Steven Poulton, Chief Executive of Altus, commented:
“The updated JORC 2012 resource statement as announced by ASX listed Canyon Resources testifies to the potential world class nature of the Minim Martap bauxite project. Our existing Birsok bauxite project is located contiguous with Minim Martap and is presently the subject of a joint venture with Canyon. Drilling by Canyon at Birsok has delineated a number of high grade bauxite plateaux with results including 48.8% Al over 6m with low reactive silica of 1.8%. Discussions are underway with Canyon in respect of vending the joint venture into Canyon. Altus presently holds 8,000,000 shares in Canyon which have a current market value of £1.0M / C$1.7M. We look forward to updating shareholders on the discussions in due course.”
Altus Strategies Plc (LON: ALS), the Africa focused exploration project generator, today announced that Canyon Resources Ltd the Company’s Joint Venture partner on the Company’s Birsok bauxite project in central Cameroon, has reported a JORC (2012) compliant resource on the potentially substantial Minim Martap bauxite project, which is located contiguous to the Birsok project.
Highlights, as reported by Canyon:
· JORC (2012) compliant resource of 550MT at an average grade of 45.5% total Al2O3 and total 2.06% SiO2, comprising:
o Indicated 88MT averaging 41.8% Al2O3 and 1.3% SiO2
o Inferred 466MT averaging 46.2% Al2O3 and 2.2% SiO2
· Mineral Resource upgrade from JORC 2004 to JORC 2012 completed by SRK Consulting (Australasia)
· Potential to significantly increase resource tonnage with only 40% of available bauxite plateaux previously tested
· Potential to target very high-grade bauxite zones on new plateaux and within the existing resources
· The Minim Martap bauxite is suitable for processing in low temperature refineries
