Altus Strategies has signed a variation and accession deed with Resolute Mining in respect of the joint venture on the company’s Pitiangoma Est project in southern Mali.
The Project is located approximately 15km south of the Tabakoroni mine and 40km south of the Syama gold mine, both owned and operated by Resolute.
- Joint Venture with Resolute in southern Mali extended by two years to May 2021
- Resolute to earn an initial 70% interest by funding US$3M in exploration and by completing a feasibility study
- Altus retains the option to co-fund its 30% interest on a pro rata basis or exchange its interest for a 2% Net Smelter Return royalty
- Drilling by Resolute is currently underway at the Pitiangoma Est project
Steven Poulton, Chief Executive of Altus, commented: “We are pleased to sign this two year extension with Resolute on the Pitiangoma Est project in Southern Mali. The Project is located on a key geological belt that also hosts the Syama and Tabakoroni gold mines. Resolute are currently undertaking drilling in parallel with other work programmes and we look forward to updating shareholders on the exploration results in due course.”
Source: Company Press Release