Quarterly Activities Report
On 23rd March 2016 the Company announced the signing of an agreement to acquire the majority of the Sandstone Archaean Greenstone Belt in Western Australia which has produced over 1 million oz of gold.
The agreement includes a staged cash and shares acquisition of Sandstone Exploration Pty Ltd which hold 5 Exploration Licence applications, covering ~75% (723km2) of the Sandstone Goldfield.
A number of well-defined targets to underpin exploration, early-stage resource definition and mining have been identified.
- near-surface oxide mineralisation marginal to former Troy Resources Ltd open pits (E.g. Bulchina, Lord Henry, Lord Nelson);
- high-grade primary mineralised vein systems below existing open pits;
- several other open high-grade primary mineralised vein systems (E.g. Indomitable, Musketeer, Tiger Moth, Ladybird, Havilah); and
- shallow oxide mineralisation below large tracts of transported cover.
In December, the Company entered into an Option Agreement with AM-Australian Minerals Exploration Pty Ltd (AAM) over the Cue Project tenements which lie along strike to the north of the former Big Bell and Cuddingwarra gold mines. The Company is currently conducting due diligence on the project.
The Company continues to hold granted tenements and tenement applications over six project areas prospective uranium deposits in Western Australia.
At 31 March 2016 the Company held and still holds the following liquid assets, with approx. fair values at 31 March:
- 25.6m Antipa Minerals Ltd Options (ASX:AZY) $230,000
- 2.5m Enterprise Metals Ltd Shares (ASX:ENT) $ 47,000
Cash held at 31 March 2016 is $0.714 million.
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About Alto Metals Ltd
Alto Metals Limited (ASX:AME) is a Western Australian based company and is focused on gold and uranium exploration in Australia. The Company's primary objective is to create shareholder wealth through discovery and development of a plus 1 million ounce gold deposit and ISR style uranium deposits.
Enterprise Metals Limited
Antipa Minerals Limited
Alto Metals Ltd