Aim- and TSX-V-listed Altus Strategies’ joint venture (JV) partner in Cameroon, ASX-listed Canyon Resources, has been granted three further exploration licences, including for the Minim Martap bauxite project, which is located adjacent to the Birsok project that is subject to a JV between Altus and Canyon.
Under the terms of a previously announced JV, Canyon has the right to earn up to a 75% interest in the Birsok project.
"Altus and Canyon are now in discussions in respect of vending the joint venture into Canyon. As part of our original JV terms, Altus currently owns eight-million shares in Canyon, which had a value of approximately A$1-million as at the close of trading in Canyon's shares prior to their announcement,” Altus CEO Steve Poulton said on Thursday.
Altus staked the strategically located Birsok project and cost-effectively advanced it, spending about $140 000 on exploration.
Canyon has subsequently completed two drill programmes at Birsok, which have successfully confirmed the presence of a number of high-grade bauxite plateau.