Lakanfla Gold Project, Western Mali - Altus Strategies

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

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Lakanfla Gold Project – Located Adjacent to Sadiola (Western Mali)


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 )


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


Lakanfla Gold Project - Larger Gold in Soil ‘Footprint’ than FE3 & FE4


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.


>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


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


Lakanfla Gold Project – Geology Within the ‘Kenieba Window’


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


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


A Potential Multi Million Ounce Karst Target



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


(*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


Lakanfla Gold Project – Major gravity low 6.5km from Sadiola FE3 & FE4 pits


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


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


Lakanfla Gold Project – Significant IP Anomaly Coincident With Gravity Low


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


Lakanfla Gold Project – Karst Model (Conceptual)


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)


Proposed Exploration Programme



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


Budget : US$ 1,100,000

Phase 2b (H1 / 2020): Resource expansion


Budget: US$ 1,500,000

Lakanfla Gold Project – Targeting a Multi Million Ounce Gold Deposit


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


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


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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Lakanfla Gold Project, Western Mali - Altus Strategies