During this period, the Company's key focus has continued to be the establishment of a central gold mining hub at the Bottle Creek Mine Site in Western Australia. Of great significance this Quarter was the completion of all conditions to exercise the Option to Purchase the Bottle Creek Gold Project, with the final payment to be made in two tranches of $1.875M in November 2018 and $3M in November 2019.
The final condition of the Option was the release of the Maiden JORC Resource in August, which constituted the first modern resource for the Bottle Creek Project and the first resource estimate undertaken by Alt Resources within its larger Mt Ida Gold Project.
The Mt Ida Gold Project is rapidly evolving into a promising gold hub, with multiple exploration and mining targets throughout the vicinity.
Bottle Creek, WA
- All conditions satisfied to complete and exercise the Option to Purchase Agreement for the Bottle Creek Gold Project
- Final payment for Bottle Creek to be made in 2 tranches
o 1st tranche payment $1.875M in November 2018
o 2nd tranche payment $3.0M in November 2019
- Bottle Creek JORC Resource estimate stands at 2.6Mt @ 1.9 g/t Au for 160,000 oz Au
- Greater Mt Ida Project combined resource inventory now stands at 3.9Mt @ 2.07 g/t Au for 257,000 oz Au and 900,000 oz Ag
- Measured + Indicated Resource for the global Mt Ida Project is 132,000 oz Au
- Alt's average discovery cost over the Bottle Creek project is now $7.80 per ounce
- Third stage RC drilling has commenced at VB and Boags, testing mineralisation potential immediately along strike of the historical pits
- Mine planning, pit optimisation and metallurgical study currently underway ahead of Pre-Feasibility Study ("PFS")
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About Alt Resources Ltd
Alt Resources Limited (ASX:ARS) is an Australian based mineral exploration company that aims to become a gold producer by exploiting historical and new gold prospects across quality assets and to build value for shareholders. The Company's portfolio of assets includes the newly acquired Bottle Creek gold mine located in the Mt Ida gold belt, the Paupong IRG Au-Cu-Ag mineral system in the Lachlan Orogen NSW.
Alt Resources, having acquired the Bottle Creek Gold Mine and historical and under-explored tenements in the Mt Ida Gold Belt, aims to consolidate the historical resources, mines and new gold targets identified within the region. Potential at Mt Ida exists for a centralised production facility to service multiple mines and to grow the Mt Ida Gold Belt project to be a sustainable and profitable mining operation.
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