Bonanza Gold Grades from Southwark Deposit
Bonanza Gold Grades from Southwark Deposit
Canberra, May 14, 2018 AEST (ABN Newswire) - Alt Resources Ltd (ASX:ARS) (Alt or 'the Company') is pleased to announce more outstanding results from the RC drilling program at the Southwark deposit, Bottle Creek Gold Project, WA. Southwark is an un-mined deposit that lies 1 km to the north of Emu (see Figure 1 in link below). The latest Southwark results continue to reveal a coherent, steeply dipping ore zone which appears to be open and broadening at depth. Gold assays have been received from drillholes SWKRC019 to SWKRC037 with individual assays giving bonanza grades up to 140 g/t Au(see Note 1 below). Significant results are listed in detail in Table 1 (see link below).

HIGHLIGHTS:

- Bonanza grades at Southwark, up to 140 g/t Au

- High grade gold intercepts continue throughout the deposit

- Significant intercepts from Southwark include:

o 21m @ 10.8 g/t Au, including 4m @ 49.0 g/t Au, including 1m @ 140.0 g/t Au

o 16m @ 6.4 g/t Au, including 7m @ 10.9 g/t Au

o 34m @ 3.4 g/t Au, including 3m @ 7.2 g/t Au, 2m @ 13.1 g/t Au, and 2m @ 16.0 g/t Au

o 23m @ 3.2 g/t Au (EOH)

o 8m @ 3.1 g/t Au

o 13m @ 2.8 g/t Au (EOH)

o 36m @ 1.8 g/t Au, including 4m @ 7.0 g/t Au

o 15m @ 1.8 g/t Au, including 3m @ 6.0 g/t Au

o 25m @ 1.7 g/t Au

o 19m @ 1.5 g/t Au

o 33m @ 1.3 g/t Au, including 4m @ 4.2 g/t Au

- Multiple drillholes ended in mineralisation

- Mineralised zones open and widening at depth

- 11,700m RC drilling now completed at Bottle Creek with resource modelling underway

- First diamond drillhole commenced at Emu

The mineralised zone also continues to be characterised by broad, consistently graded zones such as 23m @ 3.2 g/t Au(see Note 2 below). These broad zones are a positive feature for potential future mining operations, ensuring a minimal 'nugget' effect and a more easily extracted bulk target. Assay results show that a number of holes at Southwark have ended in mineralisation. Cross-sections below (see Figure 3-5 in link below) reveal that mineralisation is consistently open at depth along the whole strike length of the Southwark deposit tested in this RC program. Mineralisation appears to be widening with depth, whilst maintaining medium to high grade gold values. This deeper, broader zone will be the subject of further drilling later in the year.

The initial RC drilling program at the Bottle Creek Project has now been completed, for a total of 11,700 m covering 140 drillholes across the Emu and Southwark deposits. Alt has delivered all RC samples to the ALS laboratory in Kalgoorlie for analysis. Results will continue to be processed and announced over the coming weeks.

DDH1 Drilling have arrived onsite and commenced diamond drilling. This is the first diamond drilling program to be conducted at Bottle Creek since 1987. Alt Resources aims to drill diamond tails across several key RC holes which ended in mineralisation, as well as several deeper holes both at Emu and Southwark. This will enable Alt's geologists to better understand the lithological and structural controls on gold mineralisation at Emu and Southwark. Interpretation of the diamond holes will in turn inform geological and resource modelling for the project.

Alt CEO James Anderson said; "The results we are getting at Bottle Creek exceed all our initial expectations for grade and continuity. These results really speak for themselves. On a different note I have to say our people have done an outstanding job delivering nearly 12,000 metres of RC drilling to ALS in 7 weeks. We now have DDH1 onsite getting some core to have a good look at the rocks. There is enough data currently in hand from the RC drilling to suggest Bottle Creek is not simply a supergene gold deposit as previously thought."

