Altus Strategies said it had defined a series of drill targets to test the potential of expanding the Diba gold project in Mali.
Diba is located 13km south of the multi-million ounce Sadiola gold mine in the so-called Kenieba Window gold belt in the African nation.
Discussions were underway with a number of potential partners in respect of Diba, the company said.
'The adjacent Sadiola mine is reportedly for sale and is expected to have exhausted its oxide feed in the coming months,' chief executive Steven Poulton said.
'However, while we recognise that Diba may be a potential source of future oxide feed for Sadiola, we also consider it has significant standalone oxide potential.'
'Altus is currently in discussion with a number of potential joint venture partners and other groups to advance the Diba project, as well as our other projects in western and southern Mali.'
'We look forward to updating shareholders on these discussions in due course.'
At 2:52pm: (LON:ALS) Altus Strategies Plc share price was 0p at 2.95p