Alt Resources Ltd: Receives $546,000 Research and Development Tax Incentive
31.08.2017 | ABN Newswire
Canberra - Alt Resources (ASX:ARS) is pleased to announce that it has received a $546,000 tax incentive payment from the Federal Government, for Research and Development activities at its flagship Paupong Project in southern New South Wales. The incentive was awarded for innovations and advancement of geological knowledge in this under-explored and poorly understood geological province. The funds will be used to further exploration in the Paupong area, as well as support exploration activities at the Company's Mt Roberts gold project in Western Australia.Key Points
- The Company has received a $546,000 R&D tax incentive payment from the Federal Government
- Second stage of RC exploration drilling to commence at Mt Roberts
o Drilling to commence 13 September 2017
o ~2000m exploration RC drilling at Mt Roberts outlier prospects
The Company has approval from the WA Department of Mines and Petroleum for 7,000m of drilling at Mt Roberts. The current 2,000m program, commencing 13th September 2017, is designed to test regional greenfields targets on the Mt Roberts mining leases and expand the areas of known prospectivity. This will ensure the Company meets the requirement to earn 51% of the Mt Roberts project, as per the agreement with Mount Roberts Mining Pty Ltd (see Note 1 below). An additional 5,000m resource drilling program has been planned to commence early next year to define a maiden resource at the Mt Roberts workings.
The Company intersected high-grade gold at Mt Roberts up to 67.4 g/t Au in November 2016 (see Note 2 below). This included:
- MRRC0003: 3m @ 28 g/t Au, including 1m @ 67.4 g/t Au
- MRRC0008: 1m @ 20.3 g/t Au
- MRRC0009: 1m @ 24.4 g/t Au, and
4m @ 7.96 g/t Au, including 2m @ 13.75 g/t Au
Notes:
1 See ARS announcement, 30th August, 2016: http://abnnewswire.net/lnk/7868340D
2 See ARS announcement, 16th November, 2016: http://abnnewswire.net/lnk/KQJ6UJ73
About Alt Resources Ltd:
Alt Resources Ltd. (ASX:ARS) is an Australian based mineral exploration company exploring the newly discovered Paupong IRG mineral system located in the south-east Lachlan Orogen in New South Wales. Alt retains a 70% interest in the Paupong and Myalla Projects with JV partner GFM Exploration Pty Ltd.
Contact:
Alt Resources Ltd.
T: 1300-66-00-01 M: +61-406-069-243
E: info@altresources.com.au
www.altresources.com.au