25 January 2021 – It is well known that Egypt hosts great gold deposits that has never really been put in the spotlight. However, London company Altus Strategies might just put Egypt’s gold on the map.
Altus recently announced that the Egyptian Mineral Resource Authority (EMRA) has confirmed that the company’s 100% owned subsidiary, Akh Gold, will be awarded several gold exploration licences in the Eastern Desert of Egypt. The licences will be awarded as part of Egypt’s inaugural competitive international exploration licence bid round, which commenced in 2020. Altus is working with EMRA in respect of entering into the definitive exploration licence agreements.
According to Steven Poulton, CEO at Altus the gold prospectivety of Egypt and that of the wider Arabian-Nubian shield is world-renowned; from the Pharaonic era to the modern multi-million-ounce gold mine at Sukari, operated by London and Toronto listed Centamin.
The award of the licences follows a competitive international bidding process, in which a number of major gold mining groups participated. The licences were selected following a systematic in-house target generation programme, incorporating satellite and historic exploration data. This work identified numerous priority targets, including areas with apparent significant historic artisanal gold workings,” says Poulton.
“The decision to expand Altus’ activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act. “It also reflects our belief in the substantial investment opportunity present in the country and is in line with our strategy to continue to grow our diversified portfolio of projects and royalties,” says Poulton.