Altair Engages Srk Consulting to Update Technical Report ON Kazakhstan GOLD Projects
#1305 – 1090 W. Georgia Street, Vancouver, BC V6E 3V7 Canada
ALTAIR ENGAGES SRK CONSULTING TO UPDATE TECHNICAL REPORT ON
KAZAKHSTAN GOLD PROJECTS
September 23, 2021
Vancouver, British Columbia – September 23, 2021: ALTAIR RESOURCES INC.
(“ALTAIR” or the Company”) (TSX -V: AVX; OTC: AAEEF; 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 August 23, 2021, that Altair has completed its initial due diligence of the gold properties
in Kazakhstan, including si te visits, and has further engaged SRK Consulting (Kazakhstan)
Limited (“SRK”) to update and convert its previously prepared JORC reports for the Vasilyevskoe
asset, including the Tikhaya zone, (“Property A ”, below), as well as the Tokum and Yuzhnoe
assets (“Property B ”, below, in East Kazakhstan) into a National Instrument 43 -101 Technical
Report, and address it to the Company. An NI 43 -101 report covering Property C (the
Zhaltyrbulak Property, below, in Central Kazakhstan), will be completed at a later stage.
The Company expects the report to include a current Mineral Resource Estimate on the producing
gold projects in Kazakhstan that are included in the Acquisition Agreement announced by the
Company, as well as a discussion of their upside exploration potential. The SRK report will be in
addition to the further technical reporting being prepared, as previously announced by International
Mining Services Ltd. of Almaty, Kazakhstan. The company expects that the latter work will
include evaluations leading toward the preparation of a full Preliminary Economic Assessment
(“PEA”) for the expansion of the operations in the oxide portions of the properties , as well as the
commencement of additional production in the sulfide zones.
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 pr operty has now been
commissioned by the Company to qualify the historical estimate and profile the property
characteristics.
Acquisition highlights
Current aggregate gold production at the two properties is approximately 21,000 ounces of gold
per year from the oxide zones of the two properties.
Highlights of the Eastern Kazakhstan gold properties (Property A and the nearby Property B)
include the following:
● The 31st August 2020, SRK JORC (Joint Ore Reserves Committee) (2012) MRE report for
Property A stated a total Indicated Resource of 785 koz gold at an average grade of 1.62
g/t Au, and a total Inferred Resource of 765 koz of gold at an average grade of 1.22 g/t Au.
A cut-off grade of 0.25 g/t Au was used for open pit, and a 0.55 g/t Au cut -off grade was
used for underground. Two higher-grade shoots, mostly classified as an Inferred Resource,
extend below the current optimised pit shell, and at this stage appear to comprise a grade
of up to 3 g/t gold.
● The 31st December 2020, SRK JORC (Joint Ore Reserves Committee) (2012) MRE report
for Property B stated a total Indicated Resource of 257 koz at an average grade of 1.36 g/t
Au, and a total Inferred Resource of 110 koz of gold at an average grade of 1.35 g/t Au. A
cut-off grade of 0.25 g/t Au was used for open pit, and a 0.59 g/t Au cut-off grade was used
for underground. The SRK reports were prepared for the Vendor of the properties, who
consented to their reference in the Company’s July 12, 2021 press release.
● Current oxide mining is being carried out on P roperty A to a depth of 40 m with material
being processed using conventional heap leach technology.
● Current annual production is 12 koz gold, which may be increased to 30 koz gold per
annum with mining of additional oxide deposits in the A license.
● The Company has commissioned a National Instrument 43-101 PEA for Properties A and
B.
● Exploration potential in the Property A license is good, with potential for adding additional
ounces at multiple target areas in strong alteration zones ready to be soil sample d and
drilled along previously delineated major controlling structures.
Highlights of the Central Kazakhstan property (the C gold Property) include the following:
● Deposit C has a historic GKZ resource of 480 to 500 koz of gold with a grade of 1.40 g/t
to 1.45 g/t. Altair intends to develop this project to NI 43-101 compliance.
● C is an operating oxide heap leach gold mine, producing 9 koz gold per annum. The
Company will be evaluating ways to increase this production.
● The mineralization being proc essed at C includes significant free gold with excellent
metallurgical properties, currently yielding 70% Au recovery in the oxide zone in current
test operations using both a gravity circuit and heap leach processing.
● Exploration potential at C is believ ed to be good, as the existing initial test mining
operations cover only a small part of a much larger mineralized system. Gold and Copper
geochemical anomalies, defined in 2020 to the east of both existing open cut pits, cover
areas of 1,000 m by 800 m each, and are ready to be drill tested to increase the oxide gold
resource.
● Based on hydrothermal alteration associated with the mineralization, the potential for a
large copper -gold porphyry stockwork deposit underlies the currently identified
mineralization. District-scale exploration, including both alteration mapping and a 3-D IP
(induced polarization) geophysical survey, will assess this possibility. Success could form
the basis for a future large open pit mine.
Both the Eastern Kazakhstan and Central Kazakhstan properties recover gold using heap leach
technology, while gravity recovery is also used on the Central property. The Acquisition includes
the infrastructure and capital facilities of both gold operations that are both currently delivering
gold dore bars from their respective oxide zones.
Altair, in conjunction with Core Mining Group, its technical consultant, anticipates that the
ongoing PEA will demonstrate robust project economics and extended mine lives for the two
Kazakhstan projects, even without the anticipated exploration success. Altair is targeting a
production rate in excess of 100,000 ounces Au per year .
George S. Young, Altair chairman and chief executive officer, stated: "We are extremely pleased
to create additional value for our shareholders not only by acquiring the Marbe ra tenements in
Burkina Faso as recently announced, but also by concurrently advancing the producing projects in
Kazakhstan. Engaging high quality engineering consultants with recent regional experience in
constructing gold projects where we are engaged, represents a big advantage. We look forward to
forging ahead with the PEA and feasibility process in Kazakhstan, where the mines are already in
production, and with advanced exploration in the very prolific gold-producing region of Burkina
Faso, where nea rly 400 kilometres of drilling and over 294,000 samples have already been
completed”
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 Q ualified 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 pur chase 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 over
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 the properties. 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
Fraser Ruth
Investor Relations
Kirsti Mattson
Media Relations
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