The Egyptian Mineral Resource Authority has granted Altus Strategies’ subsidiary Akh Gold four gold exploration licences, comprising nine licence blocks and totalling 1 565 km2, in the eastern desert of Egypt.
The licences target potential historic workings as defined by in-house satellite data review and were awarded as part of a competitive international bidding process. The first phase exploration programmes are currently being planned.
Altus CE Steven Poulton said licences were selected based on the company’s systematic in-house mineral prospectivity mapping programme, which incorporated satellite image interpretation and historic exploration data. All four licence areas host numerous priority targets, including areas with apparent historic artisanal gold workings.
Altus’ decision to expand its activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act.
“It also reflects our belief in the substantial investment opportunity present in the country and is in line with our strategy to continue to grow our diversified portfolio of projects and royalties,” Poulton says.