- Alt to acquire Bottle Creek Gold Mine, WA
- Significant historical intercepts at un-mined Emu and Southwark deposits (Bottle Creek) include:
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 9m @ 4.9 g/t Au, including 2m @ 13.5 g/t Au
o 10m @ 5.63 g/t Au
o 20m @ 13.0 g/t Au (EOH)
o 11m @ 4.7 g/t Au (EOH), including 4m @ 10.8 g/t Au
o 10m @ 12.1 g/t Au, including 4m @ 22.5 g/t Au
o 16m @ 6.1 g/t Au, including 2m @ 28.0 g/t Au
- New gold prospects confirmed at Mt Roberts through greenfields RC drilling
- Gold mineralisation up to 9.84 g/t Au intersected at Rum Punch
- Significant intercepts are:
o 1m @ 9.84 g/t Au
o 1m @ 3.05 g/t Au
o 2m @ 1.27 g/t Au
o 1m @ 1.8 g/t Au
- $32,500 granted by the WA Government under the Exploration Incentive Scheme for deep diamond drilling at Mt Roberts
- Cobalt mineralisation identified at the Paupong Intrusion-Related Gold Project
o Grades up to 0.12 % Co at Kidman
- Relinquishment of the Fiery Creek Joint Venture Agreement with Ironbark Zinc Ltd.
Alt Resources has added a significant asset to its growing portfolio, with the signing of an Option to Purchase Agreement for the Bottle Creek Gold Mine, east of Menzies in WA. Bottle Creek was mined in 1998-1989, producing 90,000 oz Au from two small open pits. Significant in-ground mineralisation remains along strike at Emu and Southwark. Alt plans to conduct extensive RC drilling in 2018 to confirm historical drilling results and bring the Emu and Southwark deposits to JORC-compliant resource status.
Return of assay results from the 1,490m RC drilling program completed at Mt Roberts at the end of last Quarter saw values up to 9.84 g/t Au reported at Rum Punch. In addition, several satellite targets were tested, returning promising gold values from Kathleen and Far East.
The Company's faith in the prospectivity of the Mount Roberts Gold Project has been further validated by a successful application for drill funding under the WA Government's Exploration Incentive Scheme. Alt has been granted $32,500 for diamond drilling at Mount Roberts.
A review of existing data was conducted for the Company's Paupong Intrusion-Related Gold Project in NSW. It was determined from this review that cobalt is a key component of this polymetallic system, with up to 0.12% Co encountered in drilling at the Kidman prospect during 2015-2016.
With the focus on other key projects, including the significant commitment to undertake resource drilling at Bottle Creek, the Company has decided to terminate the Fiery Creek Joint Venture and Farm-In Agreement with Ironbark Zinc Ltd.
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About Alt Resources Ltd
Alt Resources Limited (ASX:ARS) operates in the secure jurisdictions of Western Australia and New South Wales, focusing on gold and base metals. The Company's objectives are to continue aggressive exploration activities to develop the existing projects and define new JORC compliant mineral resources. Key focus for the Company is the Mt Ida Gold Belt region which includes several high value drill and project targets.
The Company also owns a 70% interest in the Paupong and Myalla gold and base metal projects in the Lachlan Orogen, NSW. An aggressive exploration program was undertaken throughout 2016 at the Paupong intrusion-related Au-Cu-Ag system, over an area of 60 square kilometres.
The Board considers the portfolio of assets to represent excellent potential for the discovery of economic gold and copper deposits. Exploration by the Company is ongoing with drilling programs planned and underway at Bottle Creek, Paupong, Myalla and the Mt Roberts project.
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Alt Resources Ltd (ASX:ARS) Drilling Commences at Bottle Creek Gold Project, WA Camp Construction Completed on Budget