Altus Strategies up on Tabakorole drilling results

The AIM-traded firm said the drilling was completed by the ASX-listed Graphex Mining, under its joint venture with Altus.

It said the eight-hole, 1,544 metre diamond drilling programme included intersections of 4.7 grams of gold per tonne over 14 metres, and 1.2 grams per tonne over 31 metres.

A potential 600 metre-long north-west extension was confirmed, with 1.2 grams of gold per tonne over 12 metres.

Altus said the project remained open along strike and down dip, adding that an updated mineral resource estimate on Tabakorole was now being prepared.

Graphex was earning an initial 33% interest in the project under the joint venture, with Altus holding a net smelter return gold royalty on Tabakorole.

“We are encouraged to report the high grades and broad widths of gold mineralisation intersected from the recent drilling programme at Tabakorole,” said chief executive officer Steven Poulton.

“The programme was financed and completed by our ASX-listed joint venture partner Graphex Mining, which is earning an initial 33% interest in the project.”

Poulton said the intersection of 4.7 grams of gold per tonne over 14 metres, within a wider envelope of 38 metres averaging 2.1 grams per tonne, was “excellent”.

“The results have also extended a high-grade plunge that was not previously modelled in the 2007 historical mineral resource estimate.

“An updated independent mineral resource estimate is now being prepared, which will include results from the 11,736 metres of reverse circulation and 1,936 metres of diamond drilling that have occurred at Tabakorole since 2007.”

At 1324 BST, shares in Altus Strategies were up 24.8% at 78p.