Exploration Update on Tigray-Afar Cu-Au Project, Ethiopia

Altus Strategies Plc
Tigrai Online, Dec 2, 2017

Altus Strategies Plc announces an exploration update for its Tigray-Afar gold and copper mine projects in northern Ethiopia

Altus Strategies Plc (‘Altus’ or the ‘Company’) announces an exploration update for its 100% owned, 322km² Tigray-Afar Cu-Ag-Au project (the ‘Project’) in northern Ethiopia.

Highlights:

• Recently discovered hard rock artisanal copper workings at the Asagara prospect
• Semi-continuous copper mineralisation up to 5.58% Cu mapped for 2.0km at Asagara
• Gold grades from grab samples up to 13.5 g/t Au returned from Agamat prospect
• Further mapping and sampling planned at Agamat

Steven Poulton, Chief Executive, commented:

“The discovery of hard rock artisanal copper workings at the Asagara prospect is highly encouraging, with sampling returning grades up to 5.58% Cu. Further channel sampling will be undertaken across the outcrop to assess the potential widths of mineralisation in order to direct a trenching programme planned for Q1 2018. The gold potential of the Agamat prospect (located 8km southwest of Asagara) has not yet been systematically explored, despite high grade gold grab samples up to 13.5 g/t Au and the presence of shearing. The next phases of work will include mapping of the mineralised structures to define targets for channel sampling. We look forward to updating shareholders with the progress from these programmes in due course.”

The following figures have been prepared and relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website (www.altus-strategies.com) or in PDF format by following the link below: http://altus-strategies.com/site/assets/files/4282/exploration_
update_on_tigray-afar_cu-au_project-_ethiopia.pdf

- The location of the Company’s projects in Northern Ethiopia is shown in Figure 1.
- An overview of the Asagara copper prospect is shown in Figure 2.
- An overview of the Agamat gold prospect is shown in Figure 3.
- Photos from the Asagara copper and Agamat gold prospects are shown in Figure 4.

Asagara Copper Prospect

Mapping and prospecting during the third quarter of 2017 has identified two areas of newly developed artisanal copper workings. Groups of up to 50 miners have been reportedly excavating copper oxide mineralisation. Secondary copper sulphide minerals have also been identified in hand specimen. Rock chip samples collected by the Company from the workings have returned grades up to 5.58% Cu.

Geological mapping at Asagara has identified semi-continuous oxide copper mineralisation over a strike length of 2.0km over widths of up to 20 and a parallel zone of 0.6km strike length which is up to 15m wide. The prospect remains open to the north and to the south. Scout channel sampling by the Company has returned grades including 8m @ 0.56% Cu, starting and ending in mineralisation and 5m @ 0.77% Cu. Channels were limited to areas of outcrop, no trenching was undertaken as part of this programme due to extensive soil cover. The next stage of work by the Company will be to extend the current channel samples through trenching to determine the true width of mineralisation.

Agamat Gold Prospect

Previous work at the Agamat prospect has identified a zone of shearing, from which rock chip samples have included grades of 13.5 g/t Au, 9.5 g/t Au and 7.7 g/t Au have been returned. The Agamat prospect is associated with a significant VTEM anomaly striking north-south for approximately 5km. To the south of the VTEM anomaly are gossanous outcrops within a tectonised zone up to 60m wide. Visible gold and intense carbonate-silica-pyrite (+/- gold) alteration have been observed within this zone. The next stage of work by the Company will be to extend the mapped shear zones, with the aim of undertaking a systematic channel sampling programme.

Source: Altus Strategies Plc