Company
ASX:AME
Alto Metals Ltd is an advanced gold explorer that owns the Sandstone Gold Project in the east Murchison of Western Australia. The Sandstone Gold Project covers ~740km 2 of the Sandstone Greenstone Belt and has an optimised, open-pit constrained mineral resource estimate (MRE) of 832,000 ounces of gold at 1.5g/t, capturing over 80% of the unconstrained total MRE of 1.05 million ounces.
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This alteration halo is close to a strong chargeable anomaly identified from the recent IP survey, indicating the potential for further significant gold mineralisation at depth
Around 6,000 metres of drilling has been concluded over the Lords corridor and regional targets at the Sandstone Gold Project.
The company plans to include drilling at the Chance Prospect in the 30,000-metre RC drill program currently underway.
The EIS Grant will contribute up to 50% of direct drilling costs, which will assist in funding RC and diamond drilling to test the Chance Prospect.
Alto’s strategy for the Sandstone Gold Project is to focus on exploration to make further new discoveries by testing the strike and depth potential of previously mined and unmined oxide deposits.
Alto’s recent preliminary test-work of Lord Nelson primary zone mineralisation within the Sandstone Gold Project returned significant average gold recoveries of 96%.
Preliminary test-work indicates gold recoveries averaging 96% in Lord Nelson primary zone mineralisation from preliminary Accelerated Cyanide Leach tests.
The Orion Lode is defined over 300 metres, remains open along strike, down dip and down plunge, and is considered a repeat lode of the Lord Nelson deposit.
The company received strong demand from domestic and international investors for the placement with commitments well in excess of the offer size.
Continuity of results from Orion have extended Lord Nelson's mineralised footprint, supporting the company’s plan for a further 2,000 metres of drilling along the Lord’s Corridor.
Continuity of results from Orion extends Lord Nelson mineralised footprint, supporting the company’s plan for a further 2,000 metres of drilling along the Lord’s Corridor.
Drilling is ongoing at Lord Nelson, with a further 2,000 metres of RC drilling underway targeting depth extensions beneath the pit and strike extensions of the new lode to the south.
The facility has provided Alto with capital to continue drilling at the Sandstone Gold Project in WA.
A further 8,500 metres of the planned first stage RC drilling will re-commence in early August to test additional repeat shallow gold lode targets.
Recent results highlight the likelihood of a large-scale gold mineralisation system open along strike, down-dip and down-plunge within the regional Edale Shear zone.
The majority of the company’s key shareholders, holding 51.45% of shares on issue, have confirmed their intention not to accept the increased conditional offer.
Alto directors have a strong view that the unsolicited offer is opportunistic and undervalue the company’s shares and options.
The company’s successful exploration program and recent takeover bids suggest the project has further growth potential.
The company’s successful exploration program and recent takeover bids suggest the historic project has further growth potential.
The raising will allow Alto to focus on an extensive drilling campaign, with a priority on the Lord Nelson deposit at its Sandstone Gold Project.
