Alt Resources Ltd: Progress Report
Canberra, Australia - Alt Resources Ltd. (ASX:ARS) ("Alt or the Company") is pleased to provide the following information on the acquisition of Bottle Creek Gold Mine. In November 2017 the Company entered into a binding Option to Purchase Agreement (Option) to acquire the Bottle Creek Gold Mine located 80 kilometres north west of Menzies in the Mt Ida gold belt in WA.On 26 September 2018 the Company announced amended settlement terms pursuant to the acquisition of the Bottle Creek Gold Project(see Note below), and further to this announcement Alt has recently re-negotiated the settlement terms with the Vendor as follows;
- $500,000 initial instalment on 29 November 2018
- $500,000 second instalment on 1 July 2019
- $500,000 third instalment on 1 July 2020
- $4.5M final instalment 29 November 2020
- $25,000 rehabilitation bond.
The Company recently completed the 3rd stage RC drilling program at Bottle Creek and is expecting to announce the results from this drilling program once all assays have been received by the Company. Pending the receipt of the outstanding assays from the 3rd stage RC program Alt will revise and upgrade the current Bottle Creek Resource model adding the additional ounces from the program into the current resource model.
It is anticipated stage three RC drilling results and the resource upgrade will be completed in the first quarter of 2019.
Drilling at Bottle Creek is scheduled to recommence in February 2019 with the planned vertical drilling program further defining the large zones of mineralised laterites at Emu and Southwark deposits and additionally the company will complete air-core drilling across the Bottle Creek tailings.
Note: http://www.abnnewswire.net/press/en/94730/
About Alt Resources Ltd:
Alt Resources Ltd. (ASX:ARS) is an Australian based mineral exploration company that aims to become a gold producer by exploiting historical and new gold prospects across quality assets and to build value for shareholders. The Company's portfolio of assets includes the newly acquired Bottle Creek gold mine located in the Mt Ida gold belt, the Paupong IRG Au-Cu-Ag mineral system in the Lachlan Orogen NSW, Myalla polymetallic Au-Cu-Zn project east of Dalgety in NSW and the Mt Roberts gold project located near the town of Leinster in WA.
Alt Resources, having acquired historical and under-explored tenements in the Mt Ida Gold Belt, aims to consolidate the historical resources, mines and new gold targets identified within the region. Potential at Mt Ida exists for a centralised production facility to service multiple mines and to grow the Mt Ida Gold Belt project to be a sustainable and profitable mining operation.
Source:
Alt Resources Ltd.
Contact:
James Anderson CEO Alt Resources Ltd. E: james.anderson@altresources.com.au Peter Nesveda Australian and International Investor Relations E: peter@intuitiveaustralia.com.au M: +61-412-357-375