Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) reported “encouraging” drilling results from the Lone Wolf prospect at the Tabakorole gold project in southern Mali.
Altus holds a 2.5% net smelter return royalty and a 30% equity interest in the project.
Results from five drill holes included 14 metres (m) at 4.9 grams per tonne (g/t) gold from a depth of 33m and 10m at 1.9 g/t gold from 55m.
Mineralisation at the Lone Wolf prospect remains open along strike and at depth.
Exploration activities at Tabakorole are being funded by Marvel Gold Ltd (ASX:MVL) under a joint venture with Altus.
"We are delighted with the progress being made by Marvel at our Tabakorole gold royalty and JV project in Mali,” said Altus chief executive Steven Poulton.
“The recent RC [reverse circulation] drilling results are highly encouraging including a wide, high grade and shallow intersection of 14m at 4.9 g/t from 33m.”
The drilling was designed to test the potential to extend the Tabakorole deposit. Tabakorole is already known to host 665,000 ounces of gold in the inferred category and 360,000 ounces at the more certain indicated level.
A follow up geophysical survey is being planned ahead of further drilling.