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Lakanfla Gold Project, Western Mali
Project Overview
Q1 2019
Q1 2019EXPLORE DISCOVER REPEAT 1AIM ALS TSX.V ALTS
2Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Disclaimer & Forward Looking Statements
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3Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Disclaimer & Forward Looking Statements
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An Exploration Target is a statement of the exploration potential of a mineral deposit in a defined geological setting for which there has been insufficient exploration to estimate a Mineral Resource. The reporting of such information is common in the early stages of exploration when the quantity of data available is
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4Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project – Located Adjacent to Sadiola (Western Mali)
5Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project - Introduction
Project located along the prolific Senegal Mali Shear Zone within the ‘Kenieba Window’ in Western Mali
Licence is 6.5km south of Sadiola’s FE3 & FE4 pits (1.5 Moz) & 45km south of Yatela gold mine (3.5 Moz)
Historic data indicates the potential for a major karst style gold target, similar to FE3 & FE4 and Yatela
One of six projects in Mali acquired by Altus from its Plan of Arrangement with Legend Gold Corp, in Q1 2018
Nov 2018 – AngloGold & IAMGOLD publicly confirm that Sadiola mine is now in sale process
Yatela (3.5 Moz)
Sadiola (13 Moz)
FE 3/4 (1.5 Moz )
Lakanfla (? Moz )
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Lakanfla Gold Project - Licence History
Western Mali Licences
1989 - 1991 Mali West Project – DNGM – Klockner GMBH
1989 - 1991 Regional geochemical survey, Sadiola, FE3, FE4,Lakanfla
1990 - 1994 Sadiola Exploration Permit granted to AGEM GMBH
1994 SEMOS Exploitation Permit granted
1996 Mining commences at Sadiola
1998 Redefinition of the SEMOS exploitation permit
2000 - 2009 Kantela (now Lakanfla) granted to Ambogo Consulting SARL
2000 JV with Orezone Resources
2003 JV with North Atlantic Resources
2009 Transfer of Kantela Permit to North Atlantic Resources SARL
Lakanfla Permit
2011 Licence granted to North Atlantic Resources
2013 Transferred to Legend Gold Mali SARL ("Legend")
2014 Second Renewal in name of AGMEX
2014 Legend Gold ground gravity survey; indicates likely karst
2018 Altus acquires project as a package of six licences from Legend
2018 (March) Lakanfla Convention applied for covering licence area (24km2)
2018 (June) Lakanfla Convention approved & new licence granted
7Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project - Larger Gold in Soil ‘Footprint’ than FE3 & FE4
8Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project – Regional Soil Results
Yatela– sagging + collapse karst (*1)
Sadiola Mine
(*1) Masurel, Q (2016). 4D evolution of the Sadiola-Yatela gold district, Kedougou - Kenieba inlier, West Africa.
9Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
>2,000 reported miners (2.5km x 0.5km) with drill results of 60m @ 1.02 g/t Au and 14.5m @ 5.65 g/t Au
Lakanfla Gold Project – Artisanal Workings (Lakanfla West)
Lakanfla West – (drone view) of artisanal workings
High grade oxide breccia targeted by artisanals in Lakanfla West
Lakanfla West – artisanal workings
Lakanfla – carbonate veining within oxide sample
10Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project – Kenieba Window (Lower Proterozoic – ‘Birimian’)
Geology based on:
SYSMIN Airborne Magnetics
Gradient IP Survey + Drilling
Keniebandi Group:
Bimodal volcanism – andesites and rhyolites
Conglomerate, sandstone + shales
Frequent felsic intrusives
Thrust (west over east) over the Kofi Group
Kofi Group (Lakanfla):
Dominant gold host in Western Mali
Limestone (locally known as ‘cipolin’ or ‘marble’) confirmed from drilling + IP
Fine-grained greywacke and graphitic black shale + quartzite (defined by high
chargeability, low resistivity, high conductivity)
Minor felsic, granitic and diorite intrusives
Complex folding & thrusting history
Upper Proterozoic Cover:
Unconformably overlying BirimianGradient IP survey & targeting
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Lakanfla Gold Project – Geology Within the ‘Kenieba Window’
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Lakanfla Gold Project – Project history
