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Altus Strategies said its maiden exploration programme at its Zager project in northern Ethiopia had revealed signs of gold.
The company's maiden programme of prospecting and ground truthing the Zager exploration licence in northern Ethiopia, led to the discovery of five hard rock artisanal gold workings, two of which had shafts estimated to be up to 15m deep, Altus said.
The company's geologists also identified copper sulphide minerals in hand specimen, including chalcopyrite and bornite.
'The historic geophysical data has defined a number of additional targets within a 27km long ophiolite belt which transects the licence, which we are now in the process of following up on,' said Steven Poulton, Chief Executive of Altus.
'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 programmes in due course.'
At 8:54am: (LON:ALS) Altus Strategies Plc share price was 0p at 4.75p