Altus Strategies has signed a non-binding Term Sheet with Stellar Africa Gold for the sale of and royalties on Altus’ Prikro and Zenoula gold projects located in the Republic of Côte d’Ivoire.
Steven Poulton, CE of Altus, commented:
“We are pleased to announce the signing of this non-binding Term Sheet with Stellar for the sale of our prospective Prikro and Zenoula gold projects in Ivory Coast.
“We believe that the proposed Transaction not only validates the value we have identified in the Projects but that we have partnered with the right company to progress these Projects through to the next key phases.
“Our focus remains firmly on delivering a high quality, diversified and precious metal focused portfolio of assets to our shareholders. This proposed Transaction further underscores our dynamic and highly effective royalty generating business model and we look forward to updating shareholders on this opportunity in due course.”
The Prikro project comprises a single 369.5 km2 exploration licence in the Prikro and Koun-Fao Departments in eastern Ivory Coast, approximately 240km northeast of the capital of Abidjan.
The project is located 40km north-west of the town of Agnibilekrou and 25km west of the town of Koun-Fao, both of which can be accessed by asphalt roads from Abidjan.
The licence was selected due to the presence of historically reported gold occurrences, prospective geology, and the existence of artisanal workings in the surrounding areas including along strike of a major NE-SW trending shear zone which is interpreted to traverse the licence area.
Birimian-age greenstone rocks reportedly crop out extensively across the Prikro licence and represent Paleoproterozoic meta-sedimentary units, with associated granite to diorite intrusives, which are the dominant host setting for gold deposits across West Africa.
The Zenoula project comprises a single 400km2 licence application which is currently pending grant in the Marahoue Department in central Ivory Coast, approximately 300km north of Abidjan.
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The project is located 100km north-west of the city of Yamoussoukro which can be accessed by asphalt roads from Abidjan. Zenoula is centred within a NNE trending Birimian age granite greenstone belt, 65 km along strike from the Abujar project of ASX listed Tietto Minerals.
Mineralization hosted on this property is not necessarily indicative of the Zenoula project. Zenoula targets a 22 km long oblique ENE trending structure, interpreted by historic air magnetic data.
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Geologically, the project reportedly comprises metasediments, metabasalts and syntectonic granitoid intrusives.