Applies for New Licence Areas at the Highly Prospective Norseman-Lake Cowan Project
A significant portion of the new licence areas lies underneath the salt lake, Lake Cowan (see Figure 2 in the link below) however, the major mineralised structures in the area, such as the Mission Fault, lie beneath this lake. The Company considers the Norseman-Lake Cowan Project to be historically underexplored due to the occurrence of the salt lake. Modern exploration techniques and drilling equipment alleviate this problem. Alt Resources intends to vigorously pursue the along-strike continuity of mineralised structures beneath Lake Cowan.
The tenements are under application with the WA Department of Minerals and Petroleum (DMP). The Company has negotiated an Agreement for Heritage Protection with the Ngadju Native Title Aboriginal Corporation. This will expedite the granting of the tenements pursuant to the DMP requirements and the provisions of the Aboriginal Heritage Act, NTA and the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cth).
The Norseman-Lake Cowan Project area is in close proximity to the Norseman Gold Field, which historically produced in excess of 5 million ounces of gold. The Norseman Gold Field has largely been held by the Central Norseman Gold Company (CNGC)/Tulla Group as a private entity since entering voluntary liquidation in 2012. The previous owners, Croesus, acquired the project from Western Mining in 2002. Since holding the Norseman asset, CNGC have undertaken very little exploration drilling at the project which is estimated to cover some 1,500 square miles and contains a significant number of underexplored prospect areas.
Alt Resources is currently undertaking an extensive review of all historical open file exploration data and will provide details relating to planned exploration at the completion of this historical review.
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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, Myalla polymetallic Au-Cu-Zn project east of Dalgety in NSW and the Mt Roberts gold project located near the town of Leinster in WA.
Alt Resources, having acquired 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.
Alt Resources Ltd