High Grade Gold Targets at Emu Deposit, Bottle Creek
- Historical drilling shows high grade ore shoots at the un-mined Emu deposit
- Significant historical intercepts from the southern portion of the Emu deposit include:
o 6m @ 3.9 g/t Au
o 23m @ 4.3 g/t Au
o 14m @ 5.1 g/t Au, including 1m @ 34.2 g/t Au
o 38m @ 3.6 g/t Au
o 27m @ 4.0 g/t Au, including 3m @ 12.8 g/t Au
o 1m @ 9.7 g/t Au
o 2m @ 7.9 g/t Au
o 5m @ 4.0 g/t Au
o 9m @ 4.9 g/t Au, including 2m @ 13.5 g/t Au
o 6m @ 6.3 g/t Au
o 10m @ 5.63 g/t Au
o 20m @ 13.0 g/t Au (EOH)
- Drilling to confirm historical intercepts and develop a mineral resource at Emu will commence in March, 2018.
Alt executed a binding Option to Purchase Agreement for the Bottle Creek Gold Mine on the 3rd November, 2017 (see Note below). Drilling is scheduled to commence in March 2018 to validate historical drilling and progressively bring the Bottle Creek resource into JORC compliance. The Company will undertake a minimum of 8,000m of reverse circulation (RC) drilling, with a focus on the un-mined Emu, Southwark and XXXX deposits, north of the VB and Boags pits (see Figure 3 in link below).
Regional Setting and Exploration History
The Bottle Creek gold mine lies 100 km north east of Menzies in the Mt Ida gold belt (see Figure 1 in link below). The gold mine is located on the northern extremity of the Mt Ida-Ularring greenstone belt extending from Davyhurst to Mt Alexander (see Figure 1 in link below). The Ularring greenstone belt forms the western part of the Norseman-Wiluna Province of the Yilgarn Craton. The location of mineralisation and local geology, is shown in Figure 2 (see link below). Locally, gold and silver mineralisation is hosted in carbonaceous, sulphidic shales, within a larger package of interbedded basaltic volcanics, sediments and ultramafic rocks. The area is tightly folded and metamorphosed, with intrusion of younger dolerite dykes (Robertson, 2003). Mineralisation at Bottle Creek occurs over a strike length of 11km, running north-west-south east and is interpreted to be nearly vertical, to steeply west-dipping.
Bottle Creek was discovered by Electrolytic Zinc Company of Australasia (EZ) in 1983, who passed management of the project to Norgold Limited (Norgold) in 1985. Norgold managed the project through to production. Ore was treated onsite in a CIP Circuit, producing 90,000 oz Au over an 18 month period from 1988-1989 from two open pits (Boags and VB; see Figure 3 in link below). Significant drilling was undertaken by EZ and later by Norgold along a 9.8 km strike length from 1984 to 1989. RC drill fences at 100m spacing were carried out, with infill drill line spacing at 50m and 25m at various locations. The majority of drilling targeted oxide mineralisation, and 80m vertical below surface.
Mineralisation at Bottle Creek is strongly weathered, with a regolith profile to a depth of ~80m. Gold mineralisation is enriched through supergene processes in the oxide zone, and this oxide ore was the target of previous miners.
Emu Resource Drilling
The Bottle Creek gold mine included production from the VB and Boags pits between 1988 and 1989. Extensive drilling undertaken by EZ and Norgold resulted in the delineation of historical resources at the Emu and XXXX deposits, immediately north of the open pits, as well as definition of mineralisation (without a resource estimate) at Southwark. Drilling was to a nominal depth of around 80m, and targeted oxide mineralisation. A small number of drillholes targeted sulphide mineralisation at depth (e.g. EMU-1-PD, EMU-4-PD and EMU-20-PD, described below).
A review of the historical data reveals promising gold and silver intercepts at the southern end of the Emu deposit. Significant intercepts from this area include:
o 6m @ 3.88 g/t Au from 50m
o 23m @ 4.3 g/t Au from 61m
o 14m @ 5.1 g/t Au from 43m, including 1m @ 34.2 g/t Au from 43m
o 38m @ 3.6 g/t Au from 38m
o 27m @ 4.0 g/t Au from 33m, including 3m @ 12.8 g/t Au from 49m
o 1m @ 9.7 g/t Au from 40m
o 2m @ 7.9 g/t Au from 44m
o 5m @ 4.0 g/t Au from 21m
o 9m @ 4.9 g/t Au from 52m, including 2m @ 13.5 g/t Au from 52m
o 6m @ 6.3 g/t Au from 44m
o 10m @ 5.63 g/t Au from 30m
o 20m @ 13.0 g/t Au from 50m to EOH
Figure 4 (see link below) shows the distribution of historical drillholes at Emu. The drillholes are aligned along a local grid, set up and employed by EZ and Norgold in 1983. The local grid is oriented north-west of magnetic north. The cross-sections in Figure 5 (see link below) to Figure 7 (see link below) are oriented along the local grid eastings, as labelled.
Alt Resources is scheduled to commence drilling at Emu in March, 2018, pursuant to the terms contained in the Option to Purchase Agreement for Bottle Creek (see Note below). Drilling will aim to confirm historical intercepts and increase the current confidence in historical data. The data is considered to be reliable, however insufficient QAQC measures were included in the historical drilling, sampling and analytical procedures to be able to bring the deposit to a modern JORC compliant resource. Alt's drilling program will then aim to infill the existing drill sections to further increase confidence in the resource estimate.
Significant intercepts for exploration targeting at Emu are listed in Table 1 (see link below). The significant intercepts described in this release are representative, and do not include all of the significant intercepts included in historical data from the Emu deposit. In this release, the Company is attempting to illustrate to shareholders the gold and silver grades present at the Emu deposit, and their continuity between drill sections. The Company considers the historical work by EZ and Norgold to be of generally high standard and reliability, and an excellent starting point on which to base modern exploration and develop a growth strategy for Bottle Creek.
See ARS announcement, 8th November, 2017: http://abnnewswire.net/lnk/QCE95126
To view tables and figures, please visit:
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