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Altus Strategies Plc have announced the signing of an amended Joint Venture and Earn-In Agreement (“JVA”) with Marvel Gold (“Marvel”) (ASX: MVL). The JVA replaces the original joint venture agreement entered into on 17 June 2020. The JVA now comprises the Tabakorole gold project (“Tabakorole”) and two contiguous gold licences for a total of 292 square kilometres (“km2”) (together the “JVA Licences”) located in southern Mali. Marvel holds a 70% equity interest in the JVA Licences and retains the right to increase their holding to 80% by sole funding a Definitive Feasibility Study (“DFS”) on the JVA Licences. Altus retains a 30% equity interest in the JVA Licences and holds a 2.5% Net Smelter Return (“NSR”) royalty on these licences. Exploration activities under the JVA are currently being sole funded by Marvel.
Altus now holds, following signature of the JVA, a 100% interest in the highly prospective Lakanfla gold project (“Lakanfla”) in western Mali. Lakanfla is strategically located approximately 5 kilometres (“km”) east of the Company’s 100% owned Diba gold project, which is currently subject to a resource expansion drilling programme by the Company.
•Amendment to JVA between Altus and Marvel on gold projects in Mali
•JVA now applies to the Tabakorole licence and two contiguous licences in southern Mali
•Marvel’s interest in the JVA Licences is now 70%, which can be increased to:
o 75% by sole funding US$5 million on exploration by 17 December 2023
o 80% by sole funding a Definitive Feasibility Study (“DFS”)
•Tabakorole hosts a mineral deposit for which a Mineral Resource Estimate (“MRE”) has been generated comprising:
o 17,300,000 tonnes at 1.2 g/t gold (“Au”) for 665,000 ounces in the Inferred category
o 9,200,000 tonnes at 1.2 g/t Au for 360,000 ounces in the Indicated category
•The deposit subject to the MRE is open in parallel zones and at depth, with 70% situated within 150 metres (“m”) of surface
•Preliminary high metallurgical recoveries indicate a simple processing flowsheet
•Altus retains a 2.5% NSR royalty on the JVA Licences
•Marvel has the right to buy back up to 1.5% of the NSR royalty for up to US$15 million
•Altus now holds a 100% interest in Lakanfla gold project in western Mali
•Historic drilling at Lakanfla includes 9.78 g/t Au over 12m (not true width)
•Lakanfla is strategically located approximately:
o 5.0km east of the Company’s Diba gold project which is currently being drilled
o 6.5km southeast of the multi-million ounce Sadiola gold mine (mineralisation hosted at Diba and Sadiola is not necessarily indicative of mineralisation hosted at Lakanfla)
•Altus plans to commence exploration at the Lakanfla project imminently