Completes Acquisition of Mt Ida South and Quinns Mining Centre Tenements
Key Terms of Agreement
Under the Heads of Agreement (HOA) executed between Latitude and Alt, Alt will meet the following conditions in order to acquire Latitude's interests in the Mt Ida Gold Projects:
- Make a cash payment of $400,000 to LCD within 7 days of signing the Agreement;
- Issue $750,000 in tradeable fully paid ordinary ARS shares at a deemed price of 6 cents for a total of 12,500,000 shares, with a voluntary escrow period of 6 months from date of issue. The issue of shares pursuant to the acquisition of the LCD assets is subject to shareholder approval;
- Grant options to the value of $250,000 over fully paid ordinary ARS shares, being 3,125,000 options, with each option having an exercise price of 8 cents and exercisable for 3 years from date of issue; and
- Make a cash payment of $600,000 to LCD on or before the 30th April, 2018; and
Alt entered into a binding Heads of Agreement with Latitude Consolidated Ltd on 16 January 2018 to acquire the Quinns and Mt Ida South Projects ( held 100% by LCD), as well as LCD's interest in the Mt Ida Joint Venture ( held 80% by LCD). The exploration package fully encompasses the Bottle Creek Gold Project mining leases, thus considerably expanding Alt's landholding in this area, and opening up significant exploration and development potential for the Company and shareholders.
The Mt Ida Gold Project now consists of an exploration tenement package encompassing the Mt Ida and Ballard Faults (see Figure 1 in link below). The Mt Ida Fault and associated splays host mineralisation at the Bottle Creek Gold Mine. The Ballard Fault and associated splays is host to a nearcontinuous mineralised sequence, including known JORC resources at the Quinns Project (including the Matisse and Quinn Hills deposits, and the Quinns Mining Centre) in the north, and the Mount Ida South Project (including the Spotted Dog and Tim's Find deposits) in the south (see Figure 1 in link below).
As previously announced the Mt Ida Gold Project contains the Quinns Mining Centre and the Tims Find prospects which contain a JORC 2012 compliant resource comprising 1.24 Mt @ 2.5 g/t Au for 97,300 oz Au.(see Note below) In addition, numerous historical prospects and workings exist along the known mineralised trend, and represent excellent shallow, walk-up drill targets as the Company expands its exploration operations into these newly acquired areas.
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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