfla.

“The drilling is targeting a karst-style geological model, defined by an approximate seven kilometre-long long gravity-low that surrounds a granite intrusion,” said chief executive officer Steven Poulton.

“Lakanfla hosts extensive hard rock artisanal gold workings and historic shallow drilling has intersected up to 5.1 grams of gold per tonne over 26 metres.”

Poulton said the karst-style model represented an “exciting target” at Lakanfla, with it analogous to certain pits at Sadiola and the former Yatela gold mine, located six and 30 kilometres to the northwest, respectively.

“The programme is being funded by our ASX-listed joint venture partner Marvel Gold, which is earning an initial 33% interest in the project.

“We look forward to updating shareholders on the results from the drilling in due course.”

At 1209 BST, shares in Altus Strategies were down 4.35% at 55p.