Vancouver, British Columbia – August 23, 2021: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN A2ALMP) – Mr. George S. Young, Chairman and CEO is pleased to announce, further to the Company’s press release of June 21, 2021, that Altair has commissioned LA Geological & Mining Solutions (Ghana) to prepare a Technical Report on Form NI 43-101 covering the Marbera 2 tenements in Burkina Faso, West Africa (the “Properties”).
Altair previously signed a binding agreement for the acquisition of the Properties containing promising gold prospects in the extreme southwest region of Burkina Faso. The Properties host historical (non-National Instrument 43-101-compliant) resources exceeding 1.3 million ounces of gold, in bulk tonnage and potentially open pit configuration, and which are expected to have significant upside potential.
The reader is cautioned that historical gold resources cannot be relied upon as they need to be confirmed by a qualified person through additional sampling, analysis and possibly additional drilling. A National Instrument 43-101 mineral estimate report on the Property has now been commissioned by the Company to qualify the historical estimate and profile the Property characteristics.
Acquisition Highlights
The three prospects, consisting of approximately 17,879 hectares, are located in one contiguous permit in the productive Precambrian greenstone terrane of Burkina Faso. Up to 2012, extensive diamond drilling, reverse circulation drilling, trenching, air core and auger work totaling 387,000 metres have been completed with a total of 294,000 samples taken. The three prospective open-pit historical resource targets include: Prospect 1 with historical tonnage of 39.6 million tons of near-surface, potentially open-pit material grading 0.97 gram per tonne gold for 1.24 million ounces of gold delineated by 342,000 metres of metrage, Prospect 2 with historical tonnage of 4.2 million tons of also potentially open-pit material grading 0.83 g/t gold for 112,000 ounces gold delineated by 27,000 metres of metrage and Prospect 3 with historical tonnage of 1.2 million tons of also potentially open-pit material grading 0.91 g/t gold for 35,000 ounces gold delineated by 19,000 metres of metrage.
It is estimated that approximately 100,000 metres of diamond drill core from the previous exploration program has been logged, indexed and stored, and is available for examination by Altair’s geologists for further sampling and analyses.
The above-mentioned tonnages and grades cannot be relied upon, and must be confirmed by a qualified person, and subjected to confirmatory sampling and, if necessary, additional drilling.
Drilling to date has been concentrated from surface to 100 metres and in some cases 150 metres to concentrate on potentially open-pit material. Gold mineralization occurs as multiple parallel zones or sheets with plunging higher-grade shoots within the prospective horizons.
Several significant drilling intercepts of high grade are surrounded by lower-grade envelopes of possibly stratigraphically controlled mineralization. For example, a zone of eight metres at 6.6 g/t gold is accompanied by 44 m of 1.1 g/t gold, and a zone of five m of 15.7 g/t gold is contained in 46 m of material grading from 7.2 to 10.9 g/t gold. The reader is cautioned that these are selected intervals and are not necessarily representative of the deposit as a whole, and the potential economic recovery of such material has not been determined.
West Africa leads Africa as its most productive gold production region, producing an estimated 11.1 million ounces of gold in 2020. It is the second-largest gold-producing region in the world (S&P Global Mining). The properties are within 50 kilometres of more than 10 million oz gold resources.
The historical estimate was disclosed in a report provided by the sellers to the Company, effective May, 2018. The historical estimate does not comply with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards on Mineral Resources and Mineral Reserves as required by National Instrument 43-101 on the date the technical report was prepared. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource in accordance with NI 43-101. The Company is not treating the historical estimate as a current mineral resource, and the historical estimate should not be relied on.
George S. Young, Altair Chairman and Chief Executive Officer, stated: “We are extremely excited to create value for our shareholders by advancing on the Marbera tenements. Having a quality, advanced exploration asset, with nearly 400 kilometres of drilling already completed in a very prolific gold-producing region is a great start. We plan to quickly advance to the preliminary economic assessment and feasibility stages with relatively minimal additional investment and time requirement to bring significant accretive value to our shareholders.”
Information of a technical and scientific nature that forms the basis of the disclosure in this press release has been prepared and approved by Dr. Stewart A. Jackson, a qualified person, under National Instrument 43-101, and independent consultant of Altair Resources.
About Altair Resources Inc.
Altair is a gold and precious metal exploration company. Altair recently announced the signing of a binding agreement for the purchase of the Marbera 2 permits in Burkina Faso, hosting historic resources of over 1.3 million ounces of gold as shown by over 387,000 metres of drilling and 294,000 samples.
The Company also recently announced an agreement for the acquisition of two gold-producing properties in Kazakhstan containing a total historic indicated resource of 947,900 ounces of gold, open pit and underground, and a total historic inferred resource of 892,600 oz of gold, open pit and underground, with current aggregate gold production at the two properties of approximately 21,000 ounces of gold per year from the oxide zones of each property. The in situ acquisition cost of these gold-producing assets is $58 per ounce.
Altair also has rights to acquire a 65-per-cent interest in the Simon gold and silver property located in the state of Nevada. A past producer, the Simon property presents an excellent opportunity for adding value, employing low-cost exploration activities to identify prime drilling sites in six anomalous zones previously identified with gold, silver and copper mineralization. The Simon property lies within the region that hosts the prolific Tonopah district, the Round Mountain gold mine and numerous other successful mining projects.
For further information:
George S. Young
Chairman, CEO, Altair Resources Inc. +1 (806) 886- 3317
[email protected], www.altairresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application.
The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
