Alt Resources Ltd: Mt Ida Gold Project - Exploration Update
Canberra, Australia - Alt Resources Ltd. (ASX:ARS) is pleased to provide the following exploration update for operations at its Mt Ida Gold Project incorporating the Bottle Creek, Quinn's and Mt Ida South project areas (Mt Ida or Project), located 90km north-west of Menzies in Western Australia's Eastern Goldfields.The Company recently released a positive scoping study for the potential future development of a standalone gold operation incorporating open pit mining operations and a gold treatment plant to be located at Bottle Creek, Mt Ida in the northern goldfields of WA.
EXPLORATION DRILLING
Operationally the Company is about to re-commence both diamond and RC drilling at Mt Ida.
Diamond drilling is scheduled to commence towards the end of August with RC drilling scheduled to re-commence in September.
RC Drilling Program
The Company recently completed a 5,500 metre RC program at the Mt Ida South and Quinn's project areas with the Tim's Find results having been finalised and announced to the market in July 2019.
Results are yet to be finalised and announced for the three additional project areas drilled during the recently completed RC program. Those areas being; Shepherds Bush prospect (Figure 1 in link below), Spotted Dog prospect, and the southern end of Forrest Belle open pit at Quinn's (Figure 2 in link below). The Company expects to release the Shepherds Bush and Spotted Dog results later this week and the Forrest Belle and Pianto's results are pending completion and will be delivered in the coming weeks. The Company drilled two RC holes at Pianto's as first stage exploration holes testing a magnetic trend that parallels the mineralised Bottle Creek magnetic trend.
The next stage of RC drilling to commence in September 2019 will be oriented primarily towards expanding the Mt Ida resource. Planned drilling is aimed to expand known mineralisation at the Cascade, Boags and Tim's Find resource areas plus further follow up drilling at the Pianto's and Shepherds Bush prospects.
Diamond Drilling Program
DDH1 Drilling will be undertaking two diamond drilling programs at Mt Ida. The Company will be completing four geotechnical holes at Tim's Find. These holes at Tim's Find relate to pit design and permitting approvals. Additionally, two deep exploration holes are to be drilled at Bottle Creek, as part of the WA Governments EIS Funding grant, which Alt was a recipient in 2018.
In 2018 the Company drilled diamond hole EMDD001 at Bottle Creek, which ended in mineralisation at 307m with results announced to the market in August 2018.
Reanalysis suggests this hole may have ended in a potential feeder zone for the Bottle Creek resource mineralisation, with up to 10% disseminated sulphides including pyrite, arsenopyrite, sphalerite, galena and chalcopyrite, abundant quartz stockwork and intense structural deformation. The last 12 metres of the hole are mineralised with peak values of 0.63g/t Au and 17.3g/t Ag. As part of the EIS funding Alt will extend this drill hole from 307 metre depth down to ~600 metres and drill an additional 600m diamond hole testing ore shoot potential at Bottle Creek.
The EIS funding grant provides 50% of the cost per metre drilled as being met by the Government.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/9S24I16P
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 in South Central WA 95km north west of Menzies, 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 Investor Relations & Corporate Affairs E: peter@intuitiveaustralia.com.au M: +61-412-357-375