Share Prices & Company Research

Market News

10 Mar 2021 | 10:30

Altus identifies several gold targets in Egypt's Eastern Desert

(Sharecast News) - Altus Strategies announced the identification of a number of high priority gold targets from remote sensing across all four of its projects on Wednesday, covering 1,565 square kilometres in the Eastern Desert of Egypt.

The AIM-traded firm's wholly-owned subsidiary Akh Hold was recently awarded the projects as part of a competitive international bid round undertaken by the Egyptian Mineral Resource Authority (EMRA).

It said systematic remote sensing had been undertaken across the four projects, with major historical gold mining camps identified, including the Bakriyah mining district.

More than 100 potential hard rock gold workings had been identified from satellite imagery, and several "very extensive" hard rock workings were traced up to 375 metres in length.

Altrus said a field team was being assembled to begin systematic exploration in the second quarter of 2021.

"The remote sensing programme was undertaken by the Altus team and has defined over 100 interpreted historical hard rock gold workings, including at least two major historical mining camps," said chief executive officer Steven Poulton.

"One of these camps is at Bakriyah, where historical reports indicate that mining activities extended discontinuously across a significant area.

"Some of the interpreted hard rock gold workings are clearly visible in the satellite imagery, as arrays of pits and trenches, which can be up to 375 metres long."

At 1415 GMT, shares in Altus Strategies were flat at 80p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 14th May 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.