Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) said it discovered multiple high-grade gold prospects from reconnaissance sampling across all four of its projects in Egypt.
The AIM-traded company also said it has been awarded two additional gold exploration licences, increasing its total holdings in Egypt to 1,914km2. All of the licences in Egypt are located in the highly prospective Eastern Desert.
"There are few gold opportunities globally today that are as exciting as those presented in the world-renowned Nubian Shield geology of the Eastern Desert of Egypt,” said chief executive Steven Poulton.
“I am delighted to report that Altus has not only established a robust portfolio of highly prospective projects in this province, now totalling almost 2,000km2, but that our maiden exploration results indicate that we may already be on the tail of a number of potentially significant hard rock gold discoveries.”
Highlights from the sampling programme include:
- The definition of a discontinuous 12km long trend on the Wadi Dubur licence, which has returned grades including 51.10 grammes a tonne (g/t) gold and 17.45 g/t gold
- Mapping of multiple hard rock gold workings within a 30 km long discontinuously mapped shear zone corridor within the Wadi Jundi licence, from which spoil sampling has returned gold grades up to 58.30 g/t and 20.50 g/t
- The discovery of a 2km long discontinuous zone of hard rock artisanal workings on the Gabal Al Shaluhl licence, from which rock chip samples have returned grades of up to 14.75 g/t gold
"Taken together these results from our very first phase exploration programme in Egypt are exceptional,” said Poulton.
Altus has now established its field and corporate offices in Egypt and its team has expanded to include 10 Egyptian geologists, complemented by its UK discovery team, enabling it to run multiple exploration programmes simultaneously across its Egyptian licences.