Altus identifies several gold targets in Egypt's Eastern Desert

The AIM-traded firm’s wholly-owned subsidiary Akh Hold was recently awarded the projects as part of a competitive international bid round undertaken by the Egyptian Mineral Resource Authority (EMRA).

It said systematic remote sensing had been undertaken across the four projects, with major historical gold mining camps identified, including the Bakriyah mining district.

More than 100 potential hard rock gold workings had been identified from satellite imagery, and several “very extensive” hard rock workings were traced up to 375 metres in length.

Altrus said a field team was being assembled to begin systematic exploration in the second quarter of 2021.

“The remote sensing programme was undertaken by the Altus team and has defined over 100 interpreted historical hard rock gold workings, including at least two major historical mining camps,” said chief executive officer Steven Poulton.

“One of these camps is at Bakriyah, where historical reports indicate that mining activities extended discontinuously across a significant area.

“Some of the interpreted hard rock gold workings are clearly visible in the satellite imagery, as arrays of pits and trenches, which can be up to 375 metres long.”

At 1415 GMT, shares in Altus Strategies were flat at 80p.