Altus Strategies Plc announces gold discoveries in northern Ethiopia

Altus Strategies Plc

Altus Strategies Plc, the Africa focused project and royalty generator, announces the discovery of multiple hard rock gold workings at its 100% owned, 285km2 Zager exploration license (“Zager”) which is targeting Volcanogenic Massive Sulfide (“VMS”) gold deposits in the Tigray National Regional State of northern Ethiopia.

Highlights:

  • Hard rock gold workings discovered at recently granted Zager license
  • Project located within the highly prospective geology of the Arabian Nubian shield
  • Numerous geophysical anomalies delineated with one coincident with a hard rock working
  • Priority targets identified along strike of known deposits on an adjacent mining license
  • License wide stream sediment sampling program underway

Steven Poulton, Chief Executive of Altus Strategies Plc, commented:

“We are very encouraged to be reporting on such rapid discoveries of hard rock gold workings from what is our first exploration campaign at Zager. We are also excited that some of these workings are coincident with a historic airborne geophysical target. The historic geophysical data has defined a number of additional targets within a 27km long ophiolite belt which transects the license, which we are now in the process of following up on. Zager is located in the heart of a highly prospective region for the discovery of gold-rich VMS deposits and I look forward to updating shareholders on the results from these programs in due course.”

Exploration update
The Company’s field teams have completed a maiden program of prospecting and ground truthing on the recently granted Zager exploration license in northern Ethiopia. This program has resulted in the discovery of five hard rock artisanal gold workings, two of which have shafts estimated to be up to 15m deep. These workings primarily target steeply dipping northeast trending quartz veins and veinlets hosted within highly foliated slate units. The Company’s geologists have also identified copper sulfide minerals in hand specimen, including chalcopyrite and bornite. Zager is located contiguous with the Adyabo license, operated by East Africa Metals Inc. and which hosts the Da Tambuk and Mato Bula gold rich polymetallic VMS deposits. The workings are broadly coincident with an anomaly defined by a historic helicopter-borne ‘AeroTEM’ electromagnetic survey, which was undertaken by previous operators in 2007.

Zager Exploration License
The Zager exploration license covers an area of approximately 285km2 in northern Ethiopia. The License targets the Nakfa terrane of the Neoproterozoic Arabian Nubian Shield, which is considered highly prospective for polymetallic and gold-rich VMS mineralization, as well as orogenic lode gold deposits. Zager was selected by the Altus Strategies Plc based upon an extensive process of regional targeting. This work comprised a review of available datasets, including historical mineral occurrences, geological maps and satellite-borne remote sensing data. The License contains two northeast trending ophiolite belts and an overlaying tuffaceous volcano-sedimentary sequence, in addition to two syn-tectonic granitoid intrusions.

Read the complete story at www.altus-strategies.com