(Mining Technology) – Africa-focused mineral exploration company Altus Strategies subsidiary Altau Resources has been granted a three-year exploration license for the Zager copper and gold prospect in Ethiopia.
Zager deposits are located in the Tigray National Regional State of northern Ethiopia. It is nearly 175km north-west of the Tigray Region capital of Mekelle and 610km north of Ethiopia’s capital city Addis Ababa.
The geology of Zager hosts the Bisha mine, which is owned by Zijin Mining, and the Asmara project owned by Sichuan Road & Bridge Mining Investment Development Corporation, in Eritrea, approximately 135km north and north-east of Zager.
Zager is also 15km north-west of the Harvest polymetalic Volcanogenic Massive Sulphide (VMS) project.
Granted to Altau Resources, the exploration license covers an area of approximately 285km² in northern Ethiopia. Following the three-year period, this license, which targets volcanogenic massive sulfide hosted copper and gold deposits, can be renewed twice for one year each, subject to a 25% reduction in area upon each renewal.
Additional renewals are based on the discretion of the Ministry and subject to satisfying certain work programs.
This area hosts 27km of long mafic and ultramafic ophiolite belt within the Arabian Nubian Shield.
Altau has identified priority exploration targets and artisanal gold workings and confirmed that first phase reconnaissance and sampling programs would start very soon
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About Altau Resources
Altau Resources is a mineral exploration company focused on defining economic mineral resources in Ethiopia, a well-developed jurisdiction with modern infrastructure and underlying geology that is prospective for base and precious metal deposits. As part of the Altus Strategies group of companies, our business model is to make discoveries prior to entering joint ventures with trusted partners in order to advance the subsequent phases of project and mine development.