Alto Metals Ltd (ASX:AME) has hit a thick intersection of 19 metres at 6 g/t gold beneath the Lord Nelson pit and outside the current resource within the wider Sandstone Gold Project in Western Australia.
New results have been received from deeper reverse circulation (RC) drilling in an untested area below Lord Nelson, totalling eight drill holes for 1,730 metres.
The 19-metre intersection was within 48 metres at 3.4 g/t from 214 metres with other strong results including 3 metres at 11.4 g/t from 191 metres and 19 metres at 6 g/t from 223 metres, including 3 metres at 11.5 g/t from 238 metres.
Alto believes the new results further highlight the potential for future resource growth and investors have welcomed the news with shares up as much as 11.9% to 8.5 cents.
“One of best results so far”
Managing director Matthew Bowles said: “These are exciting results with 48 metres at 3.4 g/t gold, including a high-grade core of 19 metres at 6 g/t gold from SRC423, one of the best results Alto has had so far, from deeper drilling beneath the Lord Nelson pit.
“Importantly these results, all from outside the current resource, demonstrate the continuity of high-grade mineralisation at Lord Nelson and the potential for significant future resource growth.
“With RC drilling continuing, investors can look forward to further results as we wait for assays from 16 diamond holes and over 120 RC holes, in addition to an updated mineral resource estimate later in the year, subject to final assays.”
Latest results highlighted in blue and historical results in pink.
Other notable results from below the Lord Nelson Pit include:
- 26 metres at 2 g/t from 232 metres and 11 metres at 1.1 g/t from 263 metres;
- 43 metres at 1 g/t from 170 metres, including 1-metre at 5 g/t from 177 metres and 1-metre at 5.1 g/t from 205 metres;
- 14 metres at 2.2 g/t from 182 metres, including 2 metres at 13.4 g/t from 183 metres; and
- 32 metres at 1 g/t from 148 metres, including 3 metres at 5.2 g/t from 148 metres and 21 metres at 1 g/t from 183 metres.
Next on the agenda
Assays are pending for 16 diamond holes and more than 120 RC holes from Lord Henry, Lord Nelson, Vanguard and Indomitable while RC drilling continues.
The drilling program is focused on resource definition at Vanguard and extensional drilling at indomitable.
While Alto Metals is continuing to experience delays in assay turnaround time, drilling has been reduced to one RC rig to allow time for receipt of multiple pending assays.
Upcoming results expected to be received over the coming months include:
- RC results from Lord Henry – infill and extensional;
- RC results from Lord Nelson – infill and extensional;
- DD results from Lord Nelson, Orion Lode, Lord Henry, Vanguard and Indomitable; and
- RC results from Vanguard – infill and extensional.
Once the results have been received, Alto will continue working towards an updated mineral resource estimate for Lord Nelson, Lord Henry and Vanguard, which is planned to be completed by the end of 2021, subject to the timing of assays.