- Drilling results from the first modern RC program at Myalla Project, NSW
- Confirms extension of surface results and indicates extensive depth potential under historic workings
- Significant intercepts include:
o 3m @ 2.1 g/t Au, 3.7 g/t Ag and 174 g/t Bi
o 2m @ 2.7 g/t Au, 11.8 g.t Ag, 300 g/t Bi and 0.48% Cu
o 1m @ 5.4 g/t Au, 55.6 g/t Ag, 212 g/t Bi
o 1m @ 1.1 gt/t Au, 8.0 g/t Ag, 0.21 % Cu and 0.11 % Zn
o 2m @ 1.6 g/t Au, 9.5 g/t Ag and 903 g/t Bi
o 1m @ 1.4 g/t Au, 37.5 g/t Ag, 163 g/t Bi and 1.56 % Pb
o 1m @ 4.8 g/t Ag, 0.48 % Pb and 1.46 % Zn
o 1m @ 3.0 g/t Au, 11.4 g/t Ag and 685 g/t Bi
- Results reveal polymetallic system with possible IRG affinities, similar to Alt's nearby Paupong Project
- Alt to test deeper IP and EM targets with diamond drilling
Significant intercepts (see Table 1 in link below) include:
MYRC001: 3m @ 2.1 g/t Au, 3.7 g/t Ag and 174 g/t Bi from 17m
and 2m @ 2.7 g/t Au, 11.8 g.t Ag, 300 g/t Bi and 0.48% Cu from 62m
MYRC003: 1m @ 5.4 g/t Au, 55.6 g/t Ag and 212 g/t Bi from 40m
MYRC004: 1m @ 1.1 gt/t Au, 8.0 g/t Ag, 0.21 % Cu and 0.11 % Zn from 32m
MYRC005: 2m @ 1.6 g/t Au, 9.5 g/t Ag and 903 g/t Bi from 19m
and 1m @ 1.4 g/t Au, 37.5 g/t Ag, 163 g/t Bi and 1.56 % Pb from 23m
and 1m @ 4.8 g/t Ag, 0.48 % Pb and 1.46 % Zn from 57m
MYRC006: 1m @ 3.0 g/t Au, 11.4 g/t Ag and 685 g/t Bi from 38m
The system has been confirmed as polymetallic, with possible Intrusion-Related Gold System affinities given the presence of anomalous Bismuth in most holes (up to 0.12 % Bi in drillhole MYRC005). This is similar to Alt's interpretation for the nearby Paupong mineralised system, which is a greenfield's discovery by the Company with a footprint of approximately 8 x 4 km2 (see Figure 1 in link below). Paupong is characterised by a surface expression of gold-silver-bismuth (+/- copper, lead and zinc) bearing quartz veins, which have a regional association with anomalously mineralised intrusives.
Alt considers the results to be significant enough to expedite a deeper diamond drilling program to test IP and EM (induced polarisation and electro-magnetic) anomalies. These anomalies were identified in geophysical surveys undertaken in 2016-2017. Alt aims to undertake diamond drilling of these deeper targets late in 2018.
This style of system is generally broad, with the potential for large tonnage, low grade gold mineralisation, and has not previously been described for the Myalla region. Historically, mineralisation at the Rock Lodge and neighbouring Bobundara historical deposits was interpreted to be structurally controlled, vein-hosted gold and base metals.
The site is steep in places, therefore not all historical holes were able to be twinned. Holes were sited within 15m of historical holes (see Figure 3 in link below). In particular, drillhole MYRC005 was able to confirm the likely presence of historical intercept 4.03m @ 1.6 g/t Au in SGDH3 and was far enough away to provide the first meaningful information on mineralisation continuity and orientation. Information from these two holes reveals that gold mineralisation dips westerly at approximately 52 degrees (apparent dip within the section plane) and in this area at least, the true width of mineralisation is estimated to be 80% of downhole widths in vertical holes (see Figure 2 in link below; section B-B').
MYRC004 was drilled in the same orientation as mineralisation, therefore the multiple downhole intercepts of Zinc and Silver are likely to be from the same mineralised zone (see Figure 2 in link below).
The system at Rock Lodge appears to be geochemically zoned, with lead and particularly zinc anomalism to the east, and increasing gold and silver anomalism to the west, as shown on the sections above (see Figure 2 and 3 in link below). Geochemical and metal zoning is a common feature of IRG systems, and may indicate increasing proximity to a mineralising source in the west of the project area.
The geology of the Myalla Project, including Rock Lodge is dominated by a steeply folded sequence of siltstones with interbedded shales to the east, and increasing sandstone to the west. Feldspathic sandstone predominates further west, possibly indicating a volcanic component to those sediments (which supports the concept of an intrusive centre being the source of metals).
Note: See ARS Announcement, 20th February, 2018: http://abnnewswire.net/lnk/K8PMKAOW
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.
CEO Alt Resources Ltd
FINANCE VIDEO: ALT Resources Ltd (ASX:ARS) Bottle Creek Flyover and Interview with CEO James Anderson