August 4, 2021
Vancouver, British Columbia – August 4, 2021: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN A2ALMP) – Further to the Company’s press release dated July 12, 2021 relating to the acquisition of two gold-producing properties in eastern and central Kazakhstan, Mr. George S. Young, Chairman and CEO, is pleased to announce that Altair Resources has made the US$1 million payment under the acquisition agreement to secure exclusivity on behalf of Altair.
The acquisition includes two gold-producing properties 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.
Current aggregate gold production at the two properties is approximately 21,000 ounces of gold per year from the oxide zones of each property. The properties will be owned 100 per cent by Altair upon fulfilment of the acquisition payments to be made following the completion of due diligence and following the completion of each of the first two years of continuing operation.
The in situ acquisition cost of these gold producing assets is $58 per ounce.
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 and a preliminary economic assessment (PEA) on the properties have been commissioned by the company to qualify the historical estimate and profile the property characteristics, in preparation for the commissioning of a feasibility study on the expansion of the operations.
Eastern Kazakhstan Property
A December, 2020, SRK MRE JORC (Joint Ore Reserves Committee) report for the “A” deposit in the eastern property showed a total indicated resource of 759,000 oz and a total inferred resource of 807,000 oz of gold, open pit and underground, plus two higher-grade shoots with three-gram-per-tonne-gold material, using a 0.3 g/t COG (cut-off grade).
The ”B” deposit in the eastern property is the subject of a May, 2021, SRK MRE JORC report, showing a total indicated resource of 188,900 oz and a total inferred resource of 85,600 oz of gold, open pit and underground, with an average grade of 1.5 g/t Au material, using a 0.3 g/t COG.
Current production in the eastern property is approximately 12,000 oz Au, produced from the oxide portions of the deposit, processed in conventional heap leach operations. The Company expects to proceed with a Preliminary Economic Assessment, followed by a Feasibility Study for the development of the sulfide resources.
Central Kazakhstan Property
The central Kazakhstan property has an exploration target of 480,000 to 500,000 ounces of gold with a grade of between 1.4 g/t and 1.45 g/t at 0.3 g/t COG. This is not included in the above-stated indicated and inferred categories. Altair intends to conduct a drilling program to bring this target to NI 43-101- compliant status.
Altair believes the central property has tremendous upside potential, since it currently includes an operating oxide heap leach Au mine, producing 9,000 oz Au per annum. The mineralization being processed at on the property includes significant free gold with excellent metallurgical properties, currently yielding 70-per-cent Au recovery in test operations in the oxide zone using a gravity circuit, in addition to the heap leach processing.
Mr. George S. Young, Chairman & CEO stated, “We are extremely pleased to have made this exclusivity payment to acquire two producing gold mines in Kazakhstan with such a sizeable resource base. We are advancing in our discussions with providers of strategic acquisition capital and potential partners for the acquisition and the further development of the sulphide resources, followed by the expansion of the operations. Our plan, along with the development of our recently announced Burkina Faso project, is to implement an aggressive acquisition and development strategy to transform Altair from a junior exploration company to a mid-tier mining company as rapidly as possible.”
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 Inc.
About Altair Resources Inc.
Altair is a gold and precious metals 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 meters of drilling and 294,000 samples.
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.
Altair is also continuing with its consideration and negotiations on other properties. The company is evaluating the potential to acquire producing precious-metal and non-ferrous metal opportunities in North and South America and Africa, in addition to Kazakhstan and Central Asia.
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.
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.