- The Company announced a discovery of the Simret silver prospect at the 100% owned 412km2 Cu-Au-Ag VMS Daro project in northern Ethiopia.
- Rock chip samples of quartz veins returned high grades of silver and gold including 944g/t and 540g/t Ag, 3.55g/t Au and 2.72% Pb.
- Selected samples have also contained anomalous copper and zinc grades (0.33% Cu and 0.13% Zn) suggesting the potential for a VMS system.
- The team is planning to follow up on the results with geological mapping and trenching.
- The Simret prospect hosts an area of anomalous copper, lead and zinc approximately 2.8km in length and 0.5km in width.
- Additionally, the Company completed a multi-spectral remote sensing analysis over the Daro license using Sentinel satellite data helping the team to identify a number of iron oxide occurrences across the area which may represent key VMS markers.
- The team is reported to have visited VMS deposits in Eritrea and studied satellite data on those properties to identify analogous remote sensing signatures that could be applied in identification of similar mineralisation at Daro.
- The Company is already following up on those targets at Daro.
- The prospect is located around 3km south of the existing Teklil target where the Company mapped copper oxide mineralisation and discontinuous gossanous outcrop for over 900m in strike.
SP Angel Conclusion: Initial exploration results at Simret point to a potential for a VMS system in the region hosting a number of similar type mineralisation deposits including Bisha (190km NW of Daro), Harvest and Adyabo (35km west of Daro) and Asmara (100km north of Daro).
*SP Angel acts as Nomad and Broker to Altus Strategies plc
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