Canberra, Australia -
Alt Resources Ltd. (ASX:ARS) (Alt or 'the Company') is pleased to announce initial results from the 3rd phase RC drilling program undertaken at the Bottle Creek Gold Project. Recent RC drilling at the south end of the Southwark deposit covered 150 metres of additional strike length. With grades up to 21.1 g/t Au(see Note 1 below) and 926.0 g/t Ag(see Note 2 below) in individual samples, the results continue to support the continuity of gold + silver mineralisation between Southwark and Emu.
HIGHLIGHTS:
- High grade gold intercepts extend mineralised strike 150m south of Southwark deposit
- Results support previous interpretation of a coherent mineralised zone which appears to be open and broadening at depth
- Phase 3 RC drilling assays confirms continuity of mineralisation between Southwark and Emu from 1,559m drilled covering 20 drill holes
- Additional 4,000m RC drilling for 54 drill holes currently being assayed; yet to be announced
- Significant intercepts from extended Southwark mineralised zone include:
o 8m @ 6.37 g/t Au from 68m, including 4m @ 11.42 g/t Au from 69m
o 7m @ 4.15 g/t Au from 71m
o 7m @ 3.90 g/t Au from 47m, including 1m @21.10 g/t Au from 50m
o 3m @ 3.35 g/t Au from 67m
o 7m @ 3.10 g/t Au from 76m
o 5m @ 2.90 g/t Au from 50m
o 14m @ 1.89 g/t Au from 88m
o 6m @ 2.19 g/t Au from 69m
o 8m @ 2.03 g/t Au from 31m
o 9m @ 1.95 g/t Au from 45m (to EOH), including 1m @ 9.51 g/t Au from 51m
o 11m @ 1.54 g/t Au from 58m
o 17m @ 1.09 g/t Au from 85m
o 11m @ 1.04 g/t Au from 97m
- High grade silver, up to 926 g/t Ag intercepted with gold
- Additional resource upgrade from Phase 3 drilling expected in 1st Quarter 2019
Southwark is un-mined gold deposit that lies approximately 4 km north along strike from the VB and Boags open pits (see Figure 1 in link below). Alt recently drilled an additional 20 RC drill holes at Southwark (SWKRC045 to SWKRC064) as part of a third phase of resource drilling, for 1,559m. This completes the current round of resource drilling at the Southwark deposit. All significant assayed results are listed in detail in Table 1(see link below). Based on these and previous results for Southwark(see Note 3 below), mineralisation appears to be widening with depth, whilst maintaining medium to high grade gold values.
Figure 4 (see link below) shows cross-sections with new drilling and significant intercepts through the southern part of the Southwark deposit. The location of new drillholes discussed in this release is given in plan view in Figure 3 (see link below). The cross-sections clearly show the geological and structural relationship between the felsic quartz porphyry intrusion and the chemically reducing carbonaceous black shale (Emu Formation) which occur within the crustal-scale Mt Ida Shear Zone. The host rocks are variable mafic volcanics.
Significant intercepts are listed in Table 1(see link below), and described below:
- SWKRC045: 1m @ 3.56 g/t Au, 18.1 g/t Ag from 40m
- SWKRC046: 3m @ 2.79 g/t Au, 4.6 g/t Ag from 56m
o and 6m @ 6.37 g/t Au, 11.8 g/t Ag from 68m
o including 4m @ 11.42 g/t Au, 13.2 g/t Ag from 69m
- SWKRC047: 6m @ 2.19 g/t Au, 16.0 g/t Ag from 69m
- SWKRC048: 14m @ 1.89 g/t Au, 174.8 g/t Ag from 88m
o including 1m @ 2.6 g/t Au, 926.0 g/t Ag from 91m
- SWKRC049: 9m @ 1.95 g/t Au, 1.0 g/t Ag from 45m to EOH
- SWKRC051: 5m @ 2.90 g/t Au, 5.8 g/t Ag from 50m
- SWKRC052: 3m @ 3.35 g/t Au, 10.6 g/t Ag from 67m
- SWKRC053: 17m @ 1.09 g/t Au, 46.7 g/t Ag from 85m
- SWKRC056: 7m @ 3.90 g/t Au, 14.9 g/t Ag from 47m
o including 1m @ 21.10 g/t Au, 55.4 g/t Ag from 50m
- SWKRC057: 11m @ 1.54 g/t Au, 3.2 g/t Ag from 58m
o and 7m @ 3.10 g/t Au, 5.9 g/t Ag from 76m
- SWKRC058: 11m @ 1.04 g/t Au, 26.5 g/t Ag from 97m
- SWKRC059: 8m @ 1.32 g/t Au, 6.6 g/t Ag from 40m
- SWKRC060: 7m @ 4.15 g/t Au, 8.9 g/t Ag from 71m
- SWKRC062: 6m @ 1.71 g/t Au, 2.2 g/t Ag from 16m
- SWKRC063: 8m @ 2.03 g/t Au, 3.4 g/t Ag from 31m
Regional Setting and Exploration History
The Bottle Creek gold mine lies 100 km north west of Menzies in the Mt Ida gold belt (see Figure 5 in link below). The gold mine is located on the northern extremity of the Mt Ida-Ularring greenstone belt extending from Davyhurst to Mt Alexander (see Figure 5 in link below). The Ularring greenstone belt forms the western part of the Norseman-Wiluna Province of the Yilgarn Craton. The location of mineralisation and local geology, is shown in Figure 6(see link below).
During historical operation from 1988-1989, 93,000 oz Au was produced from two open pits (Boags and VB; see Figure 7 in link below). Significant historical drilling along a 9.8 km strike outlined the Emu, Southwark and Cascade deposits. However these were never mined. The historical RC drill fences were spaced at 100m, with infill drill line spacing at 50m and 25m at various locations. The majority of drilling targeted oxide mineralisation and reached no deeper than 80m vertically below surface.
Alt's new drilling results continue to provide confirmation of historical intercepts, improve confidence in historical data, proves the continuity and grade of mineralisation in key parts of the Emu deposit. Further, gold mineralisation appears to continue at depth, with several drillholes ending in mineralisation. Diamond drilling has been undertaken at Emu and Southwark to test the continuity of gold mineralisation at depth and gain a greater understanding of the geological controls on mineralisation.
Notes:
1 From drillhole SWKRC056, 50-51m downhole
2 From drillhole SWKRC048, 91-92m downhole
3 See ARS announcement, 14th May 2018: http://www.abnnewswire.net/press/en/93136/
To view tables and figures, please visit:
http://abnnewswire.net/lnk/1R73O0FO
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. M: +61-406-069-243 E: james.anderson@altresources.com.au Peter Taylor Investor Relations E: Peter@nwrcommunications.com.au M: +61-412-036-231
