Alliance News
Altus Strategies PLC said Monday it has been granted six mineral permits comprising the Zaer licence in central Morocco, as it relinquished four early stage licences, also in Morocco.
Altus shares were up 4.8% at 8.25 pence per share on Monday.
The AIM-listed, Africa-focussed natural resources firm said that the six permits granted cover 96 kilometres squared targeting copper, tungsten, tin, and lead, where historical reports suggest the presence of 2.35km of copper bearing quartz veins.
The licence for Zaer, which is located in the central Moroccan Hercynian Massif, has been granted for an initial period of three years and can be renewed for four further one year periods.
Altus noted that it seeks to acquire prospective licences, explore them for potentially economic minerals deposits, then find joint venture partners to finance further exploration. Licences that after initial exploration work are not considered likely to host an economic deposit are relinquished.
In line with this strategy, and following a geological assessment of all of the results to date, the company said it decided to relinquish the Oulmes, Ment, Tamatert, and Ouarzazate licences in Morocco
Altus said that the relinquishment of the four licences would not result in any material impairment charge against the book value of its assets.
“Zaer targets a 20 kliometre long metamorphic aureole on the western flank of the Hercynian age Zaer granite. The granite reportedly hosts copper, tungsten, tin and lead mineralisation, as well as 2.35km of unverified historically mapped copper bearing quartz veins. The Hercynian aged intrusions of central Morocco are highly prospective for base metals and host a number of active and historic mines and deposits,” Altus Chief Executive Steven Poulton said.
Altus’s wholly-owned subsidiary Aterian Resources Ltd holds a 100% interest in the Zaer Licence, which comprises six 16km-squared permits totalling 96km-squared. Zaer, which is located about 80km south of the capital Rabat, is accessed via two tarmac roads and contains a network of tracks.
Altus selected the licence on the basis of its substantial technical dataset on Morocco, including geological maps, historical mineral occurrences, regional geochemical data, and satellite borne remote sensing data.
By Toby Woodall; tobywoodall@alliancenews.com
