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Africa-focused exploration company Altus Strategies has signed a non-binding term sheet for a joint venture (JV) with Glomin Services on its Lakanfla and Tabakorole gold projects.

Lakanfla and Tabakorole are located in western and southern Mali.

Once the companies come to a conclusion on the definitive agreement, Glomin will pay Altus approximately $1.45m in cash and Altus will retain a 2.5% net smelter return royalty on the projects.

Under the terms of the agreement, Glomin will have an option to earn 80% interest in Altus’ subsidiary Legend Mali. Through a Malian subsidiary, Legend owns 100% interest in both projects.

Furthermore, Altus will receive $50,000 in cash from Glomin for a 60-day exclusivity period within five days of signing the term sheet.

The agreement highlights Altus to be the operator of the JV during the initial earn-in period.

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By GlobalData

An initial 5,000m drilling campaign with up to 1,500m at Tabakorole and 3,500m at Lakanfla is planned for the projects.

Altus CEO Steven Poulton said: “Upon entering a definitive joint venture agreement, Glomin will have the option to acquire up to an initial 80% interest in each project by completing a definitive feasibility study.

“Strategically located adjacent to the world-renowned Sadiola gold mine in western Mali, at which oxide resources are reportedly now exhausted, the Lakanfla project contains a major area of historical artisanal gold workings.

In May, the company signed a variation and accession deed with Resolute Mining to extend the companies’ involvement in the 106km² Pitiangoma Est JV in southern Mali until May 2021.

It also signed a non-binding term sheet for a JV with Indiana Resources in February. The terms of the agreement will see Indiana earn up to 85% interest in Altus’ subsidiary Legend Mali (BVI) II.