Indiana will initially undertake 3,000m of drilling at the Lakanfla project. Credit: Ian Sanderson.

Africa-focused exploration company Altus Strategies has signed a non-binding term sheet for a joint venture (JV) with Indiana Resources.

The terms of the agreement will see Indiana have the option to earn up to an 85% interest in Altus’ wholly owned subsidiary Legend Mali (BVI) II, which owns a 100% stake in the Lakanfla and Tabakorole gold projects in western and southern Mali respectively.

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Indiana can earn its stake by funding the exploration and development of the projects.

Altus Strategies chief executive Steven Poulton said: “Upon entering a definitive joint venture agreement, Indiana will have the option to acquire up to an 85% interest in the projects.

“In return, it is anticipated that Altus will receive an upfront equity payment in Indiana shares, future milestone-based payments of cash and Indiana equity and a 2.5% NSR on the projects.

“This transaction underscores the company’s ‘project generator’ strategy of making and monetising mineral discoveries in Africa.”

“This transaction underscores the company’s ‘project generator’ strategy of making and monetising mineral discoveries in Africa, while building and growing a valuable portfolio of royalty interests.”

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The Lakanfla project is strategically located next to the Sadiola gold mine in western Mali and contains a major area of historical artisanal gold workings and historical drilling results.

The Tabakorole project is located in southern Mali and targets a shear zone which has reportedly been mapped for 2.7km long and up to 200m wide.

Indiana will initially undertake 3,000m of drilling at the Lakanfla project to earn a 25% stake in the projects and will complete an exploration programme at the Tabakorole project within one year of entering the agreement.

The agreement is expected to include a standard change of control and default provisions and will also provide the option to Indiana to request a pause of JV operations at any time for a period of three months.

Altus is separately continuing discussions with Canyon Resources with regard to the company’s existing bauxite JV in Cameroon.