Aim- and TSX-listed African mining royalty generator Altus Strategies reports high-grade gold results from its air core drilling campaign, the results of which extend the strike length of the FT prospect, at the company's Tabakorole gold project, in southern Mali, by 600 m.
Tabakorole sits on the Massagui belt, which hosts the Morila gold mine that is operated by Barrick Gold and is located about 100 km to the north. The project is also 125 km southeast of the Yanfolila gold mine, which is operated by Hummingbird Resources and 100 km east of the Kalana gold project, which is operated by Endeavour Mining.
The drill programme was completed under a joint venture between Altus and ASX-listed Graphex Mining.
The results of the drill campaign intercepted gold at a grade of 6.2 g/t over 6 m and at a depth of 14 m, with the intersection extending along strike potential of the FT prospect by 600 m to about 3 km.
The drill programme has defined a 28-m-wide target coincident with the key magnetic anomaly.
Historical drilling at the FT prospect recorded a gold grade of 9.31 g/t over 16 m, a grade of 9.84 g/t over 14 m and a grade of 2.91 g/t over 60 m.
In addition, Graphex has completed an eight-hole, 1 544 m diamond drilling programme at Tabakorole, with the assay results expected soon.
The programme was designed to test the potential for high-grade plunge extensions, infill known gaps in the historic resource model and test the potential of the northwest strike extension.
Graphex intends to incorporate these results into an updated mineral resource estimate on the project in accordance with the 2012 Joint Ore Reserves Committee Code and National Instrument 43-101.
Following this, an updated mineral resource estimate on Tabakorole will also be completed by Graphex.
As part of the JV, Graphex is earning an initial 33% interest in the project.
Most recently, in March a high-resolution ground magnetics survey was completed over the northern part of the Tabakorole licence. This survey defined an apparent continuation of the magnetic anomaly which is coincident with the known gold mineralisation within the FT prospect.