Completes Drill Program to Fast Track Resource Delineation at Bottle Creek Gold Project
Completes Drill Program to Fast Track Resource Delineation at Bottle Creek Gold Project
Canberra, Aug 6, 2018 AEST (ABN Newswire) - Alt Resources Limited (ASX:ARS) ('Alt' or 'the Company') is pleased to provide shareholders with an overview of recent and planned exploration activity at the Bottle Creek Gold Project, Mt Ida gold belt. The Bottle Creek Project is located 95 kilometres north-west of Menzies in South Central WA.

HIGHLIGHTS:

- First diamond drilling program completed including 7 diamond tails and 7 holes from surface; core has been cut, assays pending

- Stage 2 RC drilling at Emu and Cascade completed; assays pending

- Tailings dams aircore program completed; assays pending

- POWs approved RC drilling of ore shoots beneath VB and Boags pits

- POWs approved to drill mineralised laterite zones

- Drone topographic surveys completed at Emu and VB

- Structural review of airborne magnetics underway

- Moving loop EM survey scheduled to commence September 2018

- Maiden JORC resource for Emu and Southwark deposits to be delivered in August 2018

- Additional drilling to be incorporated in Resource in Q4 2018

- Mine plan and pit optimisation underway

Alt's recent activity at Bottle Creek has focused on delivering the maiden JORC resource for the Emu and Southwark mineralised zones. The Company has drilled systematic fences at approximately 25m line spacing and 25m hole spacing, producing 11,700m of sampled RC and DD drilling along a ~1,000m surface strike length. The Company objective with this density of drilling is to bring this section of the Bottle Creek Project into the JORC 'Indicated' category.

Alt has now completed the first modern diamond drilling program at Bottle Creek. Drilling contractors DDH1 completed 14 new diamond holes in total. Of these, 7 were new holes from surface and 7 were diamond tails extending recently drilled RC holes. The 7 diamond tails extended RC holes that either ended in mineralisation or were considered to have ended short of the mineralised zones based on surrounding drilling.

The core from the diamond holes has been cut and sent to ALS for assay and results will be announced on receipt of all assayed data and petrology. Three of the holes were diamond twins of historical RC holes to assist resource modelling. 2 holes were drilled at the Emu deposit and 1 at the Southwark deposit to provide a clearer picture of the geology. 13 samples from selected diamond core have been sent for petrographic analysis.

Alt's new drilling programs, which included a significant number of twin holes, have provided the resource geologist with a high degree of confidence in the >80,000m of historical drilling, conducted by previous developers Electrolytic Zinc and Norgold Ltd.

Alt recently completed the second stage of RC infill and extension drilling at Emu and Southwark, twinning historical drillholes to validate the previous data and drilling several additional drill fences (see Figure 3 in link below). Stage 2 of the RC program concluded on the 31st July 2018, with all samples despatched to ALS in Kalgoorlie for assay.

Alt recently completed a ~360 metre aircore drilling program across the Bottle Creek tailings dams (see Figure 4 in link below). Samples have been despatched to ALS Laboratories in Kalgoorlie and assay results will be announced when available. A hand sample collected from the Bottle Creek tailings dams contained 0.33 g/t Au and 18.1 g/t Ag.

Consistent with the Corporate Strategy to fast track the Bottle Creek Project, Alt engaged Kalgoorlie based Minecomp Pty Ltd to complete high resolution topographic drone surveys of the pre-stripped Emu deposit in preparation for development of the Mine Plan and Pit Optimisation (see Figure 5 in link below). Additional drone surveys were undertaken to update topographic data for the Boags and VB pits.

Over the past 6 months of operations Minecomp have continued to identify and survey a large number of historical drillholes. The survey work identifying the historic drill collar locations has enabled accurate transformation from the historic local site grid, used by the previous explorer in the 1980's, to the modern MGA coordinates and AHD elevations used today.

Alt has planned an RC drilling program designed to define four known zones of mineralised laterite previously identified by the historical miner, Norgold Ltd. The planned drill fences will be on a 10m line spacing and 20m hole spacing drill pattern (see Figure 6 in link below). The RC holes will be drilled to 12m vertical and drilling is planned to commence later in the year.

Gold-enriched laterites (surficial weathered soil horizon, rich in iron other elements) occur at a number of locations along strike at Bottle Creek. The zones of laterite display consistently anomalous gold mineralisation, which is evident in the assayed results from the recent RC drilling programs(see Note below) and also in historical reports from the previous explorer (see Norgold Ltd open file historical report, 1989, a28505). The mineralised laterites have formed from weathering of the original gold mineralisation where it is exposed at surface. Furthermore, preliminary geophysical analysis of magnetic data reveals the existence of palaeochannels cross-cutting the Bottle Creek mineralised zone (see Figure 7 in link below) Palaeochannels are fossilised surface features, formed in ancient times when water at surface formed channels (such as creeks or minor drainage), which were then filled with sediment eroded and deposited by the water. The features have been preserved such that they are detectable in the modern day.

The comprehensive review and re-interpretation of the available magnetic data for the Bottle Creek region currently underway by Southern Geoscience, has shown that several paleochannels may be associated with the Bottle Creek mineralised laterite. Mineralised laterite material appears to have been dispersed away from the main gold-bearing structure (the Emu Fault), resulting in alluvial redistribution of older supergene gold in laterites.

Historical drilling by Norgold Ltd identified several mineralised intercepts in laterites to the west of Southwark. Alt considers these zones to represent lateritic gold which has been eroded from its original site and redeposited in palaeochannels. These zones were not followed up by the previous explorer and now represent additional laterite targets for Alt's ongoing exploration and resource expansion program. Consistent with Alt's policy to fast track development of Bottle Creek, the Company will target these mineralised laterites as an additional potential source of ore for a proposed processing plant.

Further, Alt has commissioned Southern Geoscience to undertake a detailed structural review of the deeper magnetic data, focusing on ENE-WSW oriented structures which intersect the magnetic lineament associated with Bottle Creek gold mineralisation. Southern Geoscience has also been commissioned to run a TDEM moving loop electro-magnetic survey across the Southwark ore zone and along strike north of Southwark. The survey length will be 800m. Gold mineralisation through this area is predominantly hosted in carbonaceous shale, with zones of weathered and fresh massive sulphides adjacent to felsic intrusives in both the footwall and hanging wall. Alt considers high resolution moving loop EM will be a very cost effective mapping and targeting tool for the Bottle Creek Project.

Note: See Alt Quarterly, June 2018 for summary of results: http://www.abnnewswire.net/press/en/93998/

To view figures, please visit:
http://abnnewswire.net/lnk/UHCM5WGU


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 and to grow the Mt Ida Gold Belt project to be a sustainable and profitable mining operation.

    


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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