Significant gold intercepts from Alt's new drilling at the un-mined Southwark deposit are listed in detail in Table 1 (see link below), and include:

o SWKRC019: 7m @ 1.5 g/t Au from 2m

o SWKRC020: 5m @ 1.7 g/t Au from 2m

o SWKRC021: 5m @ 1.4 g/t Au from 3m

-- and 34m @ 3.4 g/t Au from 35m

-- including 3m @ 7.2 g/t Au from 35m

-- and including 2m @ 13.1 g/t Au from 46m

-- and including 2m @ 16.0 g/t Au from 54m

o SWKRC022: 21m @ 10.8 g/t Au from 49m

-- including 4m @ 49.0 g/t Au from 61m

o SWKRC023: 23m @ 3.2 g/t Au from 77m to EOH

-- and 4m @ 7.1 g/t Au from 79m

o SWKRC024: 7m @ 2.0 g/t Au from 33m

o SWKRC025: 4m @ 1.8 g/t Au from 4m

o SWKRC026: 12m @ 1.43 g/t Au from 47m

o SWKRC027: 16m @ 6.4 g/t Au from 73m

-including 7m @ 10.9 g/t Au from 75m

o SWKRC028: 13m @ 2.8 g/t Au from 41m to EOH

o SWKRC029: 19m @ 1.5 g/t Au from 24m

o SWKRC030: 8m @ 3.1 g/t Au from 52m

-- and 5m @ 2.7 g/t Au from 68m

o SWKRC031: 36m @ 1.8 g/t Au from 23m

-- including 4m @ 7.0 g/t Au from 55m

o SWKRC032: 25m @ 1.7 g/t Au from 36m

-- and 15m @ 1.8 g/t Au from 67m

-- including 3m @ 6.0 g/t Au from 76m

o SWKRC035: 6m @ 1.7 g/t Au from 32m

-- and 7m @ 2.7 g/t Au from 61m

o SWKRC036: 8m @ 1.5 g/t Au from 43m

o SWKRC037: 13m @ 1.0 g/t Au from 45m

o SWKRC038: 33m @ 1.3 g/t Au from 31m

-- Including 4m @ 4.2 g/t Au from 50m

Figure 3-5 (see link below) show cross-sections with new drilling and significant intercepts through the Southwark deposit. The location of new drillholes discussed in this release is given in plan view in Figure 6 (see link below). These sections are located successively north of drilling results announced on the 1st May(see Note 3 below). As a whole these plus the previous sections clearly show the widening of mineralisation with increasing depth. This broadening is not isolated but is a deposit-wide feature. Additional drilling will be planned for later in the year to explore potential beneath the known mineralisation.

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 7 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 7 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 8 (see link below).

During historical operation from 1988-1989, 90,000 oz Au was produced from two open pits (Boags and VB; see Figure 9 in link below). Significant historical drilling along a 9.8 km strike outlined the Emu, Southwark and XXXX deposits. However these were never mined. The historical RC drill fences were spaced at 100m, with infill drill line spacing at 50m and 25m at various locations. The majority of drilling targeted oxide mineralisation and reached no deeper than 80m vertically below surface.

Alt's new drilling results continue to provide confirmation of historical intercepts, improve confidence in historical data, proves the continuity and grade of mineralisation in key parts of the Emu deposit. Further, gold mineralisation appears to continue at depth, with several drillholes ending in mineralisation. Additional drillholes are being planned at Emu and other areas of the Bottle Creek Project to test the continuity of gold mineralisation at depth. RC drilling for resource definition is ongoing.

Notes:

1 From drillhole SWKRC022, 61-62m, included in 4m @ 49 g/t Au

2 From drillhole SWKRC023, 77-100m

3 See ARS announcement, 1st May 2018: http://www.abnnewswire.net/press/en/93014/

To view tables and figures, please visit:
http://abnnewswire.net/lnk/025H9RZ9


About Alt Resources Ltd

Alt Resources LtdAlt 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.

    


Contact

James Anderson
CEO Alt Resources Ltd
E: james.anderson@altresources.com.au

Peter Taylor
Investor Relations
E: peter@nwrcommunications.com.au
M: +61-412-036-231



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