Aim- and TSX-V-listed African mining royalty generator Altus Strategies reports that it has received “encouraging” results from a 19-hole drilling programme that spans 3 400 m at its joint venture (JV) at the Tabakorole gold project, in southern Mali.

Altus CE Steven Poulton says that, of particular significance for the current drill programme, which is still under way, is the discovery of a new zone of mineralisation 3 km to the southeast of the main deposit.

“This discovery represents just one of numerous targets that have been defined to date, based on soil and geophysical anomalies, and underscores our confidence that the deposit at Tabakorole will continue to grow.”

The results from the first six holes received to date, over 1 126 m, include gold mineralisation of 13 m at a grade of 2 g/t from 174 m, 4 m at a grade of 3.9 g/t from 110 m, and 4 m at a grade of 2.8 g/t from 29 m.

In addition, the project has also seen a 177-hole air core (AC) drilling programme being completed, totalling 5 148 m.

The results of this programme include findings of 4 m of gold mineralisation at a grade of 2.7 g/t from 20 m and 4 m at a grade of 1.3 g/t from 8 m.

Altus holds a 49% equity interest and 2.5% net smelter return royalty on the project, whose exploration activities are being funded by ASX-listed Marvel Gold, under the JV with Altus.

The AC holes were drilled about 3 km southeast of the main Tabakorole deposit, with the project hosting a mineral deposit for which a mineral resource estimate (MRE) has been generated.

This MRE comprises 16.6-million tonnes at a grade of 1.2 g/t for 620 000 oz in the inferred category, and 7.3-million tonnes at a grade of 1.2 g/t for 290 000 oz in the indicated category.

Altus reports that the MRE is to be updated with the results from the recent and planned drilling programmes.

“Marvel Gold is aggressively advancing the project through a number of drilling programmes and these are expected to contribute to an updated MRE later in the year,” Poulton says.