Quarterly Activities Report
Perth, Oct 27, 2016 AEST (ABN Newswire) - Alto Metals Ltd (
ASX:AME) is pleased to provide its September 2016 Quarterly Activities Report.
HIGHLIGHTS
- Sandstone tenements granted 20 Sept 2016.
- Detailed airborne magnetic/radiometric survey completed 23 October 2016.
- Lady Hamilton Induced Polarisation (IP) survey commenced 23 October 2016.
- Lord Nelson Resource modelling (JORC 2012) nearing completion, and modelling of Lord Henry deposit scheduled.
- Heritage surveys at Lord Nelson, Lord Henry and Lady Hamilton scheduled for 10-12 November 2016.
- Maiden 3,000-5,000m RC drilling campaign planned to commence following completion of Heritage surveys and approval of Program of Work (PoW) by Department of Mines and Petroleum.
- $1.7 million raised from issue of 28,779,603 fully paid shares at 5.9 cents/share in Shareholder Purchase Plan on 25 July 2016.
- $1.0 million raised from issue of 7,407,404 fully paid shares at 13.5 cents/share in private placement to professional and sophisticated investors on 26 October 2016.
- Cash of $2.137M and liquid assets of approximately $0.88M at 30 Sept 2016.
SANDSTONE GOLD PROJECT
Since acquiring the Sandstone Gold Project on 23 June 2016, the Company has determined two immediate objectives:
- the delineation of relatively shallow (free dig) oxide gold mineralisation that can be economically mined and trucked to one of several gold treatment facilities in the region, and
- the delineation of further high-grade shear hosted gold mineralisation at depth in the immediate vicinity of mined oxide deposits such as Lord Nelson, Lord Henry and Bulchina through a combination of IP surveys and RC and diamond core drilling. This will include the remodeling and re-estimation of remnant Indicated & Inferred Mineral Resources (JORC 2004 compliant) previously estimated by Snowdens on behalf of Troy Resources NL (Troy).
These two objectives are heavily reliant on the processing of a large volume of legacy data lodged at the WA Department of Mines and Petroleum by previous explorers and miners.
A longer term objective is the discovery of new, large high-grade oxide and primary gold deposits, which will be assisted through a better understanding of the lithological and structural controls on gold mineralization within the Sandstone Greenstone Belt.
To achieve both the immediate and longer term objectives, Alto has undertaken various exploration initiatives including:
- the capture and compilation of historic drilling and assay data from WA Department of Mines and Petroleum Mines Open File reports,
- a review of the geology and drill hole data for all known prospects in the region,
- the purchase and processing of existing high-resolution airborne magnetic data,
- the flying of a new detailed airborne magnetic survey,
- the commissioning of a JORC 2012 compliant Mineral Resource estimate for the Lord Nelson deposit,
- the planning and commissioning of a 3 Dimensional Induced Polarisation (3DIP) survey over the Lady Hamilton oxide gold area,
- the planning of a 3,000 - 5,000m reverse circulation (RC) drilling program to test strike and depth extensions of known oxide and primary gold mineralisation, and
- the establishment of an External Research Advisory Committee chaired by Emeritus Professor David Groves, a world renowned leader in Archaean geology and orogenic gold mineralisation, to guide research in the hunt for the million ounce deposit.
To view the report, please visit:
http://abnnewswire.net/lnk/RT0OCDM4
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.
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