The agreement comes as part of a change to the Joint Venture and Earn-In Agreement (JVA) between the companies. Additionally, Altus will now take control of the Tabakorole gold project in Mali and two further contiguous gold licenses in the country.
The 24km2 Lakanfla gold project is located 5km east of the Company’s Diba (‘Korali Sud’) oxide gold project and approximately 6.5km southeast of the karst-type FE3 and FE4 open pits of the multi-million ounce Sadiola gold mine and 30km southeast of the former multi-million ounce Yatela karst-type gold mine.
The Lakanfla project hosts a significant number of active and historic artisanal gold workings coincident with major geochemical and gravity anomalies. Altus said it plans to begin exploration at the Lakanfla site “imminently”; the mine is 5 kilometres east of its existing Diba gold site.
Steven Poulton, chief executive of Altus, said field teams will be commencing a “high priority exploration programme” at the site and that the asset has the “potential to form a significant gold mining camp.”
“We are also delighted to confirm that two licenses contiguous with the Tabakorole gold project have been formally incorporated into the JVA, creating a consolidated JVA landholding of 292km2. Marvel has an excellent track record in advancing the Tabakorole project, and we believe it is very likely to increase the project’s resources. We look forward to updating the market on Marvel’s progress,” Poulton said.