Altus Strategies has issued two million ordinary shares to Malian company Agmex in return for a 2% net smelter return (NSR) royalty held by the latter over Altus’ fully owned Lakanfla gold project.

The gold project is approximately 6km southeast of the Sadiola gold mine in western Mali and 5km east of Altus’ Diba oxide gold project.

In August, Altus Strategies signed a non-binding term sheet for an earn-in and royalty joint venture (JV) with Glomin Services on Lakanfla gold project.

Agmex earlier agreed to sell its 3% NSR royalty over the project to Altus, which retains the option to acquire the remaining 1% NSR royalty on Lakanfla.

Altus Strategies chief executive Steve Poulton said: “The project is strategically located 6 km southeast of the karst-type FE3 and FE4 open pits which form part of the world-renowned Sadiola gold mine and 5km east of our own Diba oxide gold project.

“Sadiola has reportedly exhausted its oxide reserves and it has recently been announced that Allied Gold Corp has entered into an agreement to acquire the 82% interest in Sadiola currently held by Iamgold and AngloGold, with the balance being retained by the Government of Mali.”

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Drilling preparations at Lakanfla are currently underway under the JV with Glomin.

Poulton added that Lakanfla contains a significant area of artisanal gold workings and historical drilling has returned high-grade results of up to 5.10 g / t Au over 26m, 9.78 g / t Au over 12m and 5.61 g / t Au over 14.5m.