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Altus obtains copper-gold exploration license in Ethiopia

Altus Strategies PLC said June 3 that its Altau Resources Ltd. unit secured a three-year exploration license for the copper-gold prospective Zager property in Ethiopia.

The license, which covers about 285 square kilometers, can be renewed twice for a one-year term, subject to a 25% area reduction each renewal.

Zager, situated 80 kilometers away from the company's Daro project, is located within the Nakfa terrane of the neoproterozoic Arabian-Nubian Shield, which is said to be highly prospective for polymetallic and gold-rich volcanogenic massive sulfide mineralization, as well as orogenic lode gold deposits.

The company said it will undertake a first-phase reconnaissance exploration program shortly, which includes assessment of targets and a sediment sampling survey to determine the priority areas.