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Altus Strategies said it had signed a non-binding term sheet with Glomin Services for a joint venture on the company's Lakanfla and Tabakorole gold projects located in western and southern Mali respectively.
Under the agreement, Altus would receive up to US$1,450,000 in milestone cash payments, retain 2.5% net smelter return royalty on the projects, and function as the operator of the JV during the initial earn-in period.
Altus would also receive US$50,000 from Glomin for exclusivity within 5 days of signing the term sheet.
Glomin, meanwhile, would have the option to acquire up to an initial 80% interest in each project by completing a definitive feasibility study.
'(T)he Lakanfla project contains a major area of historical artisanal gold workings. Historical drilling results include 5.10 g/t Au over 26.0m, 9.78 g/t Au over 12.0m and 5.61 g/t Au over 14.5m,' the comapany said.
'(T)he Tabakorole project, located in southern Mali, targets a shear zone which is reportedly up to 200m wide and coincident with a 2.7km long gold in soil anomaly. Historical drilling results to date at Tabakorole include 2.92 g/t Au over 60.0m, 3.29 g/t Au over 44.0m and 9.31 g/t Au over 16.0m,' it added.
At 8:55am: (LON:ALS) Altus Strategies Plc share price was 0p at 4.75p