Alt Resources Ltd: Broad Intercepts Including High Grade Gold Mineralisation
Canberra, Australia - Alt Resources Ltd. (ASX:ARS) (Alt or 'the Company') is pleased to provide an exploration update and results from Forest Belle and Pianto's project areas. Pianto's and Forrest Belle were the last areas tested by the Company during the recent RC drilling program at Mt Ida with 11 holes drilled at Forrest Belle and three holes drilled at Pianto's Find.The Pianto's Find prospect is of interest to the Company due to similar magnetic response to Bottle Creek, indicating potential for a parallel mineralised corridor. In addition to similarities in the magnetics data, historical RAB drilling at Pianto's, shown in figures 2, 3 and 4 in link below, supports gold potential with one of the historic drillholes (MIB232) intercepting shallow low grade gold. With Bottle Creek mineralisation drilled along >8km strike length and contributing strongly to the projects Gold and Silver Resource1 the Pianto's holes were designed as an intial test of the parallel magnetic lineament.
Previous drilling in the area is limited to the historic broadly spaced RAB and Aircore holes drilled at 50m spacing on 400m spaced lines (shown on Figure 3) with an average depth of 49m.
Comparison with Bottle Creek indicates the past drilling is not a complete test, especially if mineralisation is subvertical or dipping west. The results from PFRC002, which intercepted 14 metres at 2.6g/t Au with a peak grade of 28.9g/t Au over one metre, are very encouraging and the Company plans to expand exploration on the Pianto's magnetic lineament during the next phase of RC drilling at Mt Ida.
The Forrest Belle pit is part of the Quinn's resource area, situated in the northern end of the Mount Ida Greenstone Belt,which also includes the dormant mining operations at Boudie Rat, and Quinn Hills. Forrest Belle is located 17 kilometres north east from the historic Bottle Creek Gold Mine (Figure 5).
Forrest Belle operated intermittently as an underground mine from 1899 to 1941 with 3,940 tonne mined at a reported grade 27.3 g/t, producing 3,454oz of gold. At Boudie Rat 3,450t at 6.5 g/t was mined underground during the period 1898 to 1935 producing 721oz of gold.
Between 1934 and 1942 underground mine production from Quinn Hills was reported to total 2,200t of ore at a grade of 6.8 g/t for 481oz of gold. The Company announced the full review of the Forrest Belle and Boudie Rat pits in April 20192. More recently, after RAB and RC drilling, open pit mining from the Boudie Rat and Forrest Belle was completed to a maximum depth of just 25m and significant mineralisation remains outside the current pit void.
The last RC holes drilled by the Company during the recent drill program were completed at the southern end of the Forrest Bell open pit, shown in Figure 6. 11 RC drillholes were completed with the primary objectives being to test an interpreted parallel mineralised shear and a plunging ore shoot at the south eastern end of the Forrest Belle Pit.
Historical drilling intercepted what appears as a parallel mineralised shear adjacent to the shear hosted mineralisation mined in the Forrest Belle open pit. The unmined parallel shear represents an additional opportunity to add resource ounces for the Company. Historic drilling shown on section CC and DD intercepted some reasonable grade and width. With Alt's drillholes, shown on section BB, confirming continuity along the interpreted shear.
FBRC009 is the highlight intercepting a broad zone of gold mineralisation being 17 metres @ 3.5g/t Au with a peak grade of 1m @ 45g/t Au from 33 metres downhole. While FBRC010 shows mineralisation extends down dip and indicates pinching and swelling expected within a shear hosted deposit. The holes were drilled between the two historical drill fences to confirm the interpreted orientation of the shear. Holes targeting a plunging high grade shoot, have intersected mineralisation but did not result in very high grades, as shown in Table 1 (below).
Further 3D analysis of these results is now required.
To view tables and figures, please visit:
https://abnnewswire.net/lnk/520Y0G4S
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