Desert Gold Ventures (TSXV: DAU) entered into an agreement with Altus Strategies (AIM: ALS) (TSX-V: ALTS) to acquire the Sebessounkoto Sud and Djelimangara gold projects in western Mali.
The properties are contiguous to Desert’s Senegal Mali Shear Zone project so the acquisition would increase the size of the company’s contiguous land package by 28% to 379.9 square
Desert plans to follow up on previous drill and trench results, as well as review and drill test, if warranted, the moderate to strong gold-in-soil anomalies observed at the properties
“Furthermore, the addition of the Altus ground doubles Desert Gold’s holdings along strike and east of the SMSZ, from 17 to 34 kilometres,” the Canadian miner said in a media statement. “The SMSZ is related to multi-million-ounce gold mines and deposits owned by Barrick (Loulo, Gounkoto, Massawa), B2Gold (Fekola), Anglogold Ashanti/Iamgold (Sadiola, Yatela) and Iamgold (Boto, Diahka), that are located along strike, both to the north and south.”
According to Desert, previous work on the Altus ground discovered five gold mineralized zones with drill intercepts to 1.84 g/t gold over 30 metres at the Manakoto prospect and trenching returning up to 0.89g/t gold over 28 metres at the Soa prospect.
Under the initial terms of the agreement, Desert has to make a cash payment of $50,000 and issue 3,000,000 common shares to Altus.
Later on, once a NI 43-101 compliant independent resource over the project is received, further payments are due and their amounts vary according to the resource contained at Sebessounkoto Sud and Djelimangara.