Original soil survey which discovered FE3 + FE4 also discovered 2km gold in soil anomaly at Lakanfla
Approximately 29,000m of drilling (RAB, Air core, RC, DD) which focused on shear / breccia gold targets
Preliminary 63,634 oz resources @ 1.59g/t modelled (not 43-101) <100m from surface into granite hosted target
However, 87% of holes were <100m true depth, too shallow to intersect karst mineralisation
Deeper holes intersected voids, aeolian sands as Yatela-type karst fill at depth (e.g. drill hole KN-012)
2014 ground survey identified gravity lows on margin of the granite with potential for karst style mineralisation
Due to 2011- 2016 market downturn the potential multi-million ounce karst model has yet to be drill tested
High grade breccia targeted by artisinals Evidence of folding and slumping in breccias Clay-rich stockwork from artisanal workings
13Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
RC Drilling - (23,461m)
246 Inclined holes at - 60° (60 to 153m deep)
1996 SADEX (AngloGold-IAMGOLD)
2003, 2004 + 2011 - Dispersed anomaly testing
Defined Target II – Main Zone mineralization
DD Drilling - (2,343m)
18 Inclined Holes at -50° (39 to 265m deep)
1996 – SADEX (Anglogold - IAMGOLD)
2004 - Targets I, II and III
Lakanfla Gold Project – Historic Drilling (2003 – 2011)
High grade breccia
Lakanfla Gold Project, Western Mali
A Potential Multi Million Ounce Karst Target
Q1 2019EXPLORE DISCOVER REPEAT 14AIM ALS TSX.V ALTS
15Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project – Karst Model (Yatela - type)
Key Features Yatela Lakanfla
Carbonate rock proximal to intrusion acting as mineralisation source; basal layer to orebody ✓ ✓
Gravity low over carbonate units, highlighting location of karst development ✓ ✓
Low grade gold in carbonate rocks ✓ ✓
Karst (voids, collapsed material & sands) along deep high grade shear zones ✓ ✓
Surface ground collapse & sagging features due to void formation at depth ✓ ✓
Supergene orebody of enriched residuum from dissolution of low grade carbonate rocks above ✓ TBC
Orebody
Source: Masurel et al. 2015:The Yatela gold deposit in Mali, West Africa: The final product of a long-lived history of hydrothermal alteration and weathering. Journal of African Earth Science v113 p73-87
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(*3) K. Body. Technical Report for the Ity Gold Mine, Cote D’Ivoire, West Africa (Coffey Mining)
Lakanfla Gold Project – Karst Model (Yatela, FE3/FE4 (Sadiola) + Ity Mine)
FE3 Pit (Sadiola) – collapse & slumping karst fill (*2) Yatela - karst residuum - marble blocks, aeolian sands (yellow) (*2)
Yatela – pit outline showing collapsed karst fill (*2)Section through karst collapse fill, Ity Mine Ivory Coast (*3)
(*2) Masurel et al. 2015:The Yatela gold deposit in Mali, West Africa: The final product of a long-lived history of hydrothermal alteration and weathering. Journal of African Earth Science v113 p73-87
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Lakanfla Gold Project – Major gravity low 6.5km from Sadiola FE3 & FE4 pits
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Lakanfla Gold Project – Major gravity low 6.5km from Sadiola FE3 & FE4 pits (2)
FE 4 Pit - breccia
Lakanfla – trench breccia sample
Evidence of karst collapse
Karst collapse and carbonate folding structures within FE3 & FE pits
Identical breccia observed at FE4 and from trenching at Lakanfla
Regional soil geochemical survey identified a larger anomaly at Lakanfla compared to FE3 + FE4
19Q1 2019EXPLORE DISCOVER REPEATAIM ALS TSX.V ALTS
Lakanfla Gold Project – Ground Gravity & Geology
Excellent correlation between
carbonates and gravity low
indicating likely karstification
Gravity anomaly defines multiple
karst targets for drill testing
Same carbonates host
mineralisation in FE3, FE4 6.5km
directly north
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Lakanfla Gold Project – Significant IP Anomaly Coincident With Gravity Low
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Lakanfla Gold Project – Karst Model
‘Karstic dissolution / concentration led to supergene gold enrichment in the basal ferruginous units, where the latter overlies sub-economic mineralised carbonate
rocks’Hanssen et al. 2009 The Yatela gold deposit: Supergene gold enrichment in a surficial karst. The BRGM’s Journal for a Sustainable Earth
Hole KN-012
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Lakanfla Gold Project – Karst Model (Conceptual)
