Resolute has an option to earn up to 70% of the project by funding US$3 million in exploration and completing a feasibility study, with drilling ongoing in parallel with other work programmes.

Pitiangoma Est is located about 15km south of Resolute's Tabakoroni mine and 40km south of its Syama gold mine.

Altus has kept the option to co-fund its 30% interest on a pro rata basis or exchange its interest for a 2% net smelter return royalty.

Altus's shares (AIM:ALS) jumped 87.83% on the news Wednesday to 4.47p (US5.83c), while Resolute's shares (ASX:RSG) were up 1.82% in Australian trading to A$1.12 (US78c).