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Lakanfla Gold Project – Comparison with Yatela
Feature Yatela (4.5 Moz)* Lakanfla
Location• Birimian Supergroup, Kofi Formation 2.2-2.1 Ga
• Proximal to Senegal-Mali Shear Zone
• Birimian Supergroup, Kofi Formation 2.2-2.1 Ga
• Proximal to Senegal-Mali Shear Zone
Host geology
• Greywacke & siltstone
• Dolomite, Limestone, Marble
• Diorite intrusion
• Greywacke, sandstone & siltstone
• Marble, Limestone
• Granodiorite intrusion
Geological setting
• Karstification of carbonate units down to >200m
• Unconsolidated karst fill, aeolian sand & clays
• Large angular blocks of sandstone and limestone
• Aeolian sand drilled at depth between marble units
• Notable core loss during diamond drilling programmes interpreted to be going
through karst fill & voids
Structure• NW trending narrow shear zones
• Breccia zone at margin of intrusion
• NNE trending structures / shears
• Mineralised breccias within and on margins of granodiorite
Mineralisation
• Zones of supergene gold enriched residuum derived from low grade gold in carbonate
rocks / marbles lying above
• Gold rich residuum + sulphides collects at base of karsts
• High grade breccia zones up to 61.05g/t Au over 1 meter
• Low grade gold in carbonates / marbles
• Sulphides intersected in breccias
Geophysics • Gravity low associated with deeper karsts in carbonate units • Gravity low on intrusion margin in carbonate / marble units
Observations • Characteristic sagging of stratigraphy overlying karst at surface • Collapse and sagging features observed in ferricrete at surface
(*2)Hanssen et al. 2009: The Yatela gold deposit: Supergene gold enrichment in a surficial karst. The BRGM’s Journal for a Sustainable Earth (*3) Masurel et al. 2015:The Yatela gold deposit in Mali, West Africa: The final product of a long-lived history of hydrothermal alteration and weathering. Journal of African Earth Science v113 p73-87
Lakanfla – ground collapse due to karst voids Yatela – ground collapse due to karst voidsYatela – karst model (*2, 3)
Lakanfla Gold Project, Western Mali
Proposed Exploration Programme
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Phase 1 (H1 / 2019): Confirm karst mineralisation at depth
7,500m drilling - 25 holes, between 250m to 350m depth (5 DDH and 20 RC)
Programme designed to test 4 initial high priority gravity low target zones
Budget: US$ 1,100,000
Phase 2a (H2 / 2019): Establish maiden resource
7,500m drilling - 25 holes, between 250m to 350m depth (5 DDH and 20 RC)
Budget : US$ 1,100,000
Phase 2b (H1 / 2020): Resource expansion
10,000m drilling - 40 holes, between 250m to 350m depth (10 DDH and 30 RC)
Budget: US$ 1,500,000
Lakanfla Gold Project – Targeting a Multi Million Ounce Gold Deposit
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Lakanfla Gold Project – Indicative Phase 1 drilling
Conceptual Phase 1 drill plan based on karst model gravity low Proposed karst drilling – conceptual target
Majority steeply angled/vertical drill holes to intersect supergene enriched target
Selected inclined holes to test breccia / carbonate hydrothermal contact
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Located in world class gold producing belt within 6.5km of Sadiola FE3 & FE4 pits
Highly analogous geology to FE3 & FE4 pits and to 4,5Moz Yatela mine
Previous exploration focused near surface high grade breccia and extensive artisanal workings
Exploration results confirm likelihood of major potential karst orebody at depth which has yet to be tested
2 phase, 15,000m (US$ 2.2M) to define maiden resource planned
Projects displays numerous signatures for hosting a potential multi million ounce gold deposit
Lakanfla Gold Project – Summary
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Appendix – Detailed Evolution of Karst Gold Deposit (Yatela)
Intrusion + metamorphism from marbles - scavenges gold Shearing concentrates gold within breccia
Gold, marbles preserved as sandstone deposited
Dissolved marble causes karst voids to from, collapse above Gold concentrated in base of karst to form orebody
Acidic fluids from surface dissolve marble and leach gold
Source: Hassen E, Tessougue S, Kaisin J; March 2009 - IAMGOLD – The Yatela Deposit, Western Mali. Supergene Enrichment of Primary Gold Mineralisation in Surficial Karst
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